Item 1: Cover Page











5697 S Geneva St.
Greenwood Village, CO 80111
Phone: (303) 993-3726
betty@bwfinancialplanning.com
www.bwfinancialplanning.com

Form ADV Part 2A – Firm Brochure
Dated January 2023



This Brochure provides information about the qualifications and business practices of BW Financial LLC dba BW Financial Planning, “BWFP”. If you have any questions about the contents of this Brochure, please contact us at (303) 993-3726. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

BW Financial LLC is registered as an Investment Adviser with the State of CO. Registration of an Investment Adviser does not imply any level of skill or training.

Additional information about BWFP is available on the SEC’s website at www.adviserinfo.sec.gov which can be found using the firm’s identification number 292827.

Item 2: Material Changes
BW Financial Planning believes that communication and transparency are the foundation of our relationship. We always strive to provide our clients with complete and accurate information. We encourage all current and prospective clients to read this Disclosure Brochure and discuss any questions you may have with us. And, of course, we always welcome your feedback.

Material Changes
Since the last annual filing of the Form ADV Part 2A for BW Financial Planning, the following changes of note have occurred:

There have been no material changes.

From time to time, we may amend this Disclosure Brochure to reflect changes in our business practices, changes in regulations and routine annual updates as required by the securities regulators. This complete Disclosure Brochure or a Summary of Material Changes shall be provided to each Client annually and if a material change occurs in the business practices of BW Financial Planning.
At any time, you may view the current Disclosure Brochure on-line at the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.






 
Item 3: Table of Contents
Contents
Item 1: Cover Page 2
Item 2: Material Changes 2
Item 3: Table of Contents 3
Item 4: Advisory Business 4
Item 5: Fees and Compensation 6
Item 6: Performance-Based Fees and Side-By-Side Management 9
Item 7: Types of Clients 9
Item 8: Methods of Analysis, Investment Strategies and Risk of Loss 10
Item 9: Disciplinary Information 13
Item 10: Other Financial Industry Activities and Affiliations 13
Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading 13
Item 12: Brokerage Practices 15
Item 13: Review of Accounts 18
Item 14: Client Referrals and Other Compensation 18
Item 15: Custody 19
Item 16: Investment Discretion 20
Item 17: Voting Client Securities 20
Item 18: Financial Information 20
Item 19: Requirements for State-Registered Advisers 21
Form ADV Part 2B – Brochure Supplement 24


 
Item 4: Advisory Business

Description of Advisory Firm
BW Financial LLC dba BW Financial Planning (“BWFP”) (“we/our”) is registered as an Investment Adviser with the State of Colorado. We were founded in January 2018 and registered as an investment adviser in April 2018. Betty Lin Wang is the principal owner of BWFP. BWFP currently reports $15,767,000 discretionary and $0 non-discretionary Assets Under Management, as of December 2022.

Types of Advisory Services
Currently, we offer the following investment advisory services, personalized to each individual client:
• Wealth Management
• Portfolio Management
• Financial Planning - Ongoing or Project Based
• Tax Preparation (through separate and unaffiliated third-party entity)
• Educational Seminars and Speaking Engagements

Wealth Management
BWFP provides wealth management services to clients. This service is a combination of ongoing financial planning and portfolio management. Clients electing this service receive financial planning that is used to assist BWFP in organizing a client’s financial information and determining the scope of services that are most suitable for the client’s financial situation and investment needs. Once a strategy is in place, the firm implements investment recommendations as part of its ongoing portfolio management service. Financial planning is a continuous process, with plans monitored periodically and revised on an as needed basis. BWFP’s financial planning and portfolio management services are described in further detail below.

Portfolio Management
BWFP offers discretionary portfolio management services to our Wealth Management clients. Discretionary portfolio management means we will make investment decisions and place buy or sell orders in your account without contacting you. These decisions would be made based upon your stated investment objectives. Our investment advice is tailored to meet our clients’ needs and investment objectives. If you decide to hire our firm to manage your portfolio, we will meet with you to gather your financial information, determine your goals, and decide how much risk you should take in your investments. The information we gather will help us implement an asset allocation strategy that will be specific to your goals, whether we are actively investing for you or simply providing you with advice.

Our management style is designed to diversify our clients' investments and our investments may include various types of securities such as equity securities, corporate debt securities, municipal bonds, exchange traded funds, mutual funds and U.S. government securities. However we construct your investment portfolio, we will monitor your portfolio on a continuous basis, and rebalance the portfolio when necessary, as changes occur in market conditions, your financial circumstances, or both. Clients are reminded to promptly notify BWFP of any material change in their financial situation and/or investment objectives.

Fees pertaining to this service are outlined in Item 5 of this brochure.

We recommend that you review the statement(s) you receive from the qualified custodian. Please call our main office number, located on the cover page of this brochure, if you have any questions about your statement.

Financial Planning - Ongoing and Project Based
We offer broad based financial planning including tax planning, insurance planning, estate planning, disability planning, business planning, retirement planning, education planning, and budgeting and cash flow analysis. BWFP strives to achieve a client’s long-term financial goals by implementing a financial planning process that may include any or all of the following steps:
• Assessment of a client’s present financial situation by collecting information regarding net worth and cash flow statements, tax returns, insurance policies, investment portfolios, pension plans, employee benefit statements etc.
• Identification of a client’s financial and personal goals and objectives. Goals or objectives may include financing a child’s college education or retirement planning. The identified goals or objectives are specific, realistic and measurable. All goals include time horizons.
• Resolution of finance related problems. Obstacles to achieving financial independence are identified so that resolution may occur. Examples of problem areas can include too little or too much insurance coverage, inadequate cash flow or a high tax burden.
• Plan Design. A written financial plan is prepared that includes recommendations and solutions to any financial related problems.
• Implementation of the financial plan. The financial plan is finalized and agreed upon. The recommendations and solutions are executed to reach the desired goals and objectives.
• Evaluation of the financial plan is conducted periodically. The financial planning service provides the option of conducting a periodic review and revision of the plan to ensure that the financial goals are achieved. The client may be required to pay an additional fee to exercise this option.

Financial plans are based on your financial situation and the financial information you provide to our firm. If your financial situation, goals, objectives, or needs change, you must notify us promptly. We also provide financial planning services that cover a specific area, such as retirement or estate planning. We offer consultative services where we set an appointment to meet with you for financial planning advice for an agreed-upon project fee. You may choose to accept or reject our recommendations. If you decide to proceed with our recommendations, you may do so either through our investment advisory services or by using the advisory/brokerage firm of your choice.

Tax Preparation Services
We offer tax preparation services to our ongoing financial planning clients and portfolio management clients to assist with the filing of federal and state tax returns for individuals, trusts, and businesses using a third-party accounting and tax planning firm, XY Tax Solutions, LLC (“XYTS”). If the client decides to use Tax Preparation and Planning services, we will work with you and XYTS to gather the necessary information to facilitate the preparation and filing of your tax return. XYTS’s licensed CPAs will work with the client to also conduct research and answer tax-related questions to help the client adequately plan through certain transactions and financial changes so that they can fully understand any tax consequences or opportunities for savings in the future.

Adviser and XYTS are separate and unaffiliated entities. The Adviser does not act as the tax preparer. The Adviser does not receive any compensation for recommending third party services to Clients.

The fees associated with tax preparation and tax planning services are separate and in addition to your ongoing financial planning or advisory fees and are disclosed in Item 5.

Educational Seminars and Speaking Engagements
We may provide seminars on an “as announced” basis for groups seeking general advice on investments and other areas of personal finance. The content of these seminars will vary depending upon the needs of the attendees. These seminars are purely educational in nature and do not involve the sale of any investment products. Information presented will not be based on any individual’s person’s need, nor does BW Financial Planning provide individualized investment advice to attendees during these seminars.

Wrap Fee Programs
We do not participate in wrap fee programs.

Item 5: Fees and Compensation
Please note, unless a client has received the firm’s Disclosure Brochure at least 48 hours prior to signing the investment advisory contract, the investment advisory contract may be terminated by the client within five (5) business days of signing the contract without incurring any advisory fees. How we are paid depends on the type of advisory service we are performing. Please review the fee and compensation information below.

Wealth Management
For wealth management services, we charge fixed fees and/or fees based on a combination of a planning fee and a fee based on a percentage of assets under management. Our fixed fee schedule and payment terms are disclosed in the Financial Planning Services Fees section below. Fees based on a percentage of assets under management are listed in the Portfolio Management Services Fees below. The exact fee payable by the client and payment terms will be clearly set forth in the advisory agreement signed by the client and the firm.
Portfolio Management (BWFP Manages)
Our standard advisory fee is based on the market value of the assets under management and is calculated as follows:


Account Value Annual Advisory Fee
$0 - $1,000,000 1.00%
Next $2,000,000 0.80%
$3,000,000 and above 0.60%

The annual fees are negotiable and are pro-rated and paid in arrears on a quarterly basis. The advisory fee is a tiered fee and is calculated by assessing the percentage rates using the predefined levels of assets as shown in the above chart and applying the fee to the account value as of the last business day of the current quarter. For example, an account valued at $2,000,000 would pay an effective fee of 0.90% with the annual fee of $18,000. The quarterly fee is determined by the following calculation: (($1,000,000 x 1.00%) + ($1,000,000 x 0.80%)) ÷ 4 = $4,500. No increase in the annual fee shall be effective without agreement from the client by signing a new agreement or amendment to their current advisory agreement.
Advisory fees are directly debited from client accounts, or the client may choose to pay via electronic funds transfer.

Please see Item 15 for more information on the direct deduction of fees.

Accounts initiated or terminated during a calendar quarter will be charged a pro-rated fee based on the amount of time remaining in the billing period. An account may be terminated with written notice at least 5 calendar days in advance. Since fees are paid in arrears, no refund will be needed upon termination of the account. Any earned but unpaid fees will be due up to the last business day prior to termination.

Ongoing Financial Planning
Ongoing Financial Planning consists of an upfront charge, ranging from $0 to $5,000, and an ongoing fee that is paid quarterly, in arrears, at the rate of $1,000 to $10,000 per quarter. The fee may be negotiable in certain cases. Fees for this service may be paid by electronic funds transfer. This service may be terminated with 30 days’ notice. Upon termination of any agreement, the fee will be prorated and any unearned fee will be refunded to the client.

Project Based Financial Planning
Project Based Financial Planning will generally be offered on a fixed fee basis. The fixed fee will be agreed upon before the start of any work. The fixed fee can range between $500 and $15,000. The fee is negotiable. If a fixed fee program is chosen, half of the fee is due at the beginning of the process and the remainder is due at completion of work. However, BW Financial Planning will not bill an amount above $500 more than 6 months in advance. Fees for this service may be paid by electronic funds transfer. In the event of early termination any prepaid but unearned fees will be refunded to the client and any completed deliverables of the project will be provided to the client and no further fees will be charged.

Tax Preparation & Tax Planning
XYTS will bill you directly for Tax Preparation and Planning Services. Their fees will be reviewed and agreed to in your separate agreement with them at the start of the engagement.

Educational Seminars and Speaking Engagements
Seminars are offered to organizations and the public on a variety of financial topics. Fees range from free to $10,000 per seminar or free to $200 per participant. Half of the fees are due prior to the engagement, and the other half is to be paid the day of, no later than the conclusion of the Seminar. The fee range is based on the content, amount of research conducted, the number of hours of preparation needed, and the number of attendees. In the event of inclement weather or flight cancellation, the Speaker shall make all reasonable attempts to make alternative travel arrangements to arrive in time for the presentation. If travel proves impossible, or the event is otherwise canceled, the Speaker's fee is waived, but the client will still be responsible for reimbursement of any non-refundable travel expenses already incurred.

In the event that the client decides to cancel or change the date of the event for any reason besides weather or similar unforeseen causes, the client will still be responsible for reimbursement of any non-refundable travel expenses already incurred, and will provide payment for 20% of the Speaker’s fee if the cancellation occurs within 30 days of the event. In the event that the Speaker must cancel due to health or similar unforeseen circumstances, the Speaker will make all attempts to find a reasonable alternative engagement date and will absorb any incremental additional costs for obtaining alternative travel arrangements. If an alternative date cannot be obtained, the client will not be responsible for any travel costs already incurred by the Speaker or any portion of the Speaker’s fee.

Educational Seminars and Speaking Engagements may be provided pro-bono at BW Financial Planning’s discretion.

Other Types of Fees and Expenses
Our fees are exclusive of brokerage commissions, transaction fees, and other related costs and expenses which may be incurred by the client. Clients may incur certain charges imposed by custodians, brokers, and other third parties such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions. Mutual fund and exchange traded funds also charge internal management fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are exclusive of and in addition to our fee, and we shall not receive any portion of these commissions, fees, and costs.

Item 12 further describes the factors that we consider in selecting or recommending custodian for client’s transactions and determining the reasonableness of their compensation (e.g., commissions).

We do not accept compensation for the sale of securities or other investment products including asset-based sales charges or service fees from the sale of mutual funds.

General Information on Advisory Services and Fees
BWFP does not provide legal or in-house accounting services. With your consent, we may work with other professional advisors, such as an estate planning attorney, to assist with the coordination and implementation of accepted strategies. You should be aware that these other advisors will charge you separately for their services and these fees will be in addition to our own advisory fees.

We do not represent, warrant, or imply that the services or methods of analysis employed by our firm can or will predict future results, successfully identify market tops or bottoms, or insulate you from losses due to market corrections or declines.

Apart from the ability to instruct the qualified custodian to deduct fees from client accounts, we shall never have custody of any client funds or securities, as the services of a qualified and independent custodian will be used for these custodial services. We will send you an invoice for the payment of our advisory fee, or we will deduct our fee directly from your account through the qualified custodian holding your funds and securities. The qualified custodian will deliver an account statement to you at least quarterly. These account statements will show all disbursements from your account. You should review all statements for accuracy.

Item 6: Performance-Based Fees and Side-By-Side Management

We do not offer performance-based fees and therefore do not engage in side-by-side management.
Item 7: Types of Clients

We provide financial planning and investment advisory services to individuals, high net-worth individuals, trusts, estates and charitable organizations, foundations, endowments, corporations or other businesses not listed here.
We do not have a minimum account size requirement.
Item 8: Methods of Analysis, Investment Strategies and Risk of Loss
Our investment strategy begins with an understanding of a client's financial goals. We use demographic and financial information provided by the client to assess the client's risk profile and investment objectives in determining an appropriate plan for the client's assets. Investment strategies generally include long- or short-term purchases of mutual funds and exchange traded funds. Investing in securities involves risk of loss that you should be prepared to bear.

Our primary investment strategy is based on Modern Portfolio Theory (“MPT”). The underlying principles of MPT are:
• Investors are risk averse. The only acceptable risk is that which is adequately compensated by an expected return. Risk and investment return are related and an increase in risk requires an increased expected return.
• Markets are efficient. The same market information is available to all investors at the same time. The market prices every security fairly based upon this equal availability of information.
• The design of the portfolio as a whole is more important than the selection of any particular security. The appropriate allocation of capital among asset classes will have far more influence on long-term portfolio performance than the selection of individual securities.
• Investing for the long-term (preferably longer than ten years) becomes critical to investment success because it allows the long-term characteristics of the asset classes to surface.
• Increasing diversification of the portfolio with lower correlated asset class positions can decrease portfolio risk. Correlation is the statistical term for the extent to which two asset classes move in tandem or opposition to one another.

This practice does not employ market timing or stock selection methods of investing but rather a long term, buy‐and‐hold strategy with periodic rebalancing of the account to maintain desired risk levels.

Our analysis of outside investment companies and managers we use in client portfolios involve the examination of the experience, expertise, investment philosophies, and past performance of the outside managers in an attempt to determine if that manager has demonstrated an ability to invest over a period of time and in different economic conditions. We monitor the manager’s underlying holdings, strategies, concentrations and leverage as part of our overall periodic risk assessment. Additionally, as part of our due-diligence process, we survey the manager’s compliance and business enterprise risks. A risk of investing with an outside manager who has been successful in the past is that he/she may not be able to replicate that success in the future. In addition, as we do not control the underlying investments in an outside manager’s portfolio. There is also a risk that a manager may deviate from the stated investment mandate or strategy of the portfolio, making it a less suitable investment for our clients. Moreover, as we do not control the manager’s daily business and compliance operations, we may be unaware of the lack of internal controls necessary to prevent business, regulatory or reputational deficiencies.

For risks associated with investment company (mutual fund and/or exchange traded fund) products, clients should refer to fund prospectuses. Our investment approach constantly keeps the risk of loss in mind. These risks include, but are not limited to:

• General Investment Risk: All investments come with the risk of loss. Investing involves substantial risks, including complete possible loss of principal plus other losses and may not be suitable for many members of the public. Investments, unlike savings and checking accounts at a bank, are not insured by the government to protect against market losses. Different market instruments carry different types and degrees of risk and you should familiarize yourself with the risks involved in the particular market instruments you intend to invest in.

• Loss of Value: There can be no assurance that a specific investment will achieve its investment objectives and past performance should not be seen as a guide to future returns. The value of investments and the income derived may fall as well as rise and investors may not recoup the original amount invested. Investments may also be affected by any changes in exchange control regulation, tax laws, withholding taxes, international, political and economic developments, and government, economic or monetary policies.

• Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline.

• Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security's particular underlying circumstances. For example, political, economic and social conditions may trigger market events.

• Inflation Risk: When any type of inflation is present, a dollar today will not buy as much as a dollar next year, because purchasing power is eroding at the rate of inflation.

• Credit Risk: Investments in bonds and other fixed income securities are subject to the risk that the issuer(s) may not make required interest payments. An issuer suffering an adverse change in its financial condition could lower the credit quality of a security, leading to greater price volatility of the security. A lowering of the credit rating of a security may also offset the security's liquidity, making it more difficult to sell. Funds investing in lower quality debt securities are more susceptible to these problems and their value may be more volatile.

• Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric company, which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like.

• Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally, assets are more liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid, while real estate properties are not.

• Financial Risk: Excessive borrowing to finance a business' operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value.

• Other risks: Our recommended strategies include these risks (listed above) as well as other risks that are more specifically associated with managers, strategies, funds or instruments we select or recommend. For example, some recommended managers use derivatives (such as options as a hedge) which pose special risks; others carry liquidity risk specific to underlying investments. Each recommended manager discloses risks associated with investing in their fund(s) separately (in their respective brochures and/or prospectuses).


In light of the risks, you should fully understand the nature of the contractual relationship(s) into which you are entering and the extent of your exposure to risk. Certain investing strategies may not be suitable for many members of the public. You should carefully consider whether the strategies employed will be appropriate for you relation to your experience, objectives, financial resources and other relevant circumstances. Although we acknowledge that clients are relying on BWFP to manage portfolio risk, clients are encouraged to read prospectuses and contact us with any questions.

Item 9: Disciplinary Information
Criminal or Civil Actions
BWFP and its management have not been involved in any criminal or civil action.
Administrative Enforcement Proceedings
BWFP and its management have not been involved in administrative enforcement proceedings.
Self-Regulatory Organization Enforcement Proceedings
BWFP and its management have not been involved in legal or disciplinary events that are material to a client’s or prospective client’s evaluation of BWFP or the integrity of its management.

Item 10: Other Financial Industry Activities and Affiliations
No BWFP employee is registered, or have an application pending to register, as a broker-dealer or a registered representative of a broker-dealer.

No BWFP employee is registered, or have an application pending to register, as a futures commission merchant, commodity pool operator or a commodity trading advisor.

BWFP does not have any related parties. As a result, we do not have a relationship with any related parties.

BWFP only receives compensation directly from clients. We do not receive compensation from any outside source. We do not have any conflicts of interest with any outside party.

Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading
As a fiduciary, our firm and its associates have a duty of utmost good faith to act solely in the best interests of each client. Our clients entrust us with their funds and personal information, which in turn places a high standard on our conduct and integrity. Our fiduciary duty is a core aspect of our Code of Ethics and represents the expected basis of all of our dealings. The firm also accepts the obligation not only to comply with the mandates and requirements of all applicable laws and regulations but also to take responsibility to act in an ethical and professionally responsible manner in all professional services and activities.


Code of Ethics Description
This code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield associated persons from liability for personal trading or other conduct that violates a fiduciary duty to advisory clients. A summary of the Code of Ethics' Principles is outlined below.
• Integrity - Associated persons shall offer and provide professional services with integrity.
• Objectivity - Associated persons shall be objective in providing professional services to Clients.
• Competence - Associated persons shall provide services to clients competently and maintain the necessary knowledge and skill to continue to do so in those areas in which they are engaged.
• Fairness - Associated persons shall perform professional services in a manner that is fair and reasonable to clients, principals, partners, and employers, and shall disclose conflict(s) of interest in providing such services.
• Confidentiality - Associated persons shall not disclose confidential client information without the specific consent of the client unless in response to proper legal process, or as required by law.
• Professionalism - Associated persons’ conduct in all matter shall reflect credit of the profession.
• Diligence - Associated persons shall act diligently in providing professional services.
We periodically review and amend our Code of Ethics to ensure that it remains current, and we require all firm access persons to attest to their understanding of and adherence to the Code of Ethics at least annually. Our firm will provide of a copy of its Code of Ethics to any client or prospective client upon request.
Investment Recommendations Involving a Material Financial Interest and Conflicts of Interest
Neither our firm, its associates or any related person is authorized to recommend to a client, or effect a transaction for a client, involving any security in which our firm or a related person has a material financial interest, such as in the capacity as an underwriter, adviser to the issuer, etc.
Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest
Our firm and its “related persons” may buy or sell securities similar to, or different from, those we recommend to clients for their accounts. In an effort to reduce or eliminate certain conflicts of interest involving the firm or personal trading, our policy may require that we restrict or prohibit associates’ transactions in specific reportable securities transactions. Any exceptions or trading pre-clearance must be approved by the firm principal in advance of the transaction in an account, and we maintain the required personal securities transaction records per regulation.



Trading Securities At/Around the Same Time as Client’s Securities
From time to time, our firm or its “related persons” may buy or sell securities for themselves at or around the same time as clients. We will not trade non-mutual fund securities in our own accounts within 5 days prior to the same security for clients.
Item 12: Brokerage Practices
Factors Used to Select Custodians and/or Broker-Dealers
BW Financial LLC does not have any affiliation with Broker-Dealers. Specific custodian recommendations are made to client based on their need for such services. We recommend custodians based on the reputation and services provided by the firm.
1. Research and Other Soft-Dollar Benefits
We currently receive soft dollar benefits by nature of our relationship with TD Ameritrade Institutional.

2. Brokerage for Client Referrals
We receive no referrals from a broker-dealer or third party in exchange for using that broker-dealer or third party.

3. Clients Directing Which Broker/Dealer/Custodian to Use
We do recommend a specific custodian for clients to use, however, clients may custody their assets at a custodian of their choice. Clients may also direct us to use a specific broker-dealer to execute transactions. By allowing clients to choose a specific custodian, we may be unable to achieve the most favorable execution of client transaction and this may cost clients money over using a lower-cost custodian.

The Custodian and Brokers We Use
TD Ameritrade
Adviser participates in the TD Ameritrade Institutional program. TD Ameritrade Institutional is a division of TD Ameritrade, Inc. (“TD Ameritrade”), member FINRA/SIPC. TD Ameritrade is an independent [and unaffiliated] SEC-registered broker-dealer. TD Ameritrade offers to independent investment Advisors services which include custody of securities, trade execution, clearance and settlement of transactions. Advisor receives some benefits from TD Ameritrade through its participation in the program. (Please see the disclosure under Item 14 below.)

Charles Schwab
BWFP does not maintain custody of your assets on which we advise, although we may be deemed to have custody of your assets if you give us authority to withdraw assets from your account (see Item 15 – Custody, below). Your assets must be maintained in an account at a “qualified custodian,” generally a broker-dealer or bank. Charles Schwab & Co., Inc. (“Schwab”), a registered broker-dealer, member SIPC, is a qualified custodian. We are independently owned and operated and are not affiliated with Schwab. Schwab will hold your assets in a brokerage account and buy and sell securities when we/you instruct them to. While we recommend that you use Schwab as custodian/ broker, you will decide whether to do so and will open your account with Schwab by entering into an account agreement directly with them. We do not open the account for you, although we may assist you in doing so.

How we select brokers/custodians: We seek to recommend a custodian/broker that will hold your assets and execute transactions on terms that are overall most advantageous when compared with other available providers and their services. We consider a wide range of factors, including:
• Combination of transaction execution services and asset custody services (generally without a separate fee for custody)
• Capability to execute, clear, and settle trades (buy and sell securities for your account) 17
• Capability to facilitate transfers and payments to and from accounts (wire transfers, check requests, bill payment, etc.)
• Breadth of available investment products (stocks, bonds, mutual funds, exchange-traded funds (ETFs), etc.)
• Availability of investment research and tools that assist us in making investment decisions
• Quality of services
• Competitiveness of the price of those services (commission rates, margin interest rates, other fees, etc.) and willingness to negotiate the prices
• Reputation, financial strength, security and stability
• Prior service to us and our clients
• Availability of other products and services that benefit us, as discussed below (see “Products and services available to us from Schwab”)

Your brokerage and custody costs: For our clients’ accounts that Schwab maintains, Schwab generally does not charge you separately for custody services but is compensated by charging you commissions or other fees on trades that it executes or that settle into your Schwab account. Certain trades (for example, many mutual funds and ETFs) may not incur Schwab commissions or transaction fees. Schwab is also compensated by earning interest on the uninvested cash in your account in Schwab’s Cash Features Program. In addition to commissions, Schwab charges you a flat dollar amount as a “prime broker” or “trade away” fee for each trade that we have executed by a different broker-dealer but where the securities bought or the funds from the securities sold are deposited (settled) into your Schwab account. These fees are in addition to the commissions or other compensation you pay the executing broker- dealer. Because of this, in order to minimize your trading costs, we have Schwab execute most trades for your account. We have determined that having Schwab execute most trades is consistent with our duty to seek “best execution” of your trades. Best execution means the most favorable terms for a transaction based on all relevant factors, including those listed above (see “How we select brokers/custodians”).

Products and services available to us from Schwab: Schwab Advisor Services™ is Schwab’s business serving independent investment advisory firms like us. They provide our clients and us with access to their institutional brokerage services (trading, custody, reporting and related services), many of which are not typically available to Schwab retail customers. Schwab also makes available various support services. Some of those services help us manage or administer our clients’ accounts, while others help us manage and grow our business. Schwab’s support services are generally available on an unsolicited basis (we don’t have to request them) and at no charge to us. Following is a more detailed description of Schwab’s support services:

Services that benefit you: Schwab’s institutional brokerage services include access to a broad range of investment products, execution of securities transactions, and custody of client assets. The investment products available through Schwab include some to which we might not otherwise have access or that would require a significantly higher minimum initial investment by our clients. Schwab’s services described in this paragraph generally benefit you and your account.

Services that may not directly benefit you: Schwab also makes available to us other products and services that benefit us but may not directly benefit you or your account. These products and services assist us in managing 18 and administering our clients’ accounts. They include investment research, both Schwab’s own and that of third parties. We may use this research to service all or a substantial number of our clients’ accounts, including accounts not maintained at Schwab. In addition to investment research, Schwab also makes available software and other technology that:
• provide access to client account data (such as duplicate trade confirmations and account statements)
• facilitate trade execution and allocate aggregated trade orders for multiple client accounts
• provide pricing and other market data
• facilitate payment of our fees from our clients’ accounts
• assist with back-office functions, recordkeeping, and client reporting

Services that generally benefit only us: Schwab also offers other services intended to help us manage and further develop our business enterprise. These services include:

• Educational conferences and events
• Consulting on technology, compliance, legal, and business needs
• Publications and conferences on practice management and business succession

We recommend that you maintain your account with Schwab, based on our interest in receiving Schwab’s services that benefit our business and Schwab’s payment for services for which we would otherwise have to pay rather than based on your interest in receiving the best value in custody services and the most favorable execution of your transactions. This is a potential conflict of interest. We believe, however, that our selection of Schwab as custodian and broker is in the best interests of our clients. Our selection is primarily supported by the scope, quality, and price of Schwab’s services (see “How we select brokers/ custodians”) and not Schwab’s services that benefit only us.
Aggregating (Block) Trading for Multiple Client Accounts
Generally, we combine multiple orders for shares of the same securities purchased for advisory accounts we manage (this practice is commonly referred to as “block trading”). We will then distribute a portion of the shares to participating accounts in a fair and equitable manner. The distribution of the shares purchased is typically proportionate to the size of the account, but it is not based on account performance or the amount or structure of management fees. Subject to our discretion, regarding particular circumstances and market conditions, when we combine orders, each participating account pays a proportionate share of all transaction costs. Accounts owned by our firm or persons associated with our firm may participate in block trading with your accounts; however, they will not be given preferential treatment.

Trade Error Correction Procedures
On infrequent occasions, an error may be made in a client account. For example, a security may be erroneously purchased for the account instead of sold. In these situations, the firm generally seeks to rectify the error by placing the client account in a similar position as it would have been had there been no error. Depending on the circumstances, various corrective steps may be taken, including among others canceling the trade or adjusting an allocation. Any losses resulting from error correction will be placed in BWFP’s error correction account. Gains will be credited to the client.

Item 13: Review of Accounts
Portfolio Management Account Reviews
Betty Wang, President/CCO, monitors client accounts on a continuous basis and conducts account reviews at least annually. Additional reviews may be offered in certain circumstances. Triggering factors that may stimulate additional reviews include, but are not limited to, changes in economic conditions, changes in the client’s financial situation or investment objectives, or a client’s request.
Financial Plan Reviews
A financial plan is a snapshot in time and no ongoing reviews are conducted. We recommend clients engage us on an annual basis to update the financial plan.
Reports
BWFP does not provide separate reports. Clients will receive statements directly from their account custodian(s) on at least a quarterly basis.
Item 14: Client Referrals and Other Compensation
We do not receive any economic benefit, directly or indirectly, from any third party for advice rendered to our clients. Nor do we, directly or indirectly, compensate any person who is not advisory personnel for Client referrals.

As disclosed under Item 12, above, Advisor participates in TD Ameritrade’s institutional customer program and Advisor may recommend TD Ameritrade to clients for custody and brokerage services. There is no direct link between Advisor’s participation in the program and the investment advice it gives to its clients, although Advisor receives economic benefits through its participation in the program that are typically not available to TD Ameritrade retail investors. These benefits include the following products and services (provided without cost or at a discount): receipt of duplicate client statements and confirmations; research related products and tools; consulting services; access to a trading desk serving Advisor participants; access to block trading (which provides the ability to aggregate securities transactions for execution and then allocate the appropriate shares to client accounts); the ability to have advisory fees deducted directly from client accounts; access to an electronic communications network for client order entry and account information; access to mutual funds with no transaction fees and to certain institutional money managers; and discounts on compliance, marketing, research, technology, and practice management products or services provided to Advisor by third party vendors. TD Ameritrade may also have paid for business consulting and professional services received by Advisor’s related persons. Some of the products and services made available by TD Ameritrade through the program may benefit Advisor but may not benefit its client accounts. These products or services may assist Advisor in managing and administering client accounts, including accounts not maintained at TD Ameritrade. Other services made available by TD Ameritrade are intended to help Advisor manage and further develop its business enterprise. The benefits received by Advisor or its personnel through participation in the program do not depend on the number of brokerage transactions directed to TD Ameritrade. As part of its fiduciary duties to clients, Advisor endeavors at all times to put the interests of its clients first. Clients should be aware, however, that the receipt of economic benefits by Advisor or its related persons in and of itself creates a potential conflict of interest and may indirectly influence the Advisor’s choice of TD Ameritrade for custody and brokerage services. We believe that the use of TD Ameritrade is in the client’s best interest based on the fees that are charged, the services that are available, as well as the quality of their support and reputation.

We receive an economic benefit from Schwab in the form of the support products and services it makes available to us and other independent investment advisors that have their clients maintain accounts at Schwab. These products and services, how they benefit us, and the related conflicts of interest are described above (see Item 12--Brokerage Practices). The availability of Schwab’s products and services to us is not based on our giving particular investment advice, such as buying particular securities for our clients.

Item 15: Custody
BWFP does not accept custody of client funds except in the instance of withdrawing client fees from their accounts.

For client accounts in which BWFP is authorized to instruct the custodian to directly debit the advisory fee:

1. BWFP will send a copy of its invoice to the custodian at the same time that it sends the client a copy.
2. The custodian will send at least quarterly statements to the client showing all disbursements for the account, including the amount of the advisory fee.
3. The client will provide written authorization to BWFP, permitting them to be paid directly for their accounts held by the custodian.

Clients should receive at least quarterly statements from the broker-dealer, bank or other qualified custodian that holds and maintains client's investment assets. We urge you to carefully review such statements and compare such official custodial records to the account statements or reports that we may provide to you. Our statements or reports may vary from custodial statements based on accounting procedures, reporting dates, or valuation methodologies of certain securities.

Item 16: Investment Discretion
BWFP offers Portfolio Management Services on a discretionary basis. Clients must grant discretionary authority in the client Advisory Agreement. Discretionary authority extends to the type and amount of securities to be bought and sold and the commission rates to be paid and does not require advance client approval. However, BWFP does not have the ability to withdraw funds or securities from the client’s account except for the authorized fee withdrawal discussed in item 5.

Item 17: Voting Client Securities
BWFP does not vote proxies. It is the Client's responsibility to vote proxies. Clients will receive proxy materials directly from the custodian. Questions about proxies may be made via the contact information on the cover page.

Item 18: Financial Information
Registered Investment Advisers are required in this Item to provide you with certain financial information or disclosures about our financial condition. We have no financial commitment that impairs our ability to meet contractual and fiduciary commitments to clients, and we have not been the subject of a bankruptcy proceeding.

We do not have custody of client funds or securities or require or solicit prepayment of more than $500 in fees per client six months in advance.

Item 19: Requirements for State-Registered Advisers
Betty Lin Wang
Born: 1976

Educational Background
• 1998 – Bachelor’s Degree in Finance, University of Illinois

Business Experience
• 04/2018 – Present, BW Financial LLC, President and CCO
• 11/2015 – 03/2018, BW Consulting, Owner
• 02/2009 – 10/2015, Stay at Home Parent
• 04/2001 – 01/2009, Dodge & Cox, Vice President & Shareholder
• 07/1998 – 11/2000, Northern Trust, Client and Consultant Relationship Associate

Professional Designations, Licensing & Exams
CFP (Certified Financial Planner)®:
The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”).
The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with Clients. Currently, more than 71,000 individuals have obtained CFP® certification in the United States.
To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:
• Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning;
• Examination – Pass the comprehensive CFP® Certification Examination. The examination includes case studies and Client scenarios designed to test one's ability to correctly diagnose financial planning issues and apply one's knowledge of financial planning to real-world circumstances;
• Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and
• Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals.
• Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:
• Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and
• Ethics – Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their Clients.

CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification.

Other Business Activities
Betty Lin Wang currently is not involved in any outside business activities.

Performance Based Fees
BWFP is not compensated by performance-based fees.

Material Disciplinary Disclosures
No management person at BW Financial LLC has ever been involved in an arbitration claim of any kind or been found liable in a civil, self-regulatory organization, or administrative proceeding.

Material Relationships That Management Persons Have With Issuers of Securities
BW Financial LLC, nor Betty Lin Wang, have any relationship or arrangement with issuers of securities.

Additional Compensation
Betty Lin Wang does not receive any economic benefit from any person, company, or organization, in exchange for providing Clients advisory services through BWFP.

Supervision
Betty Lin Wang, as President and Chief Compliance Officer of BWFP, will adhere to the firm’s written supervisory procedures at all times. She may be contacted at the phone number on this brochure.

Requirements for State Registered Advisers
Betty Lin Wang has NOT been involved in an arbitration, civil proceeding, self-regulatory proceeding, administrative proceeding, or a bankruptcy petition. 





5697 S Geneva St.
Greenwood Village, CO 80111
(303) 993-3726
Dated January 2022

Form ADV Part 2B – Brochure Supplement
For
Betty Lin Wang [Individual CRD# 6611103]
President, and Chief Compliance Officer
This brochure supplement provides information about Betty Lin Wang that supplements the BW Financial LLC (“BWFP”) brochure. A copy of that brochure precedes this supplement. Please contact Betty Lin Wang if the BWFP brochure is not included with this supplement or if you have any questions about the contents of this supplement.
Additional information about Betty Lin Wang is available on the SEC’s website at www.adviserinfo.sec.gov which can be found using the identification number 6611103.




Item 2: Educational Background and Business Experience
Betty Lin Wang
Born: 1976

Educational Background
• 1998 – Bachelor’s Degree in Finance, University of Illinois

Business Experience
• 04/2018 – Present, BW Financial LLC, President and CCO
• 11/2015 – 03/2018, BW Consulting, Owner
• 02/2009 – 10/2015, Stay at Home Parent
• 04/2001 – 01/2009, Dodge & Cox, Vice President & Shareholder
• 07/1998 – 11/2000, Northern Trust, Client and Consultant Relationship Associate
Professional Designations, Licensing & Exams
CFP (Certified Financial Planner)®:
The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) marks (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”).
The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with Clients. Currently, more than 71,000 individuals have obtained CFP® certification in the United States.
To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:
• Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning;
• Examination – Pass the comprehensive CFP® Certification Examination. The examination includes case studies and Client scenarios designed to test one's ability to correctly diagnose financial planning issues and apply one's knowledge of financial planning to real-world circumstances;
• Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and
• Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals.
• Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:
• Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and
• Ethics – Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their Clients.

CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification.
Item 3: Disciplinary Information
No management person at BW Financial LLC has ever been involved in an arbitration claim of any kind or been found liable in a civil, self-regulatory organization, or administrative proceeding.

Item 4: Other Business Activities
Betty Lin Wang currently is not involved in any outside business activities.

Item 5: Additional Compensation
Betty Lin Wang does not receive any economic benefit from any person, company, or organization, in exchange for providing clients advisory services through BWFP.

Item 6: Supervision
Betty Lin Wang, as President and Chief Compliance Officer of BWFP, will adhere to the firm’s written supervisory procedures at all times. She may be contacted at the phone number on this brochure supplement.

Item 7: Requirements for State Registered Advisers
Betty Lin Wang has NOT been involved in an arbitration, civil proceeding, self-regulatory proceeding, administrative proceeding, or a bankruptcy petition.