Firm Description
FCI Advisors, founded in 1966, provides investment advisory services to a wide variety of clients. We are
based in the Kansas City area, with offices in Overland Park, Kansas and Kansas City, Missouri. We also
have offices in Clayton, Missouri; Greenwood Village, Colorado; Shelton, Connecticut; Westerville, Ohio
and Vancouver, Washington. We have 68 employees, 39 of which are investment adviser registered
representatives, and includes 39 investment professionals averaging nearly 27 years of experience. We
are affiliated with trust companies that provide custody services to some of our clients; these companies
include The Midwest Trust Company and Benefit Trust Company. These affiliations are disclosed as
potential conflicts of interest in that we actively recommend our affiliates to our clients. We believe these
affiliations better enable us and our affiliates to understand and meet our clients’ complex needs in a more
complete and cohesive manner.
Principal Owners
FCI is wholly owned by FCI Holding Corporation which is owned by MTC Holding Corporation. MTC
Holding Corporation is largely employee and director owned. Brad Bergman is a greater than 25% owner
of MTC Holding Corporation.
Types of Advisory Services
FCI provides investment supervisory services, also known as asset management services; manages
investment advisory accounts involving and not involving investment supervisory services; furnishes
investment advice through consultations and issues special reports about securities, markets, and the
economy.
FCI provides individualized, discretionary investment management services and non-discretionary
investment advisory services to various categories of institutional and individual clients who contract with us
directly. We provide these services and meet directly with these clients and often meet directly with the
clients of our affiliated trust companies, Midwest Trust and Benefit Trust, to whom we also provide
investment advisory services. Other trust companies in the Kansas City area which are also clients of
Midwest Trust may ask us to meet directly with their clients. We also provide discretionary and non-
discretionary sub advisory services to various entities (which include FCI affiliates Midwest Trust Company
and Benefit Trust Company) such as banks, trust companies, and investment companies. In these
situations the trust company or bank is our client and they determine which of their clients for whom they
would like us to manage accounts. If you are the client of one of these trust companies you will likely never
meet with FCI because your local trust company provides financial services directly to you supported by our
investment focus. FCI also serves in an intermediary role in services offered by our affiliates. Our advisory
services often include our Mutual Fund or Exchange Traded Fund Programs which help provide diversified
investment solutions.
FCI works with our affiliated trust companies to provide financial planning services. Our Wealth Planning
Group helps individuals by providing guidance and education around topics such as social security benefits
and health care needs in retirement. Financial Planning services for current clients are often included in our
advisory services. Some Financial Planning services will carry additional fees which are discussed with the
client as we pursue customized solutions for our clients and prospects.
FCI provides plan sponsors with full 3(38) fiduciary services including up to four Qualified Default
Investment Alternative (QDIA) options for their plans and full discretion over investment options made
available for participants. The QDIA options made available are sometimes the Benefit FCI Life Strategy
Moderate Growth Fund, Benefit FCI Life Strategy Growth Fund, the Benefit FCI Life Strategy Aggressive
Growth Fund, and the Benefit FCI Life Strategy Conservative Growth Fund. These are Collective
Investment Funds maintained by Benefit Trust Company for the collective investment of plan assets of
qualified retirement plans. Benefit Trust Company is an affiliate of FCI and FCI serves as advisor for the
Collective Funds. This arrangement presents a potential conflict of interest which FCI manages by assuring
the relationship
of the companies and fees are clearly communicated. FCI will not receive both an advisory
fee on the Fund and on the Fund as an asset in the plan. If FCI receives an advisory fee on the share class
of the collective funds used in the plan FCI will waive our advisory fee on that portion of the plan.
FCI, together with our affiliate, Midwest Trust Company (MTC), provides a Unified Managed Account
(“UMA”) Service. Through our UMA service, FCI provides access to both our internal investment strategies
and external investment advisor strategies for our clients. Unaffiliated third party asset managers
(“Managers”), as well as FCI, provide model portfolios (“Portfolios”) under the UMA. FCI determines what
portion of a client’s assets should be in each Portfolio, and FCI implements changes in the Portfolios across
client accounts.
FCI’s initial evaluation of Managers and ongoing oversight is performed by our Manager Research
Committee and described in the Methods of Analysis section of this brochure. If FCI determines that a
Manager’s Portfolio(s) ought to be included in the UMA, FCI enters into an agreement with the Manager,
under which FCI pays the Manager’s fees and remains responsible for obtaining Portfolio modifications
from the Manager. FCI will invoice clients for the Manager’s fees or charge the client’s custodian if
directed. FCI retains the discretion to terminate a Manager or its Portfolio from the UMA at any time.
On a discretionary basis, we work with our clients to determine the choice of Portfolios to be used in each
UMA account. Portfolios may be adjusted based on specific investment policies and other investment
restrictions and guidelines provided by a client. We retain the discretion to override a Manager’s
composition of a Portfolio for specific client needs such as tax sensitivity, social responsibility concerns, etc.
Through our agreements with the Managers, Managers provide us with the Portfolios and ongoing Portfolio
modifications. We retain discretion to select the broker-dealers to execute UMA trades. Clients may direct
brokerage; this arrangement will have an impact on execution. We execute the trades to bring accounts in
line with Portfolios and to rebalance accounts when reasonable and adjust holdings as Managers update
the Portfolios.
Tailored Relationships
The goals and objectives for each client are documented in our accounting system and trading system and
records for client restrictions and investment goals are kept in our client files Investment policy statements
may be created that reflect the stated goals and objectives of the applicable client. Clients may impose
restrictions on investing in certain securities or types of securities.
Wrap Fee Programs
FCI offers discretionary investment management services to UBS Financial Services, Incorporated Private
Client Group, individuals, and institutions. These services are offered through the UBS Financial Services
Inc. ("UBS") Discretionary Program (Advisor Allocation Program “AAP” clients), Separately Managed
Accounts Programs (ACCESS and Managed Accounts Consulting "MAC" clients) and through the Unified
Managed Accounts Program for the UBS Strategic Wealth Portfolio "SWP” clients. The AAP, ACCESS and
SWP accounts are managed by using a model portfolio approach. The MAC accounts have wrapped fees
but are managed through FCI direct contracts with the clients and managed to account objectives. We
receive a portion of the fee each client pays to UBS.
Additionally, FCI also offers discretionary investment management services to Envestnet Asset
Management, Inc., (“Envestnet”). These services are offered through the Private Wealth Management
Program. The accounts are managed by using a model portfolio approach. When selected through the
program, we receive a portion of the fee client pays to Envestnet.
Assets Under Management
As of December 31, 2023 FCI Advisors manages approximately $15,083,816,669of assets for
approximately 4,940 clients. Approximately $13,732,474,207 is managed on a discretionary basis, and
$1,351,339,462 is managed on a non-discretionary basis.
Of the $15.08 Billion in assets under management, $7,320,832,303 is held at affiliated custodians, Midwest
Trust and Benefit Trust.