The rules and regulations in the financial services industry are undoubtedly vast and complex. They require financial companies such as ours to provide clients with a multitude of disclosures and information. We want to be transparent and would like you to understand what this information means. Please don’t hesitate to contact me at email@example.com if you would like me to walk you through this information and answer any questions you may have.
– Jennifer Szaro, CRCP®, Chief Compliance Officer
- ABOUT LMA – Lara, May & Associates, LLC (“LMA”) is a fully disclosed, introducing broker-dealer member of the Financial Industry Regulatory Authority, Inc (“FINRA”) and a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”)1. To review of copy of the FINRA Manual, click here. LMA is also registered with the Municipal Securities Rulemaking Board (“MSRB”). The website address for the MSRB is www.msrb.org which includes access to the MSRB Rule Book and an investor brochure that describes the protections that may be provided by the MSRB rules and how to file a complaint with an appropriate regulatory authority. Access to www.msrb.org is available at the Falls Church, Va. and Frisco, Colo. branch locations.
- BROKER-DEALER – As an introducing broker-dealer, LMA’s primary custodian and clearing firm is First Clearing, a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company (“FC”). The SEC Rule 606 requires broker-dealers that route orders in certain equity and option securities to make available quarterly reports that present a general overview of their routing practices. If you would like to obtain further information regarding the primary market centers selected by FC to handle orders, you may access FC’s quarterly “Order Routing Report” by accessing this web link (Public Disclosure – SEC Rule 606 Reports) and selecting Wells Fargo Securities. Routing reports for Charles Schwab are available here. Routing reports for Fidelity are available here.
- JURISDICTION – The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. Please consult the sales restrictions relating to the products or services in question for further information. LMA and individuals acting in the capacity as either a broker agent, investment advisor representative or insurance agent only transact business with a state resident after licensure or satisfying the qualification requirements of that state, or if they are excluded or exempted from the state’s requirements, as the case may be. For information concerning the license status or disciplinary history of a broker-dealer firm or individual broker agent go to FINRA BrokerCheck .
- SIPC – LMA is a member of the Securities Investor Protection Corporation (“SIPC”). Securities in your account protected up to $500,000. To obtain information about SIPC call SIPC at (202)371-8300 or visit sipc.org.
- ERISA DISCLOSURE – Please ask your LMA representative for the Section 408(b)(2) disclosures as it pertains to your plan and discuss any questions you may have. You may also submit an inquiry to firstname.lastname@example.org.
- OPTIONS – If you are interested in using options please read through the Characteristics and Risks of Standardized Options and Supplements. This is written and published by The Options Clearing Corporation. This booklet explains the purposes and risks of options transactions and is provided to an investor prior to buying or selling options contracts. The CBOE also has investor education videos that help illustrate the various behaviors of options.
- TAX AND LEGAL ADVICE – LMA and its representatives are not licensed tax or legal professionals. Materials provided are not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer under U.S. federal tax laws. Individuals should consult their personal tax or legal professional regarding tax filings, such that may be required for certain trusts, retirement and ERISA plans, and any tax- or legal-related investment decisions.
- CHANGING FIRMS? – For consumers considering changing brokerage firms/representatives FINRA has created educational material to prompt important questions to ask and consider before you make a change. Please read over this material as provided here.
- ACCOUNT STATEMENTS – Clients should receive at least quarterly statements directly from the custodian that holds and maintains your investment assets. LMA urges clients to carefully review such statements and compare such official custodial records to any report or information that LMA or an IAR directly provides or is viewed via a custodial feed in a third party software or online portal. Statements from different custodians may vary from one to another based on their accounting procedures, reporting dates, or valuation methodologies of certain securities.
- INVESTMENT ADVISORY DISCLOSURES – LMA uses Form ADV to register as an investment advisor with the Securities and Exchange Commission (SEC). The use of the terms “registered investment adviser” or “registered” by us does not imply by itself any level of skill or training. The Form ADV has two parts. Part 1 contains information about the advisor’s education, business and disciplinary history within the last ten years. Part 2 includes information on an advisor’s services, fees, investment strategies and important disclosures. In addition, Supplements will be provided on your LMA investment advisor representative and for those individuals managing your account. Firms may also provide a WRAP Brochure for programs where clients pay one fee for investment advisory and management services and custodial transaction charges, such the term implies the fees are wrapped into one annual fee. Before you hire your investment advisor, always ask for, and carefully read, the advisor’s Form ADV 2A Brochure or WRAP Brochure. Contact us to request a copy of Lara, May & Associates, LLC’s Form ADV Part 2A Brochure or LMA ADV Wrap Program Brochure 2-2018 Wrap Program Brochure visit the SEC’s IARD website for the most recently filed brochures.
- BUSINESS CONTINUITY PLAN – It is a goal of LMA to provide clients with a high level of service no matter what disruption the firm may be experiencing. LMA has developed a BCP to respond to events that may create a significant business disruption (“SBD”). Since the timing and impact of a SBD are unpredictable, we will have to be flexible in responding to events as they occur. We plan to quickly recover and resume business operations after a SBD and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and enable our clients to transact business as best we can. In short, our BCP is designed to enable our firm and employees to resume operations as quickly as possible, given the scope and severity of the disruption. However, your orders and requests for funds and securities could be delayed during the SBD. Our BCP addresses the following: records retrieval; data backup and recovery; mission critical systems; financial and operational assessments; alternative communications with clients, employees, and regulators; alternate physical location of employees; critical suppliers, contractors, bank and custodial impact; regulatory reporting; and providing an alternate means for our clients to access their funds and securities if we are unable to continue our business. We have local and off-site back up of electronic files and off-site storage of historical records. The custodians of accounts also store important electronic records in their own systems. We review and incorporate the BCPs of our custodians into our BCP and will communicate alternate instructions as needed.
- Contacting Us –If due to a SBD you cannot reach your LMA Representative or an LMA Branch Office through normal communications please refer to our web site at www.laramayllc.comfor event notifications.
- If the Falls Church, Va. office is unable to operate, business operations will be conducted out of the Frisco, Colo. office at 610 E. Main Street, Suite 13, Frisco, CO 80443 Toll-free 877-543-5444, Fax 970-668-5701.
- If the Frisco office is unable to operate, business will be conducted out of the Falls Church, Va. office at 7600 Leesburg Pike, Suite 120 East, Falls Church, VA 22043 703-827-2300.
NOTE: The disclosures on this website may be updated periodically as required. Please check this website often for any updates. 1The use of the terms “registered investment adviser” or “registered” by us does not imply by itself any level of skill or training.
Last Updated: May 30, 2018
LMA Employees Login HERE