About the Firm
Independent Fiduciary
LK&A has been an independently owned and operated Investment Advisor since our founding in 1985. We believe providing transparent investment advice, free from the conflicts of interests that naturally arise in the typical brokerage model, is the logical path to ensure client interests come first.
Direct Investments Not Financial Products
We invest our clients’ capital exclusively in individual securities rather than outsourcing our responsibility to other institutional money managers or mutual funds. This single platform forgoes the many layers of relationship and investment managers common to modern portfolio management (and the layered fees that accompany this approach).
Individually Managed Accounts
LK&A does not pool client money funds into commingled accounts. Every account is kept separate at the custodian level and is managed separately according to the client’s investment objectives including: return expectations, risk tolerance, time horizon, investment restrictions and liquidity needs.
Strategy
Trading Strategy
Conscious of large capital gains associated with high turnover trading. Experience in managing low-tax-basis holdings
Meaningful Size
Investments should be portioned for material impact on a portfolio, while still providing diversification
Businesses
They should be leaders in their markets, with clear pathways to improved operational efficiencies and earnings growth
Diversification
Managing risk entails investing in equities, bonds and hybrids with the realization that we live in a global economy
Expertise in Equities and Fixed Income
Asset allocation is a critical element influencing portfolio returns. An investment manager must not only understand a client’s objectives and risk tolerance, but also the changing landscape of the macro economy and how that environment changes risk and return expectations of their underlying investments.
Separation of Advisor and Custodian
As an investment advisor, we operate under an agreement that allows us limited authority to make trades in client accounts. We do not house assets at the firm level; rather we work with a variety of client-chosen custodians that provide safe-keeping and accounting of assets. Clients will get “double-reporting” on investments derived from statements produced by both LK&A as well as their own custodian. We believe that separation of advisor and custodian, and avoiding commingled assets, provides the greatest protection to the investor.
Direct Access to Portfolio Managers
Our firm structure allows clients to have direct access to the managers making the actual investments in their portfolios, rather than an advisor, relationship manager or salesperson.
Focus on Multi-generational Wealth
We serve a niche market of high net worth families that have the opportunity to affect many generations after them. We work with our clients’ legal advisers to implement wealth transfer strategies, and educate those individuals taking future responsibility so they may gain a level of comfort with the investments and processes in place.
Selective Client Base
We have the privilege of managing the assets of a select group of clients that have instilled their confidence in our firm. Our business model is built on long term relationships with a few dozen families rather than a few hundred smaller, transactional relationships. This foundation allows us to provide frequent and direct communication with existing clients including personalized meetings to detail investment strategy and investment outlook.
For More Information About LK&A
A detailed summary of the services we provide clients, the structure of the firm, the scope of our relationship and how we are compensated can be found in our Customer Relationship Summary (Form CRS)