Wellspring Financial Advisors, LLC

Wellspring Financial Advisors LLC enters Q1 2026 with a $1.33B, 278-name 13F whose architecture is defined by ETF vehicle composition as the primary risk-expressions: IVV (iShares S&P 500) anchors at 19.8%, while the subsequent layer — AAAU (gold), IEFA (developed-markets equities), VYM (high-dividend large-cap value), and VTI (total U.S. stock market) — collectively represents an institutional framework that outsources security selection to index vehicles rather than generating alpha through single-name conviction. Six ETFs in the top 8 holdings is a structural confirmation that this is an ETF-overlay or multi-sleeve Wrapper product, where manager value-add operates at the sleeve-allocation level rather than at the company-research level. At whaleScore 61.50 across 278 names, the book has genuine breadth, but the signal value as a single-stock conviction source is minimal — all top-layer risk is in vehicles, not names.