Firm Description
LifeMark Securities Corp. (hereinafter “LMSC,” “We,” “Us,” or “the Firm”) was founded in Rochester, NY
in 1983. LMSC’s investment adviser is registered with the Securities and Exchange Commission (“SEC”)
and was founded in Rochester, NY in 2007. As an investment adviser, LMSC provides a variety of
advisory services to our clients through individuals associated through us referred to as investment
advisory representatives (“IARs” or “IAR”). In addition to operating as an investment adviser, LMSC
operates as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”)
and the Securities Investors Protection Corporation (“SIPC”).
Principal Owners
Vincent Micciche Jr.: Board Member, CRD No. 702149
Andrew Kalinowski: Board Member, CRD No. 263409
Jim Prisco: Board Member, President, and CEO, CRD No. 2653402
Introduction
As an investment adviser, we offer a variety of advisory services to our clients through individuals
associated with us as IARs. LMSC and our IARs have a fiduciary duty to act in the best interest of our
clients, putting their interests ahead our own. In the process, conflicts of interest will be disclosed in the
unlikely event they should occur. All our IARs are registered representatives of our broker-dealer and
many of our IARs act as traditional insurance agents independent from our firm. As a broker-dealer,
LMSC is in the business of selling annuities, stocks, bonds, mutual funds, limited partnerships,
alternative investments, and/or other commissionable products. To the extent the IAR provides
traditional insurance products or services to the client, he or she does so outside of our firm and
supervision.
Description of Primary Advisory Services
Our primary advisory services consist of investment advisory services, financial planning and consulting,
and retirement plan advisory services. Prior to engaging in one or more of these advisory services, the
IAR will meet with the client to determine their suitability. Suitability factors include investment
objectives, investment experience, risk tolerance, time horizon, individual preferences, and financial
information, among other factors. If agreed upon by the client, the client will enter into an agreement
with our firm setting forth the terms and conditions of the advisory service(s) to be performed.
Investment Advisory Services
LMSC offers fee-based investment advisory services through our Unified Managed Account Program
(“UMA”), Separately Managed Account Program (“SMA”), Fund Strategist Portfolio Program (“FSP”),
Advisor as Portfolio Manager Program (“APM”), and Turnkey Asset Management Programs (“TAMP”).
Through the various programs offered, the IAR may recommend strategies that may result in the
purchase or sale of model portfolios, mutual funds, exchange traded funds (“ETFs”), stocks, bonds,
commodities, unit investment trusts (“UITs”), and/or cash and cash equivalents in the client’s advisory
account. The percentage weighting within each asset class is based on the client’s suitability information
gathered by the IAR.
LMSC utilizes technology systems known as trade overlays on clearing firm custodied accounts. The
trade overlay vendors deploy an implementation manager responsible for executing trades on behalf of
the IAR. The client will enter into a single contract with LMSC through our Investment Advisory
Agreement (“IAA”). The IAR will engage the client after a thorough understanding of their suitability and
by completing a risk-based questionnaire or risk assessment. After the client’s investment suitability is
determined, the IAR recommends an investment advisory program.
The client will have the opportunity to meet with the IAR to periodically review their portfolio holdings,
asset allocation, account performance, investment strategy, and suitability, among other information.
The client will always maintain full and complete ownership to the assets held in their investment
advisory account. This means the client will retain the right to buy and sell securities, add and
withdrawal cash, vote securities, and receive timely statements and confirmations.
The client’s advisory account will be managed on a discretionary or non-discretionary basis. Investment
discretion is explained in greater detail in Item 16.
Fund Strategist Portfolio Program (“FSP”)
The FSP Program provides the IAR with access to a universe of professionally managed asset-allocated
portfolios composed of mutual funds and/or ETFs. Each portfolio is assigned a risk rating by the
platform, which allows the IAR to view all available risk-appropriate portfolios based on the risk
assessment completed by the client.
The IAR is solely responsible for recommending and selecting the FSP for the client. The fund strategist
determines the portfolio’s asset allocation and underlying securities as well as any ongoing portfolio
changes. These instructions are transmitted to the platform implementation manager for initial mutual
fund and/or ETF purchases and ongoing portfolio management.
Separately Managed Account Program (“SMA”)
The SMA Program provides the IAR with access to a universe of investment style-specific professionally
managed models composed of stocks, mutual funds, and/or ETFs.
The IAR is solely responsible for recommending and selecting the SMA for the client. The platform
assists the IAR in identifying the SMAs that correspond to the proposed asset classes and styles, or the
IAR can independently identify SMAs. SMAs may be directly managed by a discretionary investment
manager or provided as a model and implemented through the implementation manager.
Unified Managed Account Program (“UMA”)
The UMA Program enables the IAR to create personalized portfolios housed in a single account. UMAs
offer the ability to incorporate a blend of mutual funds, ETFs, FSPs, and SMAs by accounting for each
investment as a unique investment “sleeve” within the account.
The IAR determines the investments to utilize within the UMA from the investment options available on
the platform, including any combination of the options mentioned above. The IAR is solely responsible
for determining the asset allocation and investment options recommended to the client. Once the IAR
has established the allocation, the platform implementation manager implements purchases and sales
of securities for the account based on (1) the asset allocation selected by the IAR, (2) the underlying
securities being managed by the fund strategist and/or separate account manager used in the UMA
portfolio, and/or (3) instructions of the IAR as to the weighting of any investment options. The IAR may
also utilize a portfolio they have personally created within the platform, discussed below in section titled
Advisor as Portfolio Manager (“APM”), as a sleeve within the UMA (an “IAR Managed Sleeve”). In this
scenario the implementation manager, not the IAR, will implement purchases and sales for the IAR
Managed Sleeve.
The IAR may also select a pre-designed version of the UMA, whereby the IAR does not determine the
asset
allocation or investment options used in each sleeve of the UMA portfolio. In the “Packaged”
UMA, the IAR will select the prepackaged asset allocation and investment options provided by the fund
strategist and/or separate account manager. The implementation manager provides portfolio
implementation management services for the “Packaged” UMA accounts to implement purchases and
sales of securities.
Advisor as Portfolio Manager (“APM”)
APM is an investment advisory program designed to allow the IAR to create custom allocations for their
clients. The IAR is solely responsible for creating, managing, trading, and making any recommendations
with respect to their custom allocations.
Additional requirements must be satisfied if the IAR wishes to participate in this program. The IAR will
submit their qualifications and business model to LMSC for review and approval prior to engaging their
clients. Qualifications considered include, but are not limited to, the following:
1. High level education with financial or investment management focus
2. Professional designations
3. Utilization and proficiency with financial technology
4. Outsourced investment management or consultation services
The IAR will be required to demonstrate a comprehensive portfolio and client account review process
including regularly scheduled client communications.
Turnkey Asset Management Program (“TAMP”)
The IAR may select amongst a list of pre-approved TAMPs. Each TAMP will offer a choice of separate
third-party money managers or strategists selected by the TAMP for inclusion on their respective
platform. The managers’ or strategists’ investment options include, but are not limited to, mutual funds,
ETFs, and/or individual securities.
Under the arrangement, the client will enter into a dual contract with the TAMP sponsor and LMSC,
whereby the IAR will not maintain discretion on the account. The IAR, through a risk assessment, will
have access to generate an appropriate investment proposal suitable for the client.
Financial Planning and Consulting
In addition to fee-based investment advisory services, the IAR may also provide comprehensive financial
planning and consulting services to the client. A financial plan is designed to help the client with specific
aspects of financial planning without ongoing investment advisory services after the financial plan is
completed. The financial plan may include, but is not limited to, portfolio review/analysis, risk
management analysis, retirement planning analysis, cash flow analysis, education funding analysis, and
budgeting. Additional financial planning and consulting services are outlined in LMSC’s Financial
Planning Services Agreement.
Financial planning is a discovery process contemplating situations where the client is unaware of certain
financial exposures or predicaments. Reallocation of available resources and adjustment of stated goals
may be recommended as part of the resulting financial plan; however, implementation of the
recommendations is at the discretion of the client. Financial planning can range in complexity. As a
result, planning and consulting fees are negotiable on a case-by-case basis.
Retirement Plan Advisory Services
LMSC also provides retirement plan advisory services to sponsors of participant account-directed plans
covered by the Employee Retirement Income Security Act (“ERISA”) of 1974, as amended. There is no
plan size minimum. Open architecture retirement plan advisory services are provided in conjunction
with an administration and recordkeeping service provider and generally a broker-dealer or investment
adviser. The plan sponsor enters into both (1) an IAA with LMSC, and (2) separate services agreements
with each service provider, e.g., administrative, recordkeeping, and third-party money managers.
Plan sponsors authorize the IAR to recommend the selection, addition, removal and/or replacement of
investment options available for purchase by plan participants. Recommendations must be consistent
with any written investment policies approved by the plan sponsor and provided to LMSC along with any
requirements under ERISA.
Based upon the IAR’s evaluation of each investment option, the plan sponsor will determine the
appropriateness and continued suitability of available investment options. At least annually, the IAR will
meet with the plan sponsor and review the plan’s investment options to determine ongoing
appropriateness. If an existing investment is no longer appropriate as an investment option, the IAR will
assist in the transition to the replacement option if requested by the plan sponsor. The IAR is
responsible for monitoring the relevant data on the suitability of each investment option and providing
the plan sponsor, through the record keeper or administrator, with services described in the IAA.
To fulfill expanded transparency requirements, set forth under Section 408(b)(2) of ERISA, effective as of
July 1, 2012, the IAR discloses detailed information regarding fees, services, and fiduciary status to plan
sponsors when the IAA is completed.
Retirement Plan Rollovers
When leaving an employer, the client typically has four options and may engage in a combination of
these options: (1) leave the assets in the former employer’s plan, if permitted, (2) roll over the assets to
the new employer’s plan, if one is available and rollovers are permitted, (3) roll over the assets to an
Individual Retirement Account (“IRA”), or (4) cash out the account value which would result in ordinary
income tax and a penalty tax if you are under age 59 ½.
The IAR may recommend the client to roll over their qualified plan assets to an IRA for which the IAR
would provide investment advisory services. As a result, the IAR may receive compensation. In contrast,
a recommendation that a client or prospective client leave his or her plan assets with his or her old
employer or roll the assets to a plan sponsored by a new employer will generally result in no
compensation to the IAR. Therefore, the IAR may have an economic incentive to encourage the client to
roll over plan assets into an IRA in which the IAR would provide investment advisory services.
Tailored Relationships
LMSC’s advisory services are tailored to the suitability of the client. The IAR will recommend specific
advisory services based on the client’s suitability. The client’s suitability and recommendations made by
the IAR are documented in our firm’s client relationship management system. If changes need to be
made to the client’s suitability, the client should notify their IAR immediately. The recommendations
made by the IAR largely depend on the accuracy of suitability information provided by the client. Clients
may impose restrictions on certain investment options and types of securities.
Assets Under Management
As of January 1, 2024, the firm had $246,107,839 in assets under management on a discretionary basis
and $0 in assets under management on a non-discretionary basis. The total assets under management
of the firm’s advisory clients are $246,107,839.