Bsw Wealth Partners is a investment adviser based in Boulder, CO, that holds a 86.3/100 Fidelon TransparencyScore (54th percentile among SEC-registered advisers), with 18 registered advisors. Score based on public SEC and FINRA filings.
Bsw Wealth Partners
Bsw Wealth Partners, INC., A Public Benefit · CRD #107485
A fee-only investment adviser with a clean regulatory record and fiduciary commitment.
Fidelon Fact Sheet
Bsw Wealth Partners is an SEC-registered investment adviser in Boulder, CO. It used to be called Baydush Simon Investments, LLC and Baydush Simon Weaver, LLC. Its 18 registered advisors typically serve individuals and families, high-net-worth individuals and ultra-high-net-worth individuals. It manages $2.2 billion across 3,876 client accounts. It charges a yearly percentage of your account, and it does not report earning commissions. Its services include financial planning, portfolio management, educational seminars and investment newsletters. It reports that it can hold or access client money, which the SEC requires firms to disclose. Its record shows no customer complaints, regulatory actions or fines.
Peer Context
4,930th of 10,815
SEC-registered advisers
Top 46%
140th of 289
SEC-registered advisers in CO
Top 48%
14th of 21
SEC-registered advisers in Boulder, CO
Bottom 33%
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Charges fixed fees for specific services
- Does not earn commissions on product sales
What you’d pay
Blended across 1 tiers, from $0 - $50,000,000.
This fee is negotiable
“All fees are subject to negotiation.”
From their Form ADV Part 2A. Most investors never ask.
Not included above
- • Fixed fee for investment management and advisory services
- • Hourly fee between $1,500 to $3,000 per hour for services outside advisory agreements
- • Additional fee for reporting services: $200 per account annually for manually priced data, $75 per account annually for automatically fed data
- • Fixed fee for Financial Planning for Corporate Executives ranging from $7,500 to $25,000 annually
- • For Non-Fiduciary 401(k) Consulting: asset-based fees at 0.50% on first $3 million, 0.40% on next $2 million, 0.30% thereafter, with minimum fee of $1,500 per year
- • Travel-related expenses and other administrative costs incurred by BSW on behalf of clients
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| $0 - $50,000,000 | 0.50% |
| $0 - $10,000,000 | 0.65% |
| $0 - $3,000,000 | 1.00% |
| $3,000,000 - $5,000,000 | 0.75% |
| $5,000,000 and above | 0.50% |
| $10,000,000 - $50,000,000 | 0.35% |
| $50,000,000 and above | 0.15% |
| $50,000,000 and above | 0.35% |
Billed quarterly in advance
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Who They Typically Serve
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Fee-only compensation — no commission income reported
- Registered as investment adviser with fiduciary obligation
- No broker-dealer registration — advisory services only
- Clean regulatory record — no disclosures, arbitrations, or fines
- Transparent fee structure — charges advisory fees, no commissions
Things You Should Know
- Its brochure names trading with clients as principal or between client accounts as a conflict, but it does not explain what this arrangement tempts the firm to do, say what the firm is paid for it, or say what it can cost you. Ask whether the firm ever trades with you from its own account or between its clients, and how you are protected.Items 10, 11, 12.B and 14
Conflict Audit
Our analysis identified 1 potential conflict of interest in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
What this firm says about how it gets paid
“It is important to understand that when fees are charged on assets, the more assets in your account, the more you will pay us in fees; we may have an incentive to encourage you to increase the assets in your account to increase our fees.”
“Although we are independent and not affiliated with the recommended custodians, we do receive certain other benefits by having you custody your assets with them.”
Source: the firm’s own Form CRS, filed 2026-05-08 — quoted directly
Regulatory Track Record
0
Disclosures
Clean record — no disclosures found
$0
Total Fines
Clean record — no fines found
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
100/100
Strong
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
84/100
Strong
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
63/100
Fair
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
100/100
Strong
Avg for investment adviser firms: 99.7 | Top 10%: 100
Their two-page relationship summary
The SEC requires every SEC-registered investment adviser to hand you this summary, called a Form CRS, and says what it must cover. We checked this firm's against that list. What is a Form CRS?
- Does it include everything the SEC requires?
- Required sections
- 77/100
- Does it explain how the firm's conflicts affect you?
- Conflicts of interest
What to askAsk the advisor to name every way the firm gets paid besides your fee, and how each one can affect their advice.
- 33/100
- Can you tell what you would pay?
- What you pay
- 92/100
- Is it written in plain English?
- Plain language
- 87/100
This firm's Form CRS averages 72 out of 100. It adds 3.06 points once the firm's filings and record score 90 on their own; they score 86.29 today.
What their brochure tells you
The firm must give you this brochure, Form ADV Part 2A, before you sign. We read it against the SEC's own instructions, item by item. Quotes are the firm's own words; page numbers refer to the filed brochure. What is in a brochure?
Can you tell what you'd pay and when?Brochure Fee Clarity100/100
The SEC asks every brochure to spell out the fee schedule, whether fees can be negotiated, how and when you are billed, the other costs you pay, and refunds.
The brochure answers every one of these.
- Can you tell what you'd pay?CoveredItem 5.A
Without a fee schedule you cannot compare this firm with any other.
BSW generally charges an asset-based fee for its asset management and advisory services, calculated according to the following fee schedule:p. 8
- Does it say whether the fee can be negotiated?CoveredItem 5.A
If fees are negotiable, other clients may be paying less than you for the same service.
All fees are subject to negotiation.p. 8
- Does it say whether the fee comes out of your account or gets billed?CoveredItem 5.B
A fee taken straight from your account is easy to stop noticing.
Clients may select whether fees are to be deducted from client’s BSW managed assets or paid from other sources.p. 12
- Does it say how often you're charged?CoveredItem 5.B
Monthly, quarterly, in advance or in arrears changes what you owe when you leave.
BSW’s fees are billed and payable quarterly in advance based on the total value of all assets under BSW’s supervision on the last day of the previous quarter.p. 12
- Does it list the other costs you pay, like fund and custodian fees?CoveredItem 5.C
The advisory fee is rarely the whole bill; fund, trading and custody costs come on top.
In addition to BSW’s compensation described above, the client will incur various trading commissions, transaction fees, mutual fund expenses, separately managed account or sub-manager fees and administrative costs in the implementation of BSW’s recommendations.p. 12
- Does it say how you get money back if you leave mid-period?CoveredItem 5.D
If you pay in advance and leave early, the refund rule decides what you get back.
If BSW and the client’s relationship is terminated prior to the end of a billing period, BSW will prorate and refund the paid but unearned portion of client’s fee for that period back to the client.p. 13
Does it explain each conflict of interest and what it could cost you?Brochure Conflict Specificity55/100
The SEC asks the brochure to name each way the firm gets paid besides your fee, what that tempts the firm to do, and what it can cost you.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
If the firm trades with you as principal or between client accounts, does it explain that?
Trading with clients as principal or between client accounts
- Does the brochure name this conflict where the SEC requires?CoveredItems 10/11/12.B/14
A conflict named in the right place is one the firm has thought about; one buried elsewhere is easy to miss.
Because BSW ultimately retains discretionary authority over client accounts, including those accounts allocated to a sub-advisor, engaging in cross transactions presents a conflict of interest in that BSW represents both the buyer and the seller in the transaction.p. 38
- Does it explain what this arrangement tempts the firm to do?Not found in the brochureStaff Bulletin Q11
You can only judge advice when you know which way it is being pulled.
What to askAsk what this arrangement gives the firm a reason to recommend, and how often that happens.
- Does it describe what the arrangement actually is?CoveredStaff Bulletin Q11
A conflict described in one vague sentence tells you it exists but not how it works.
Cross transactions may be deemed to occur in instances where, for example, one BSW client is reducing an allocation to an Underlying Manager or position and another BSW client simultaneously is increasing its allocation of such Underlying Manager or position.p. 38
- Does it say what the firm is paid for it?Not found in the brochureStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
What to askAsk how much the firm or its people receive from this arrangement in a typical year.
- Does it say how the firm comes out ahead?Not found in the brochureStaff Bulletin Q11
Benefits that are not cash, like free services or referrals, still shape advice.
What to askAsk what the firm gains from this arrangement beyond fees.
- Does it say what it can cost you?Not found in the brochureStaff Bulletin Q11
Every conflict has a price; the question is whether the brochure puts it in your hands.
What to askAsk what this arrangement can cost you, in fees, returns or choices you do not get.
- Does it say how the firm keeps this conflict in check?Not assessed yetItems 10.C-D, 11.B-D, 14.A
A conflict with no control on it is left to the advisor's goodwill.
What to askAsk whether the firm ever trades with you from its own account or between its clients, and how you are protected.
Do they earn commissions on products, and do they say so?Brochure Sales CompensationNot applicable
Not applicable: the brochure describes no product-sales commissions
Do they get free research or services from brokers, and does it affect you?Brochure Soft Dollars85/100
When brokers give the firm research or services in return for your trades, the SEC asks the brochure to say what the firm gets and what it may cost you.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
- Does it list what the firm gets from brokers for free?CoveredItem 12.A.1.e
Research, software and data paid for by your trades are a cost you never see.
BSW may receive research, products, or other services from custodians and broker-dealers in connection with client securities transactions (“soft-dollar benefits”).p. 37
- Does it say the firm benefits by not paying for those things?CoveredItem 12.A.1.a
A perk the firm would otherwise buy is money in the firm's pocket, paid with your trades.
BSW benefits by not having to produce or pay for the research, products or services, and BSW will have an incentive to recommend a broker-dealer based on receiving research or services.p. 37
- Does it say those perks can shape which broker it picks for you?CoveredItem 12.A.1.b
Your trades should go where you get the best deal, not where the firm gets the best perks.
BSW benefits by not having to produce or pay for the research, products or services, and BSW will have an incentive to recommend a broker-dealer based on receiving research or services.p. 37
- Does it say whether those perks stay within what the law allows?CoveredItem 12.A.1.e note
The law allows research paid for with client trades only within limits; outside them, it is your money.
BSW may enter into soft-dollar arrangements within the safe harbor contained in Section 28(e) of the Securities Exchange Act of 1934, as amended.p. 37
- Does it say whether you pay more in trading costs because of those perks?CoveredItem 12.A.1.c
Paying up for trades to earn the firm a perk comes straight out of your returns.
Clients should be aware that BSW’s acceptance of soft-dollar benefits may result in higher commissions charged to the client.p. 37
- Does it say whether every client benefits or only some?Not found in the brochureItem 12.A.1.d
Your trades may be paying for research that helps other clients' accounts, not yours.
What to askAsk whether the research your trades help pay for is used for your account.
A point not found is not a finding against the firm; many points apply only when the firm has that arrangement, and state-registered firms file the same brochure form.
Next Steps
Advisor Roster
18 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| Steven A Szafranski | 5559959 | — | — |
| Raliegh Darin Riddoch | 3066175 | — | — |
| Benjamin Rein Weaver | 2900111 | — | — |
| Aaron Michael Deitz | 5474260 | — | — |
| Timothy Raymond Wojtalik | 5148474 | — | — |
| Tami C Carroll | 5333353 | — | — |
| Julie D Martinez | 5605585 | — | — |
| Lily Justine Beitel-Horton | 6303481 | — | — |
| Lindy Misao Yoshida | 7881776 | — | — |
| Kathrin Biscornet | 6745637 | — | — |
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.15 · CRD #107485