Description of Firm
Courier Capital, LLC, a New York State limited liability company, is a SEC registered investment adviser
with its principal office located in Buffalo, New York with additional offices in Rochester, New York,
Jamestown, New York and Pittsburgh, Pennsylvania. Our firm is the successor to Courier Capital
Corporation, an investment management firm originally founded in 1967. We have been providing
investment advisory services as Courier Capital, LLC since 2016. We are wholly owned by Financial
Institutions, Inc. On October 16, 2023, Mr. James Iglewski assumed the role of President of Courier
Capital, LLC.
We typically offer our customized investment management services to individuals (including high net
worth individuals and other clients), banking institutions, charitable endowments, and pension plans.
As discussed more fully below, the services we offer include investment management and consultation,
financial planning, portfolio management, pension consultation, and selection of other services. Some
of the securities instruments we advise on include, among other things, mutual funds, exchange traded
funds (“ETFs”), equities, bonds, commodities, and real estate.
Our fees, services and investment strategies are described in the paragraphs that follow. Please refer
to the description of each investment advisory service listed below for information on how we tailor
our advisory services to the individual needs of our clients. As used in this brochure, the words "we,"
"our," "firm," and "us" refer to Courier Capital, LLC, and the words "you," "your," and "client" refer to
you as either a client or prospective client of our firm.
Types of Advisory Services Offered
We offer four types of advisory services: (1) Investment Management Services, (2) Retirement Planning
Services, (3) Individual Financial Planning Services, and (4) Investment Consulting Services, each of
which is more fully described below. Dependent on which financial adviser is appointed to separately
manage a client’s account, the management of a particular strategy selected for the account could vary
for similarly situated clients who have similar goals yet varied prior experiences.
Investment Management Services
We offer a tailored investment management solution that encompasses not only the traditional asset
classes of fixed income, domestic equities and foreign securities, but can also include alternative asset
classes. Through use of an asset allocation approach, the firm provides investment management services
based on a thorough understanding of each client’s independent and unique investment objectives.
The first stage of our Investment Management Services process typically involves the gathering of
relevant information from the client and the completion of a Client Profile, investment policy statement
or other similar document (“Client Profile”). The Client Profile sets forth the client’s investment
objectives, risk tolerance, investment guidelines, time horizons and other important and necessary
information relating to the client.
Based upon this information, we will select an appropriate model (i.e., either conservative, moderate
conservative, moderate, moderately aggressive or aggressive) for on- going management. For some
long-term and/or high net worth clients, we perform a traditional style of separately managed account
(“SMA”) portfolio management. Depending upon the strategy selected by the adviser, the firm invests
client assets in various allocations and types of securities, including but not limited to: mutual funds,
ETFs, stocks, bonds, commodities and/or real estate investment trusts (“REITs”). Please refer to Item 8
- Methods of Analysis, Investment Strategies and Risk of Loss of this firm brochure for more information
regarding our investment strategies and their associated risks. In addition, where appropriate, we use
certain third-party managers (“TPMs”) to effect various strategies on behalf of a client’s account.
We typically manage all client assets on a fully discretionary basis, but for some clients, we provide
non-discretionary management upon request and at our sole discretion. In exercising full discretionary
authority, we select, without first obtaining client’s permission, (1) the securities to be bought and sold;
(2) the amounts of securities to be transacted and whether it will be individually or block traded; (3)
the broker-dealer through which transactions will be executed; and where applicable, (4) the TPM to
be used to manage a portion of the client’s portfolio. Our discretionary authority can be subject to
conditions imposed by a client. This occurs when a client restricts or prohibits transactions in a security
for a specific company or for an industry sector, or requests that the firm place trades with a specific
broker-dealer (i.e., “directed brokerage”). If one or more restricted categories are designated by a
client, the firm is authorized to determine in its discretion the specific securities that will be treated as
falling within any such categories.
For those portfolios utilizing TPMs, we have instituted a disciplined process for selecting what we
believe to be are best-in-class asset managers. The universe of TPMs are screened and reviewed for
style consistency, historical performance, down-side risk, and information ratio. Through fundamental
analysis, we review the performance and risk attribution of each manager. Using qualitative analysis,
we then conduct due diligence through meetings, discussions and Investment Committee vetting,
which occurs no less than quarterly. At the conclusion of this process, the TPM is selected and
considered as an option within our Investment Management Services.
Those TPMs selected by the firm typically are diversified among multiple strategies, asset classes,
regions, industry sectors and securities. Once the TPM commences services, we continue to monitor
the designated manager(s) to ensure that they adhere to the philosophy and investment style for which
they were selected. Our ongoing review includes, but is not limited to, assessment of the TPM’s
disclosure brochure, performance information, on-site visits, materials (including questionnaire
responses) supplied by the TPM, evaluation of the manager’s investment strategies, personnel
turnover, regulatory events, ownership changes and corporate earnings reports.
The mutual funds and ETFs utilized within our model portfolios go through a very similar selection,
monitoring and evaluation process. Each mutual fund or ETF selected is based on an extensive analysis
by our Investment Committee, and once implemented, is monitored to ensure it continues to meet its
objective.
Notably, some of these mutual funds or ETFs employ alternative or riskier strategies, such as the use of
leverage or hedging. Leverage is the use of debt to finance an activity. For example, leverage is used
when one uses margin to buy a security. Hedging on the other hand, occurs when an investment is made
in order to reduce the risk of adverse price movements in a security. For example, hedging is used when
one takes an offsetting position in a related security, such as an option or short sale. While leverage or
hedging can operate to increase rates of return, it also increases the amount of risk inherent in an
investment. Other mutual funds employ other alternative techniques which carry inherent higher
degrees of risks. Please carefully review the models’ underlying funds as well as other risk
considerations as more fully described in Item 8.
For those clients who utilize SMA portfolio management services, we provide individual stock and bond
selections to meet the detailed investment objectives set forth by these clients. Throughout the process,
we perform security selection based upon research of the underlying companies, communications with
research analysts, real-time market data, ongoing analytics and earnings reviews, and in-depth analysis
of company fundamentals. Once that evaluation is complete, the security could be added to the client’s
portfolio and continuously monitored for imbalances or shifts.
As noted above, clients are generally allowed to impose reasonable restrictions on the types of
securities and/or industries to be included in their portfolio. Once this information is gathered, each
client is responsible for informing us in writing of any changes to these restrictions or to their overall
investment objectives. We do not assume any responsibility for the accuracy of the information
provided directly by the client.
We may also recommend that clients utilize the investment management services of sub- advisers for
particular types of instruments or markets. We have conducted due diligence on each sub- advisor. and
will continue to monitor our sub-advisor relationships.
Retirement Plan Services
Through decades of experience, resources, and technology, our firm provides non-discretionary
advisory services to companies who are starting-up and/or managing existing retirement plans
(“Retirement Plan Services”). Such services are tailored to the client’s specific needs and include
recommending investment options for plans to offer to participants, quarterly reviews of plan’s
investment options, assisting plan fiduciaries in creating and/or updating the plan’s written investment
policy statements, providing general investment educational seminars to plan participants and working
with plan service providers.
Uniquely, our firm does not manage proprietary mutual funds nor receive compensation in connection
with recommending certain fund companies. We strive to provide
diversified investment selections
strictly through our analysis of the marketplace and the objectives of the client relating to its retirement
plan. Through the firm’s use of preferred partners, we are able to deliver fully bundled retirement plan
solutions or, alternatively, can work with a company’s existing plan service provider to deliver
customized solutions.
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement
accounts. The way we make money creates some conflicts with your interests, so we operate under a
special rule that requires us to act in your best interest and not put our interests ahead of yours.
Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations (give prudent
advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal
advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best
interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Financial Planning Services
In limited circumstances, we provide financial planning to advisory clients who request such services.
Generally, such services are provided for no additional fee and include, without limitation, providing
advice regarding asset allocation; risk management; portfolio analysis; and evaluation and review of
investment accounts. To begin the process, we generally collect, organize and assess various client data
including information concerning the client’s lifestyle, risk tolerance, and cash flow, as well as
identification of the client’s financial concerns, goals, and objectives. The primary objective of this
process is to allow us to assist the client in developing a strategy for the successful management of
income, assets, and liabilities in order to meet the client’s individual financial goals and objectives. We
reserve the right to charge a non-advisory client an hourly rate or flat fee depending on the scope of
the engagement.
Clients receiving financial planning services will receive our recommendations about various
alternatives and have the option of utilizing our firm to implement these recommendations. Clients are
advised that a potential conflict of interest exists where we recommend our own Investment
Management Services for which we will receive an investment advisory fee; see Item 5 for additional
information. There can be no assurance that any products or services recommended by our firm are at
the lowest available cost. Clients are free to accept or reject any of our recommendations provided
under a financial plan. Moreover, if a client decides to implement any recommendations the client can,
but is under no obligation to, utilize our firm to implement those recommendations.
Investment Consulting Services
Many of our corporate and foundation clients desire that we monitor and analyze the quality of those
multiple investment managers utilized within their portfolios. Our Investment Consulting Services are
designed to provide clients with various asset allocations based on unique goals, risk tolerances and
client objectives. The firm has invested in the technology necessary to deliver comprehensive
consultation reports that examine the universe of mutual funds, as well as independent investment
management firms that provide for ongoing analysis, reporting and monitoring as requested. When our
corporate clients engage us for Investment Management Services, Investment Consulting Services can
be provided as a complementary service dependent upon the type of account, client objectives and
asset size. Please see a full description of our Investment Management Services above.
For those corporate clients who desire Investment Consulting Services exclusively, we offer customized
services tailored to each client’s needs. Our Investment Consulting Services typically involve the
collection, organization, and assessment of all relevant documents and information concerning the
corporate client’s long-term goals and objectives, risk tolerance, cash needs and other factors, as
determined by client needs. This allows us to develop a strategy for the successful management of
income and assets in order to best meet the client’s overall financial goals.
It is likely that through the Investment Consulting Services process, we will advise corporate clients to
engage us for Investment Management Services. Clients are advised that a potential conflict of interest
exists where we recommend our own Investment Management Services for which we will receive an
investment advisory fee; please see Item 5 - Fees and Compensation for additional information. There
can be no assurance that any products or services recommended by our firm are at the lowest available
cost. There can be no assurance that our Investment Consulting Services or any product
recommendations are at the lowest available cost. Clients are free to accept or reject any of our
recommendations provided as part of our Investment Consulting Services. Moreover, if a client decides
to implement any recommendations, the client can, but is under no obligation to, utilize our firm to
implement those recommendations.
Those clients who wish to engage us for implementation of any recommendations made under this
service are required to execute an addendum to their existing written advisory agreement with our firm.
Under these circumstances, the fees charged for Investment Consulting Services can, at our discretion,
be applied towards our future fees for Investment Management Services or be otherwise offset.
Alternative Investments and Private Placements
All private placement investments offered via the platform are sponsored by third parties and are
available to accredited investors as defined by the Investment Advisers Act of 1940. Such investments
are subject to be included in underlying assets that Courier attributes to fee calculation. Underlying
issuers will charge fees to Courier Clients, which will vary by each investment. Clients should refer to
the subscription agreements for each specific investment to obtain this information.
Wrap-Fee Programs
Courier serves as portfolio manager for wrap fee programs. Courier selects the investments and sector
weights that are offered in these Wrap Programs. The appropriate portfolio allocations utilized in the
Wrap Program are determined through a consultation between the program participant and their
Investment Advisor. We may receive a management fee in addition to the wrap fee paid by the client.
General Information About Our Advisory Services Gathering
Individual Client Information
As explained above, Investment Management Services provided by our firm are customizable based
upon the individual needs, objectives, and other financial goals of the client. Early in the relationship,
we typically will memorialize each client’s investment objectives, risk tolerance, time horizons and
other important and necessary information, including any investment guidelines. This information,
together with any other information relating to the client’s overall financial circumstances, will be used
by the firm to determine the most appropriate asset allocation and investment strategy designed to
best meet the client’s financial goals. There can be times when certain restrictions are placed by a client
which prevent us from accepting or continuing to service the client’s account. We reserve the right to
not accept and/or terminate a client’s account if we determine in good faith that the client- imposed
restrictions would limit or prevent it from meeting and/or maintaining its objectives.
We do not assume any responsibility for the accuracy of any information provided by the client. We are
further not obligated to verify any information received from you or from your authorized professionals
(e.g., attorneys, accountants, etc.) and we are expressly authorized to rely on such information. Under
all circumstances, clients are responsible for promptly notifying us in writing of any material changes to
their financial situation, investment objectives, time horizon, or risk tolerance. In the event that a client
notifies our firm of changes in the client’s financial circumstances, we will review such changes promptly
and could recommend revisions to the client’s portfolio.
Advisory Agreements
Prior to engaging us to provide any of the investment advisory services described in this firm brochure,
you will be required to enter into one or more written agreements with us setting forth the fees to be
charged and the terms and conditions under which we will render investment advisory services to you.
Free of charge, we will provide you with a copy of our firm brochure and one or more brochure
supplements prior to or contemporaneously with the execution of the foregoing written advisory
agreement. The advisory relationship will continue until terminated by the client or our firm in
accordance with the provisions stated within the written agreement.
Assets Under Management
As of December 31, 2023, we provide continuous management services for $ $2,462,183,342 in client
assets on a discretionary basis and $400,801,094 on a non-discretionary basis.