Western States Investments

Western States Investments provides advisory services to individuals, trusts, estates, charitable organizations and business entities, primarily by recommending and monitoring independent third‑party investment managers and offering qualified retirement plan consulting to plan trustees. The firm states it no longer offers financial planning and functions mainly as a manager‑selection and plan‑consulting adviser rather than as a direct portfolio manager for individual accounts.

The firm’s investment approach emphasizes asset allocation and Modern Portfolio Theory, using client risk tolerances and objectives to select Independent Managers who implement and custodian the investments; clients receive the Independent Managers’ disclosure materials and custodial account statements and are reviewed at least annually or when triggered by life or market events. Western States notes that it provides these services on a non‑discretionary basis, with the Independent Managers carrying out trading and custody rather than the adviser executing trades.

Noteworthy aspects include an unusually large client base for the firm’s size — roughly 300 clients — while reporting $0 in directly managed non‑discretionary pension assets but advising on about $60 million that is managed by third‑party advisers. The principal is also a licensed independent insurance agent who may recommend and sell insurance products (including Medicare Advantage and supplemental plans) and the firm expressly offers a suite of qualified plan services such as participant education, enrollment and plan support.