Five Lakes Advisory LLC

Five Lakes Advisory is a registered investment adviser that offers financial consulting, investment research and reporting primarily to institutional and pooled-vehicle clients, while its brochure also describes services for high-net-worth families, charities and businesses; the firm reports no advisory accounts under management and states client assets are currently treated as assets under advisement. The firm is newly established and positions its services around alternative investments and manager evaluation rather than discretionary account management.

Five Lakes’s investment process combines qualitative and quantitative research, due diligence on liquid and private alternative fund managers, regular monitoring of fund updates, and direct engagement with managers; it may recommend third‑party asset managers but does not accept discretionary trading authority or effect client transactions. The firm emphasizes client responsibility for implementing recommendations and relies on ongoing client communication to tailor advice.

Notably, Five Lakes does not charge percentage‑of‑assets-under-management fees — an uncommon billing approach among firms in its category — and it also does not charge performance‑based fees. The brochure highlights that the firm is small and highly dependent on a single key executive and that the same executive provides trustee services through a separate entity that the firm says constitutes a substantial portion of that person’s time and income, which the firm identifies as an operational concentration consideration.