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HomeMy WebLinkAbout10.d EDB SageView Client Assignment EXECUTIVE SUMMARY AGENDA ITEM: Proposed assignment of agreement with SageView Advisory Group, LLC (SageView) to Creative Planning, LLC (Creative Planning) Date: October 17, 2025 BACKGROUND: On October 8,2025, staff received an announcement from our SageView Client Services Manager (CSM) regarding an agreement under which Creative Planning will acquire SageView. CCUA engaged SageView in August 2022 for Retirement Plan Fiduciary Consultant Services (RFP No. 2021/2022-A08). SageView continues to provide retirement planning and fiduciary services as expected under the agreement. Creative Planning is one of the nation's largest Registered Investment Advisors (RIA). The combined companies of SageView and Creative Planning will result in a much larger firm representing over $640 billion in total client assets. Creative Planning Press Release CCUA's CSM assured us the SageView team will remain the same along with expanded access to additional expertise and resources. BUDGET: Our SageView CSM indicated there will be no changes in the existing fee structure. RECOMMENDATION: Staff respectfully requests the Board of Supervisors' approval of the assignment of the agreement with SageView Advisory Group, LLC, to Create Planning, LLC, as requested. ATTACHMENTS: Client Consent Notice Docusign Envelope ID:3B70289E-ODDF-41 C5-B993-9897610852BE Client Consent Notice On October 3, 2025, SageView Advisory Group, LLC (together with its affiliates, "SageView"") entered into an agreement with an affiliate of Creative Planning, LLC (together with its affiliates, "Creative Planning") under which Creative Planning will become the owner of SageView upon the closing (the "closing") of the transactions contemplated by the agreement (the "Transaction"). By joining Creative Planning, our depth and breadth of services will be enhanced so that we can provide you with even more comprehensive financial services. We expect the Transaction to close sometime in the fourth quarter of 2025, subject to the completion of customary closing conditions, including regulatory clearances and the receipt of certain consents. SageView serves as an investment adviser and/or consultant to you pursuant to an investment advisory, asset management, financial planning, actuarial, consulting or other written agreement (including any amendments, exhibits, and schedules thereto) through which SageView currently offers you certain financial services(collectively,the"SageView Agreement"). It is important to note that,following the closing of the Transaction,while Creative Planning will be the ultimate owner of SageView, we will continue to serve as your investment adviser and/or consultant of record. Please note that your fees and SageView team are not changing as a result of this Transaction. Because the Transaction will result in a change of control of SageView, the Transaction will result in an "assignment" within the meaning of the Investment Advisers Act of 1940, as amended (the "Assignment"). Through this Client Consent Notice, we are therefore requesting your consent to the Assignment of your SageView Agreement. We request that you indicate your consent to the Assignment by completing the consent form included as soon as possible, but no later than November 10, 2025. Please note that, if we do not hear from you by November 10, 2025, which is 30 days from the date of this letter, or if you indicate in the consent form that you do not consent to the Assignment, we reserve the right to begin the process of winding down our relationship with you. If you have any questions, please contact your SageView advisor or client service team, or email us at SVnotices_Institutional@sageviewadvisory.com. Thank you for your continued trust and confidence. Docusign Envelope ID:3B70289E-ODDF-41 C5-B993-9897610852BE Client/Plan Sponsor: Clay County Utility Authority Please note that your consent shall be applied to any applicable SageView Agreement(as defined in the Client Consent Notice) under which SageView provides services to one or more of your account(s) or plans (collectively, the "Accounts"). We ask that you please sign and return this form to us by November 10, 2025. I, the undersigned, as the client, or an authorized signatory of the client, hereby agree to the Assignment of my SageView Agreement for all Accounts. The undersigned also confirms that it has been provided an opportunity to ask questions of and receive answers from SageView regarding the Transaction and has all information necessary to provide the foregoing consent. The undersigned understands that there is no assurance that the Transaction will be completed, and the undersigned understands and agrees that, in such case, the current ownership of SageView will remain unchanged and any Assignment will be automatically terminated. By executing this Client Consent Notice, you hereby acknowledge and agree that (i) your current SageView Agreement will continue in full force and effect in accordance with its terms without any further consideration after the Transaction is completed, and (ii)this Client Consent Notice satisfies any and all notice, consent, amendment or other procedural requirements set forth in your current SageView Agreement with respect to the Transaction. Delivery by e-mail PDF and/or DocuSign of an executed copy of this consent form shall have the same effectiveness as delivery of a manually executed counterpart thereof. If you have any questions, please contact your SageView advisor, or SageView at SVnotices_Institutional@sageviewadvisory.com. By: Date: Name: Jeremy Johnston Title: Chief Operations Officer 0 docusign Certificate Of Completion Envelope Id:3B70289E-ODDF-41 C5-B993-9897610852BE Status:Delivered Subject:Complete with Docusign:2.A Form of Client Announcement and Consent Form(Institutional Client... Source Envelope: Document Pages:2 Signatures:0 Envelope Originator: Certificate Pages:4 Initials:0 SageView Advisory Group AutoNav: Enabled 4000 MacArthur Blvd,Ste 1050 Envelopeld Stamping: Enabled Newport Beach,CA 92660 Time Zone: (UTC-08:00)Pacific Time(US&Canada) SVnotices_Institutional@sageviewadvisory.com IP Address: 104.1.251.177 Record Tracking Status:Original Holder:SageView Advisory Group Location: DocuSign 10/10/2025 7:36:17 AM SVnotices_Institutional@sageviewadvisory.com Signer Events Signature Timestamp Jeremy Johnston Sent: 10/10/2025 7:37:03 AM johnston@clayutility.org Viewed: 10/10/2025 12:31:55 PM Chief Operations Officer Security Level: Email,Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 10/10/2025 12:31:55 PM ID:000cd606-e20a-4b02-af2f-5584cb4f77a0 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Lisa Drake COPIED Sent: 10/10/2025 7:37:03 AM (drake@sageviewadvisory.com Viewed: 10/10/2025 7:37:29 AM Security Level: Email,Account Authentication (None) Electronic Record and Signature Disclosure: Accepted:3/4/2025 2:01:57 PM ID:56a1a968-9fe1-44ca-bf40-837152ea2c76 Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 10/10/2025 7:37:03 AM Certified Delivered Security Checked 10/10/2025 12:31:55 PM Payment Events Status Timestamps Electronic Record and Signature Disclosure Electronic Record and Signature Disclosure created on: 12/21/2022 9:17:56 AM Parties agreed to:Jeremy Johnston,Lisa Drake CONSENT TO ELECTRONIC RECEIPT OF ELECTRONIC DOCUMENTS AND SIGNATURES SageView Advisor Group, Inc. 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