A. Firm Description
Principally owned by Richard J. Carlesco Jr., Christopher R. Avery and Timothy E. Evans, IBN
Advisory Services, Inc. (“IBNADV” or the “Firm”) has been in business since January 2018.
IBNADV is affiliated with IBN Financial Services Inc. (“IBNBD”), which is dually registered as
a broker-dealer with Financial Industry Regulatory Authority (“FINRA”), and a Securities
Exchange Commission (“SEC”) registered investment advisor (“RIA”). IBNADV is a
corporation formed under the laws of the State of New York, with its principal office located at
404 Old Liverpool Rd., Liverpool, NY 13088.
IBNADV provides asset management services and access to other third-party asset managers.
IBNADV provides these services for IBN Financial Services, Inc. IBNFNSR and other
Registered Investment Advisors. Most asset management services will be performed through
allocations to one or more investment strategies offered by IBNADV or other third-party
registered investment advisors. We provide these advisory services through several investment
teams, each of which operates with their own advisory and management focus, to provide a
diverse selection of models.
B. Types Of Advisory Services
Asset Management
Asset management services involve the management of assets with different structures and
investment goals.
IBNADV does not have a specified minimum account size. Some clients who wish to access
multiple asset management styles, specifically third-party managers, may be required by such
third-party money managers to have an account minimum.
We provide services on both a discretionary and non-discretionary basis. The Firm shall be
granted full discretion and authority to manage the client’s account. Accordingly, IBNADV is
authorized to perform various functions without further approval from the client, such as the
determination of securities to be purchased or to be sold without permission from the client prior
to each transaction.
Prior to the Firm providing any of the aforementioned investment advisory services, IBNADV
requires a written investment management agreement (“IMA”) signed by the client prior to the
engagement of services. The IMA outlines the services and fees the clients will incur pursuant
to the IMA with IBNADV.
When IBNADV is engaged to provide asset management services on a discretionary basis,
IBNADV will monitor the accounts to ensure that they are meeting the client’s asset allocation
requirements. If any changes are needed, IBNADV will make the changes. These changes may
involve selling a security or group of investments and buying others or keeping the proceeds in
cash. Clients may at any time place restrictions on the way their account is managed. For
example, a client may restrict the types of investments IBNADV may use in the client’s account,
or the allocations toa security type.
When a firm engages IBNADV to provide investment management services on a non-
discretionary basis, the Firm will make investment recommendations to the Client and, upon
written or verbal approval of the Client, IBNADV will execute the trade. Clients that determine
to engage the Firm on a non-discretionary investment advisory basis must be willing to accept
that the Firm cannot affect any account transactions without obtaining prior consent to such
transaction(s) from the Client. Thus, in the event that the Firm would like to
make a transaction
for the Client’s account (including in the event of an individual holding or general market
correction), and the Client is unavailable, the Firm will be unable to effect the account
transaction(s) (as it would for its discretionary clients) without first obtaining the client’s
consent.
When firms engage IBNADV to provide asset management services, the client and IBNADV
will execute an Investment Management Agreement that describes the services to be provided,
the fees for the service, other expenses related to the provision of the investment management
services, and how to terminate the agreement.
Financial Consulting
Financial planning services do not involve the active management of client accounts, but instead
focus on a client’s overall financial situation. If clients wish to execute their financial plan
through the Firm, they may separately engage the Firm for asset management services. Financial
planning can be described as helping individuals to determine and set their long-term financial
goals through investments, tax planning, asset allocation, risk management, retirement planning,
and other areas. The role of the financial planner is to find ways to help the client understand
his/her overall financial situation and help the client set financial objectives. Should the client
elect to act on any recommendation made by the Firm, the client is under no obligation to affect
the transaction through the Firm.
C. Tailored Relationships
IBNADV offers the same suite of services to all its clients. The management services and
recommendations offered by the Firm are based on the individual needs of our clients and the
suitability of products and services. Specific client financial plans and their implementation are
dependent upon the client’s Investment Policy Statement which outlines each client’s current
situation (income, objectives, and risk tolerance levels) and is used to construct a client specific
plan to aid in the selection of a portfolio that matches restrictions, needs and targets.
Clients may impose restrictions on investing in certain securities or types of securities in
accordance with their values and beliefs. The Firm will make every effort to comply with the
wishes of the client but cannot guarantee absolute adherence due to its use of indexed products,
funds, and ETFs that are controlled by third party managers.
D. Wrap Fee Programs
IBNADV does not participate in and is not a sponsor of wrap fee programs.
Wrap Fee Programs are arrangements between broker-dealers, investment advisers, banks and
other financial institutions and affiliated and unaffiliated investment advisers through which the
clients of such firms receive discretionary investment advisory, execution, clearing and custodial
services in a “bundled” form. In exchange for these “bundled” services, the clients pay an all-
inclusive (or “wrap”) fee determined as a percentage of the assets held in the wrap account.
E. Assets Under Management
When calculating regulatory assets under management, an Investment Adviser must include the
value of any advisory account over which it exercises continuous and regular advisory or
management services.
As of December 31, 2023, IBNADV managed $155,748,122 in client assets on a discretionary basis
and $0.00 on a non-discretionary basis.