LifeMark Securities Corp.
Rochester, New York-based LifeMark Securities Corp. has two sides to its company: a broker-dealer business and a registered investment advisor (RIA) firm. While the broker-dealer business offers securities to clients, its RIA department is actually a group of affiliated financial advisors. In turn, the firm offers its services through independent advisors that are registered with LifeMark.
Altogether, LifeMark has millions in client assets under management (AUM). As we state above, its financial advisors are scattered across the U.S. at different firms. LifeMark typically works with individuals and provides both financial planning and portfolio management services to clients through its advisory representatives. This is a fee-based firm, which means certain advisors can receive commissions from insurance and securities sales.
LifeMark Securities Background
LifeMark Securities has been around for quite a while, as it was created back in 1983. In addition to being an RIA, LifeMark also operates as a broker-dealer. CEO and board member Vincent Micciche Jr., board member Andrew Kalinowski, board member and president Jim Prisco and chief compliance officer (CCO) Alex Georgiev are the firm's principal owners.
The team of advisors that works at and is affiliated with this firm boasts a number of certifications. These include certified financial planner (CFP), enrolled agent (EA) and chartered financial analyst (CFA).
LifeMark Securities Client Types and Minimum Account Sizes
LifeMark Securities only works with individual clients, all of whom do not have a high net worth. Currently, the firm has just over 1,500 clients. While the firm doesn't state any specific account minimums, certain advisors or investment programs may carry minimum requirements.
Services Offered by LifeMark Securities
LifeMark Securities works with clients directly and provides services to its affiliated financial advisors. More specifically, it operates as both a broker-dealer and an RIA. The services the firm provides to its partnered advisors include office support, proprietary investment platforms and more.
To the extent that LifeMark offers investment management and financial planning to clients, it does so through third-party investment advisors. Among its investment management offerings are a number of unified managed accounts (UMAs) and separately managed accounts (SMAs). Services for retirement plan sponsors are also available through LifeMark. Financial plans may include a variety of specific services, inlcuding estate planning, retirement planning, tax planning, education fund planning and more.
LifeMark Securities Investment Philosophy
Investment management services at LifeMark are provided through any one of its third-party investment managers. As a result, investment strategies and philosophies may vary significanty from client to client. However, advisors tend to work with clients on an individual basis, determining their overall financial situation and goals in order to provide tailored services.
While the specific types of investment strategies used by third-party advisors at LifeMark vary significantly, they can typically be broken down into two main categories. The first is market-based, with a focus on global diversification and detailed asset allocations. The second is much more security-centric, placing a strong emphasis on specific asset classes to try and drive growth.
Fees Under LifeMark Securities
Fees for third-party investment management services at LifeMark Securities are charged based on a percentage of the client's total AUM. Specific fees are negotiated on a case-by-case basis, though they tend to range from 0.75% and 1.25% annually. Fees for financial planning services tend to be charged similarly.
What to Watch Out For
LifeMark has three disclosures listed on its Form ADV. All three relate to advisory affiliates of the firm. One was found to have "self-executed client signatures to investment advisory agreements in place of obtaining their signature." FINRA, the entity that brought the allegation, states that no clients were harmed as a result of this, since the investment advisory agreements in question were never processed. As a result, FINRA charged a $5,000 fine, in addition to suspending the advisory affiliate for three months. Another disclosure says that an affiliate potentially committed fraud for impersonating a client on a call. The Department of Enforcement is currently investigating and no findings have been made.
This firm is fee-based, as many of its affiliated advisors are registered as broker-dealer representatives or insurance agents. This creates the potential for a conflict of interest, as these advisors can receive commissions for sales made in these roles. However, LifeMark is a fiduciary, meaning all of its advisors are legally obligated to act in the best interests of clients at all times.
Opening an Account With LifeMark Securities
If you're interested in working with an advisor who's affiliated with LifeMark Securities, call the firm at (585) 424-5672.
All information is accurate as of the writing of this article.
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