# CLIFTONLARSONALLEN WEALTH ADVISORS, LLC X-17A-5 (2022-02-28) — Broker-dealer annual report - Company: CLIFTONLARSONALLEN WEALTH ADVISORS, LLC - Form: X-17A-5 - Filed: 2022-02-28 - Period: 2021-12-31 - Accession: 0000944361-22-000003 - CIK: 944361 - File #: 8-48239 - Type: Broker-dealer - Material weakness: No - Auditor: Boulay PLLP - Auditor location: Minneapolis, MN - Contact: Jaclyn Suzanne Van Horrick - Phone: 612-376-4531 - Email: jaclyn.vanhorrick@claconnect.com - Website: claconnect.com - Signed by: Jaclyn VanHorrick (Financial Operations Principal) Original filing: https://www.sec.gov/Archives/edgar/data/944361/000094436122000003/publica.pdf --- {0}------------------------------------------------ | SEC FILE NUMBER | | |-----------------|--| | B-48239 | | | | (No. and Street) | | | | |------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------|--------------------------------------------|--| | Minneapolis | MN | | 55402 | | | (City) | (State) | | (Zip Code) | | | PERSON TO CONTACT WITH REGARD TO THIS FILING | | | | | | Jaclyn Van Horrick 612-376-4531 | | | jaclyn.vanhorrick@claconnect.com | | | (Name) | (Area Code - Telephone Number) | | (Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | | | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*
Boulay PLLP | | | | | | 7500 Flying Cloud Drive, Suite 800 Minneapolis | (Name - if individual, state last, first, and middle name) | MN | 55344 | | | | | | | | | (Address)
10/14/2003 | (City) | (State)
542 | (Zip Code) | | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL USE ONLY | | | | | | | | | | {1}------------------------------------------------ | I Jaclyn Suzanne Van Horrick | swear (or affirm) that, to the best of my knowledge and belief, the | |--------------------------------------------|----------------------------------------------------------------------------------------| | financial report pertaining to the firm of | as of | | 17/21 | CONTRACTORS CONSULTION CONSULTION CONSELLENCE ANDRING AND COMMENT CONCRONAL MON OFFICE | ![](_page_1_Picture_3.jpeg) - - - - - - - - - - - - - - - - - - - - - - - - - - - {2}------------------------------------------------ ## **CLIFTONLARSONALLEN WEALTH ADVISORS, LLC** ### **FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION** **YEAR ENDED DECEMBER 31, 2021** {3}------------------------------------------------ | REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM | 1 | |---------------------------------------------------------------------------------------------------------------------------------------------------------------|-----| | FINANCIAL
STATEMENTS | | | STATEMENT
OF
FINANCIAL
CONDITION | 2 | | NOTES
TO
FINANCIAL
STATEMENTS | 3Ͳ6 | | SUPPLEMENTAL
INFORMATION | | | SCHEDULE
I:
COMPUTATION
OF
NET
CAPITAL
UNDER
RULE
15C3Ͳ1 | 7Ͳ8 | | SCHEDULE
II:
COMPUTATION
FOR
DETERMINATION
OF
THE
RESERVE
REQUIREMENT
UNDER
EXHIBIT
A
OF
RULE
15C3Ͳ3
(EXEMPTION) | 9 | | SCHEDULE
III:
INFORMATION
RELATING
TO
THE
POSSESSION
OR
CONTROL
REQUIREMENTS
UNDER
RULE
15C3Ͳ3
(EXEMPTION) | 9 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of CliftonLarsonAllen Wealth Advisors ### **Opinion on the Financial Statement** We have audited the accompanying statement of financial condition of CliftonLarsonAllen Wealth Advisors (the "Company") as of December 31, 2021, the related notes (collectively referred to as the "financial statement"). In our opinion, the statement of financial condition presents fairly, in all material respects, the financial position of the Company as of December 31, 2021 in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** This financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. #### **Auditor's Report on Supplemental Information** The information contained in Schedules I, II, and III (Supplemental Information) has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statement. The Supplemental Information is the responsibility of the Company's management. Our audit procedures included determining whether the Supplemental Information reconciles to the financial statement or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the Supplemental Information. In forming our opinion on the Supplemental Information, we evaluated whether the Supplemental Information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the Supplemental Information is fairly stated, in all material respects, in relation to the financial statement as a whole. We have served as the Company's auditor since 2014. Minneapolis, Minnesota February 25, 2022 7500 Flying Cloud Drive Suite 800 Minneapolis, MN 55344 (t) 952.893.9320 | 2180 Immokalee Road Suite 308 Naples, FL 34110 (t) 239.325.1100 ![](_page_4_Picture_14.jpeg) {5}------------------------------------------------ # **CLIFTONLARSONALLEN WEALTH ADVISORS, LLC STATEMENT OF CASH FLOWS FOR THE YEAR ENDING DECEMBER 31, 2021** ## **CURRENT ASSETS** | Cash
and
Cash
Equivalents | | \$
36,495,765 | |----------------------------------------------------------------|----|------------------| | Accounts
Receivable
and
Work
in
Process,
Net | |
894,05
8 | | Other
Current
Assets
and
Prepaid
Expenses | |
505,603 | | Notes
Receivable | |
1,236,916 | | Total
Current
Assets | | 39,132,342 | | | | | | PROPERTY
AND
EQUIPMENT
(AT
COST) | | | | Equipment
and
Software | |
124,279 | | Accumulated
Depreciation
and
Amortization | |
(121,893) | | Net
Property
and
Equipment | | 2,386 | | | | \$39,134,728 | | Total
Assets | | | | | | | | LIABILITIES
AND
MEMBER'S
EQUITY | | | | CURRENT
LIABILITIES | | | | Accounts
Payable | | \$
107,387 | | Accrued
Payroll
and
Related
Benefits | |
500,505 | | Payable
to
Member | |
2,738,856 | | Deferred
Revenue | |
417,500 | | Total
Current
Liabilities | |
3,764,248 | | | | | | MEMBER'S
EQUITY | | | | Capital | |
25,000 | | Retained
Earnings | | 35,345,480 | | Total
Member's
Equity | | 35,370,480 | | Total
Liabilities
and
Member's
Equity | \$ | 39,134,72
8 | | | | | {6}------------------------------------------------ #### **NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** #### **Description of Business** CliftonLarsonAllen Wealth Advisors, LLC (the Company), a Minnesota limited liability company, was organized on February 15, 1995 and registered with the Securities and Exchange Commission (SEC). Effective October 27, 1995, the Company registered with the Financial Industry Regulatory Authority, Inc. (FINRA) as a broker/dealer. The Company is a wholly owned subsidiary of CliftonLarsonAllen LLP (Member).The Company is engaged in investment advisory, financial and estate planning, and other financial services throughout the United States. ## **Cash and Cash Equivalents** Cash and cash equivalents consist principally of money market instruments having an original maturity of three months or less and bank accounts.At times such deposits may exceed federally insured limits. # **Accounts Receivable and Work in Process, Net** Accounts receivable from customers and unbilled work in process relate to services provided. The Company does not customarily require collateral for providing such services.Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a charge to earnings and a credit to valuation allowance based on its assessment of the collections risk inherent within such accounts.Balances still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to trade accounts receivable. The composition of Accounts Receivable and Work in Process, Net as of December 31, 2021 as follows: | | December
31,
2021 | | |------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|--| | Accounts
Receivable
Less:
Allowance
for
Bad
Debts
Work
in
Process
Less:
Unbilled
Reserve | \$

915,191
(40,000)

24,842

(5,975) | | | | \$894,058 | | ## **Notes Receivable** The Company has various notes receivable agreements relating to the services provided to certain customers.The notes receivable are nonͲinterest bearing and call for periodic payments through June 2023.At December 31, 2021 notes receivable outstanding was \$1,236,916. Future maturities for these notes receivable agreements are as follows: | 2022 | | \$
648,299 | |------|--|---------------| | 2023 | |
588,617 | | | | \$1,236,916 | {7}------------------------------------------------ ## **NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** #### **Depreciation** Property and equipment are depreciated over their estimated useful lives by use of the straightͲline method. # **Description of Useful Lives** The estimated useful lives of the property and equipment are as follows: | Equipment | 3Ͳ10
Years | |-----------|---------------| | Software | 3
Years | # **Revenue Recognition** The revenue streams in the discussion below and in Note 4 include those that are within the scope of Accounting Standards Codification (ASC) 606. Interest income is deemed out of scope and is excluded.In all casesfor all revenue streams discussed below, the revenue generated isfrom a single transaction price, and there is no need to allocate the amounts across more than a single revenue stream.The customer for all revenues derived from openͲend and closedͲend funds described in detail below has been determined to be the fund itself and not the ultimate underlying investor in the fund. Significant Judgments that affect the amounts and timing of revenue recognition: The Company's analysis of the timing of revenue recognition for each revenue stream is based upon an analysis of current contract terms.Performance obligations could, however, change from time to time if and when existing contracts are modified or new contracts are entered into.These changes could potentially affect the timing of satisfaction of performance obligations, the determination of the transaction price, and the allocation of the price to performance obligations.In the case of the revenue streams discussed below, the performance obligation is satisfied either at a point in time or over time. For performance correlated and conditional revenues, the performance obligation (advising a client portfolio) is satisfied over time, while recognition of revenues effectively occurs at the end of the measurement period as defined within the contract, as such amounts are subject to reduction to zero on the date where the measurement period ends even if the performance benchmarks were exceeded during the intervening period.The judgments outlined below, where the determination as to these factors is discussed in detail, are continually reviewed and monitored by the Company when new contracts or contract modifications occur. Transaction price is in all instances formulaic and not subject to significant (or any) judgment at the current time. The allowance for bad debts is subject to judgment. At December 31, 2021, Management's estimate for the allowance for bad debts was \$40,000. *Investment advisory fees*ͲThe Company provides investment advisory services on a daily basis. The Company believes the performance obligation for providing advisory services is satisfied over time because the customer is receiving and consuming the benefits as they are provided by the Company. Fee arrangements are based on a preͲdetermined percentage applied to the customer's assets under management at the previous quarterͲend. Fees are received quarterly and are recognized asrevenue at that time as they relate specifically to the services provided in that period, which are distinct from the services provided in other periods. {8}------------------------------------------------ ## **NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** *Private placement agent fees*ͲThe Company earns private placement fees for investments in equity securities. The Company records revenue at the point in time when the services for the transactions are completed under the terms of each engagement. The Company believes the performance obligation is satisfied when the investment is settled by the customer. *Distribution fees*ͲThe Company enters into arrangements with managed accounts or other pooled investment vehicles (funds) to distribute shares to investors. The Company may receive distribution fees paid by the fund up front or over time. The Company believes that its performance obligation is the sale of securities to investors and as such this is fulfilled on the trade date. Any fixed amounts are recognized on the trade date and variable amounts are recognized to the extent it is probable that a significant revenue reversal will not occur once the uncertainty is resolved. For variable amounts, as the uncertainty is dependent on the value of the shares at future points in time as well as the length of time the investor remains in the fund, both of which are highly susceptible to factors outside the Company's influence, the Company does not believe that it can overcome this constraint until the market value of the fund and the investor activities are known, which are usually quarterly. Distribution fees recognized in the current period are primarily related to performance obligations that have been satisfied in prior periods. *Brokerage commissions*ͲThe Company buys and sells securities on behalf of its customers. Each time a customer enters into a buy or sell transaction, the Company charges a commission. Commissions and related clearing expenses are recorded on the trade date (the date that the Company fills the trade order by finding and contracting with a counterparty and confirms the trade with the customer). The Company believes that the performance obligation is satisfied on the trade date because that is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. *Insurance commissions* ͲThe Company arranges insurance policies on behalf of its customers with various insurance providers. When the customer purchases an insurance policy the Company receives a percentage of the premium as a commission.Commissions are substantially recognized on the effective date of the associated insurance policy. *Variable annuity commissions* – The Company purchases variable annuity policies on behalf of its customers.Each time a customer enters into an agreement to purchase a variable annuity policy the Company receives a commission.Commissions are based on a preͲdetermined percentage applied to the customer's annuity balance at quarterͲend. Fees are received quarterly and are recognized as revenue at that time as they relate specifically to the services provided in that period, which are distinct from the services provided in other periods. *Investment banking revenue* Ͳ The Company provides advisory services for investment banking transactions. Revenue for advisory and consulting arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction). However, for certain contracts, revenue is recognized over time for advisory arrangements in which the performance obligations are simultaneously provided by the Company and consumed by the customer. {9}------------------------------------------------ ## **NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)** *Other fees* – These services are recognized in the period the service is provided. Work in process represents unbilled amountsforservices performed. Deferred revenue represents amounts collected in excess of services performed to date. #### **Income Taxes** The Company is not a taxpaying entity for federal and state income tax purposes; therefore, no income tax expense has been recorded in the accompanying financial statements. Income from the Company is passed through to the Member and is taxed to the partners of the Member in their respective returns. The Company's tax years 2020, 2019, and 2018 and the twelve months ended December 31, 2021 are open for examination by federal and state taxing authorities. ## **Use of Estimates** The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financialstatements, and the reported amounts of revenues and expenses during the reporting period.Actual results could differ from those estimates. ### **Commitments, Contingencies, Guarantees** Except as discussed elsewhere within these Notes to Financial Statements, there are no other material commitments, contingencies or guarantees that require additional disclosure. ## **Subsequent Events** In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through February 25, 2022, the date of the financial statements were available to be issued. #### **NOTE 2 RETIREMENT PLAN** The Company participates in the CliftonLarsonAllen LLP 401(k) Retirement Plan which allows eligible employees to make contributions from their compensation. The plan covers employees who meet certain eligibility requirements and allows employees to defer a portion of their eligible compensation, up to the maximum dollar limit set by law. To be an eligible participant, the employee must meet minimum age and service requirements outlined in the Plan. The plan requires the Company to contribute 50% for each dollar contributed by the participant. The Company's matching contribution is limited to the first 4% of employee contributions each plan year. The Company may also make a discretionary contribution to the plan. A discretionary contribution of 3% was accrued for the year ended December 31, 2021 based on an estimation of management, which totaled \$406,499.At the date the financial statements were issued, final approval by the board of directors was pending and is expected to be approved at 3%. The Company recorded contribution expense of \$612,318 for the plan for the year ended December 31, 2021. {10}------------------------------------------------ #### **NOTE 3 RELATED PARTY DISCLOSURES** The Company has a Services Agreement with the Member for the provision of services including occupancy and other expenses at a predetermined rate.The Company had a net payable to a related entity in the amount of \$2,738,856 at December 31, 2021. ### **NOTE 4 COMMITMENTS** The Company has entered into various contracts to purchase software services with varying terms ending expiring through November 2025. The future minimum annual fees required under these contracts with nonͲcancellable terms are as follows: | | | Years
Ended
December
31, | | | |------|--|-----------------------------------|-------------|--| | | | | | | | 2022 | | \$ | 497,100 | | | 2023 | | | 497,100 | | | 2024 | | | 497,100 | | | 2025 | | | 272,300 | | | | | | \$1,763,600 | | | | | | | | ### **NOTE 5 NET CAPITAL REQUIREMENT** The Company is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3Ͳ1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1.At December 31, 2021, the Company had net capital of \$32,731,517, as defined by Rule 15c3Ͳ1, which was \$32,480,566 in excess of its required net capital of \$250,950. The Company had aggregated indebtedness at December 31, 2021 in the amount of \$3,764,248. Per Rule 15c3Ͳ1, the following schedule illustrates the differences between the Company's net asset calculations per part IIA of the FINRA Focus statement and the accompanying audit report. | | December
31,
2021 | | | |------------------------------------------------------------------------------|-------------------------|--|--| | Net
Capital
Per
Part
IIA
Focus
(as
originally
filed) | \$
32,710,747 | | | | Adjustments
to
Ownership
Equity: | | | | | Increase
(Decrease)
in
Revenue |
650,045 | | | | (Increase)
Decrease
in
Expenses |
214,068 | | | | Increase
(Decrease)
in
Other
Income | Ͳ | | | | (Increase)
Decrease
in
NonͲallowable
Assets |
(843,343) | | | | | | | | | Ending
Net
Capital
Per
Audit
Report | \$
32,731,517 | | | {11}------------------------------------------------ # **CLIFTONLARSONALLEN WEALTH ADVISORS, LLC SCHEDULE I: COMPUTATION OF NET CAPITAL UNDER RULE 15C 3Ͳ1 DECEMBER 31, 2021** | 1. | Total
ownership
equity
from
Statement
of
Financial
Condition | | \$

35,370,480 | |-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------| | 2. | Deduct:
ownership
equity
not
allowable
for
net
capital | | Ͳ | | 3. | Total
ownership
equity
qualified
for
net
capital | |
35,370,480 | | 4. | Add: | | | | | a.
Liabilities
subordinated
to
claims
of
general
creditors
allowable
in
computation
of
net
capital
b.
Other
(deductions)
or
allowable
credits | \$
Ͳ

Ͳ |
Ͳ | | 5. | Total
capital
and
allowable
subordinated
liabilities | |
35,370,480 | | 6. | charges:
Deduction
and/or | | | | | a.
Total
nonͲallowable
assets
included
in
Statement
of
Financial
Condition:
b.
Securited
demand
not
deficiency
c.
Commodity
futures
contracts
and
sot
commoditiesͲ
proprietary
capital
charges
d.
Other
deductions
and/or
charges | \$
2,638,963
Ͳ

Ͳ
Ͳ

Ͳ | 2,638,963 | | 7. | Other
additions
and/or
allowable
credits
Deferred
taxes
on
nonallowable
assets
and
haircut
securities |
Ͳ | 2,638,963

Ͳ | | 8. | Net
capital
before
haircuts
on
securities
positions | |
3
2,731,517 | | 9. | Haircuts
on
securities: | | | | | Trading
and
investment
securities:
Undue
concentration
(illiquid
investment
securities)
Other:Fidelity
Bond | \$
Ͳ
Ͳ

Ͳ |
Ͳ | | 10. | Net
capital | | \$

32,731,517 | {12}------------------------------------------------ # **CLIFTONLARSONALLEN WEALTH ADVISORS, LLC SCHEDULE I: COMPUTATION OF NET CAPITAL UNDER RULE 15C 3Ͳ1 DECEMBER 31, 2021** ## **COMPUTATION OF BASIC NET CAPITAL REQUIREMENTS** | 11. | Minimum
net
capital
requirement
(6Ͳ2/3%
of
line
19) | \$

250,95
0 | |-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------| | 12. | Minimum
dollar
net
capital
requirement
of
reporting
broker
or
dealer
and
minimum
net
capital
requirement
of
subsidiaries
computed
in
accordance
with
Note
(A) | 5,000 | | 13. | Net
capital
requirement
(greater
of
line
11
or
12) |
250,95
0 | | 14. | Excess
net
capital
(line
10
less
13) |
32,480,567 | | 15. | Excess
net
capital
at
1000%
(line
10
less
10%
of
line
19
or
120%
of
line
12) | \$

32,355,093 | # **COMPUTATION OF AGGREGATE INDEBTEDNESS** | 16. | Total
A.I.
liabilities
included
in
Statement
of
Financial
Condition | \$

3,764,248 | |-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------| | 17. | Add:
a
Drafts
for
immediate
credit
b. Market
value
of
securities
borrowed
for
which
no
equivalent
value
is
paid
or
credited
c.
Other
unrecorded
amounts | Ͳ
Ͳ
Ͳ | | 19. | Total
aggregate
indebtedness | \$

3,764,248 | | 21. | Percentage
of
aggregate
indebtedness
to
capital
(line
19
divided
by
line
10) | 11.50% | See the accompanying report of independent registered public accounting firm. {13}------------------------------------------------ ## **CLIFTONLARSONALLEN WEALTH ADVISORS, LLC** # **SCHEDULE II: COMPUTATION FOR DETERMINATION OF THE RESERVE REQUIREMENT UNDER EXHIBIT A OF RULE 15C3Ͳ3 (EXEMPTION) DECEMBER 31, 2021** Per Rule 15c3Ͳ3 of the Securities and Exchange Commission Uniform Capital Rule, the Company claims an exemption under paragraph (k)(2)(i) of the rule. Under this exemption, the "Computation for Determination of Reserve Requirements" is not required. # **SCHEDULE III: INFORMATION RELATING TO THE POSESSION OR CONTROL REQUIRMENTS UNDER RULE 15c3Ͳ3 (EXEMPTION) DECEMBER 31, 2021** Per Rule 15c3Ͳ3 of the Securities and Exchange Commission Uniform Capital Rule, the Company claims an exemption under paragraph (k)(2)(i) of the rule. Under this exemption, the "Information Relating to the Possession or control Requirements" is not required. {14}------------------------------------------------ ![](_page_14_Picture_0.jpeg) ## REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of CliftonLarsonAllen Wealth Advisors, LLC We have reviewed management's statements, included in the accompanying Exemption Report pursuant to SEC Rule 17a-5(d)(4), in which (1) CliftonLarsonAllen Wealth Advisors, LLC (the Company) identified the following provisions of 17 C.F.R. §15c3-3(k) under which the Company claimed an exemption from 17 C.F.R. §240.15c3-3: (2)(i) (the "exemption provisions") and (2) the Company stated that the Company met the identified exemption provisions throughout the most recent fiscal year. The Company's management is responsible for compliance with the exemption provisions and its statements. Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion. Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k)(2)(i) of Rule 15c3-3 under the Securities Exchange Act of 1934. Minneapolis, Minnesota February 25, 2022 {15}------------------------------------------------ ![](_page_15_Picture_0.jpeg) **CliftonLarsonAllen Wealth Advisors, LLC** 220 South Sixth Street, Suite 300 Minneapolis, MN 55402Ͳ1436 **phone** 888Ͳ925Ͳ2926**fax** 612Ͳ376Ͳ4690 **CLAconnect.com** February 25, 2022 SEC Headquarters 100 F Street, NE Washington, DC 20549 SEC Chicago Regional Office 175 W. Jackson Boulevard, Suite 900 Chicago, Illinois 60604 Financial Industry Regulatory Authority 12 Wyandotte Plaza 120 West 12th Street, Suite 800 Kansas City, Missouri 64105Ͳ1930 RE: EXEMPTION REPORT pursuant to SEC Rule 17aͲ5(d)(4) To Whom It May Concern: The below information is designed to meet the Exemption Report criteria pursuant to SEC Rule 17aͲ 5(d)(4): - x CliftonLarsonAllen Wealth Advisors, LLC is a broker/dealer registered with the SEC and FINRA. - x CliftonLarsonAllen Wealth Advisors, LLC claimed an exemption under paragraph (k)(2)(i) of Rule 15c3Ͳ3 throughout the period of January 1, 2021 through December 31, 2021. - x CliftonLarsonAllen Wealth Advisors, LLC is exempt from the provisions of Rule 15c3Ͳ3 because it meets conditions set forth in paragraph (k)(2)(i) of the rule, of which, the identity of the specific conditions are as follows: - ¾ The provisions of the Customer Protection Rule shall not be applicable to a broker or dealer who, carries no margin accounts, promptly transmits all customer funds and delivers all securities received in connection with its activities as a broker or dealer, does not otherwise hold funds or securities for, or owe money or securities to, customers and effectuates all financial transactions between the broker or dealer and its customers through one or more bank accounts, each to be designated as "Special Account for the Exclusive Benefit of Customers of CliftonLarsonAllen Wealth Advisors, LLC. ![](_page_15_Picture_14.jpeg) CLA is an independent member of Nexia International, a leading, global network of independent accounting and consulting firms. See nexia.com/memberͲfirmͲdisclaimer for details. Investment Advisory Services and securities are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC Registered Investment Advisor, member FINRA & SIPC. {16}------------------------------------------------ February 25, 2022 Page 2 > x CliftonLarsonAllen Wealth Advisors, LLC has met the identified exemption provisionsin paragraph (k)(2)(i) of Rule 15c3Ͳ3 throughout the period of January 1, 2021 through December 31, 2021. The above statements are true and correct to the best of my and the Firm's knowledge. Sincerely, *Jaclyn Van Horrick, CPA* Financial and Operations Principal (FinOp) **CliftonLarsonAllen Wealth Advisors, LLC** Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.