County of Fresno - File #: 23-0526

• File #: 23-0526
• On agenda: 6/6/2023
• Final action: 6/6/2023
• Recommended Action(s): 1. Consent to the assignment of Agreement No. 20-462 from Northwest Capital Management, Inc. to Carson Wealth Management, LLC, pursuant to the Investment Advisers Act of 1940. 2. Authorize the Director of Human Resources to notify Northwest Capital Management, Inc. of the County of Fresno's consent to the assignment of Agreement No. 20-462 from Northwest Capital Management, Inc. to Carson Wealth Management, LLC.

Date	Action By	Action	Result
6/6/2023	Board of Supervisors	Consent Agenda be approved	Pass

DATE: June 6, 2023

TO: Board of Supervisors

SUBMITTED BY: Hollis Magill, Director of Human Resources

SUBJECT: Assignment of Agreement No. 20-462 Pursuant to the Investment Advisors Act of 1940

RECOMMENDED ACTION(S):
TITLE
1. Consent to the assignment of Agreement No. 20-462 from Northwest Capital Management, Inc. to Carson Wealth Management, LLC, pursuant to the Investment Advisers Act of 1940.
2. Authorize the Director of Human Resources to notify Northwest Capital Management, Inc. of the County of Fresno's consent to the assignment of Agreement No. 20-462 from Northwest Capital Management, Inc. to Carson Wealth Management, LLC.
REPORT
Your Board's approval of the recommended actions will provide notice to Northwest Capital Management, Inc. ("Northwest Capital") that the County is consenting to the assignment of Agreement No. 20-462 (the "Agreement") from Northwest Capital to Carson Wealth Management, LLC ("CWM, LLC"), pursuant to the Investment Advisors Act of 1940. Northwest Capital requires notice of the County's consent or objection to the assignment by June 10, 2023.

Northwest Capital has provided investment consulting services to County of Fresno 457(b) Deferred Compensation Plan (the "457(b) Plan") since December 13, 2011 and County of Fresno 401(a) Defined Contribution Plan (the "401(a) Plan") since April 5, 2022; the Agreement expires December 31, 2025. There will be no interruption in services provided by Northwest Capital or increase in fees associated with the recommended actions. There are no costs to the County associated with these actions.

This item is Countywide.

ALTERNATIVE ACTION(S):

Your Board may choose not to consent to the assignment of the Agreement. If the Board does not take the recommended actions, Northwest Capital has stated that they would consider it a termination without cause under Paragraph 4.C of the Agreement. This would necessitate a new Request for Proposals process, during which time the investment options in the 4...