Lion Street Advisors, LLC is located in Austin, TX and was organized in May 2013.
Lion Street Advisors LLC. is 100% owned by Lion Street, LLC., Which, in turn, is owned by Integrity
Marketing Partners, LLC (87%)
As of December 31, 2023, the Firm has approximately $2,341,977,931 in assets under management. Of
this amount, $1,696,720,231 is discretionary.
Lion Street Advisors
The wrap fee program available to clients is called Lion Street Advisors Paramount Program where clients
pay a single fee to LSA which encompasses LSA’s money management fees, advice, transaction costs,
custody, performance measurement and administrative cost (referred to as “wrap fee” arrangements).
A condition of this program is that transactions for clients’ accounts are executed by Lion Street
Financial, an affiliated broker dealer through common control and ownership, or other approved
broker dealers and its clearing firm, Pershing LLC.
Lion Street Advisors Paramount Program (“Program”) provides Clients with discretionary portfolio
management, and/or access to multiple money managers who will provide investment advice to Client
portfolios.
The Program is offered through individuals associated with LSA acting in their capacity as Investment
Advisor Representatives (“IAR”). These individuals are appropriately licensed, qualified, and authorized
to provide advisory services on behalf of LSA. Since transaction fees are paid from the advisory fees
charged by the IAR, this creates a conflict of interest and gives those IAR’s an incentive not to place
transactions in a client’s account in order to increase the IAR’s compensation. In order to alleviate this
potential conflict, Lion Street Financial, LLC (“LSF”) conducts daily and periodic reviews of trading
activity and general account activity and holdings to ensure consistency with client investment
objectives and financial status. Fee billing is also periodically reconciled to ensure accuracy and
appropriateness of overall fees paid by clients to LSA.
Directly Managed Accounts
This LSA sponsored program allows Clients to work directly with an Investment Advisor Representative
(IAR) of LSA for portfolio management services. Under such arrangements, the IAR, on behalf of LSA,
supervises and directs the investments of and for the Client. Client will appoint the IAR as agent and
attorney-in-fact with full power and authority on behalf of the Client to buy, sell, exchange, convert and
otherwise trade in any and all stocks, listed stock options, mutual funds (load and no-load), warrants,
rights, bonds, notes and such other securities as the IAR selects. This authorization does not include
transactions that result in a withdrawal of assets from the Account, except for the automatic payment
of fees, and is limited to purchase and sale orders.
Nonproprietary “wrap fee programs” - TAMPS
The Firm permits certain of its Investment Advisor Representatives to offer “non-proprietary”
wrap fee programs of non-affiliated registered investment advisors. Currently, various non-
proprietary wrap fee programs are made available including but not limited to, the following
program sponsors:
• SEI Investment Management Corporation
• Genworth Financial Wealth Management, INC
Each non-proprietary “wrap fee program” can involve different account minimum(s), custodial,
administrative and fee arrangements. The firm does not take custody of client assets that are
designated to be managed by a third-party manager. The firm does not directly place securities
transactions on behalf of the client. Rather, investments are made by the selected non-proprietary
wrap fee provider in accordance with the agreement between the client and manager.
More information regarding a client’s total annual fee and the portion received by LSA, the program
sponsor and any additional third parties is provided in the relevant Form ADV Part 2A and/or Part
2A Appendix 1 (the wrap fee program brochure) of the sponsor of the wrap fee program and the
applicable client agreement the client will execute with respect to the program (the “Client
Agreement”) and/or separate fee disclosure statement that will be provided to the client with the
Client Agreement (the “Fee Disclosure”).
If the Wrap Fee Disclosure brochure is not delivered to the Client at least 48 hours prior to entering
into the management agreement, the Client may terminate the agreement for services within five
business days of execution without penalty. After the five-day period, either party, upon 30 days
written notice to the other, may terminate the management agreement. The management fee will be
pro-rated for the month in which the cancellation notice was given and any unearned fees will be
returned to the client.
The Investment Questionnaire
All Clients participating in a Program sponsored by LSA may complete a Client Investment
Questionnaire which enables the IAR to assist the Client in developing and clarifying his or her
investment objectives. In making investment determinations with respect to the Client, the IAR will
rely on Client’s investment objectives as stated in the Investment Questionnaire (or otherwise stated in
writing to LSA), a written policy (if any), the securities held, tax considerations, and the overall climate
of the financial markets. By processing the responses provided by the Client, the IAR will present
various management strategies for Client consideration. The IAR will then assist the Client in
selecting the appropriate investment options.
Client agrees to inform LSA promptly in writing of any material change in Client’s investment objectives
or other circumstances which might affect the manner in which Client’s assets should be invested and
to provide IAR with such additional information as it shall reasonably request.
Investment Strategies
Strategies employed by LSA include, but are not limited to: Preservation of Capital, Income,
Capital Appreciation, Balanced, Trading Profits and Speculation. IAR reps are given full discretion to
manage client assets without guidance from LSA. However, client accounts are periodically reviewed
by LSA to ensure consistency of program strategies and performance with clients’ stated objectives.
Program Fees
Clients participating in the Program will pay a monthly fee, in advance. If management of the Account
commences at any time other than the first day of a calendar month, the initial monthly fee is prorated
based on the number of days remaining in the relevant billing period.
Please note that LSA’s fee schedule is the same for the asset management program and the wrap fee
program, which includes brokerages commissions. Clients should consider this when negotiating their
fee
with LSA. Typically, Advisers charge less for their asset management programs then their wrap fee
programs since the asset management program does not include the additional cost of brokerage
commissions.
Program fees are based on the following fee schedule:
Total Account Value Minimum Maximum
Account Fee Account Fee*
First $1,000,000 00% 2.80%
Next $2,000,000 1.00% 2.00%
Assets Over $3,000,000 0.50% 1.75%
Clearing Firm and BD fees included in the total Account fee above
Asset Value Basis Points (Annualized)
$0 to $250,000 ................................................................ 25bps
$250,000 to $500,000 ..................................................... 21bps
$500,000 to 1,000,000 .................................................... 19bps
$1,000,000+ ..................................................................... 17bps
*Fees can be negotiated and will vary from Client-to-Client based upon a number of factors, including
but not limited to, Investment Manager(s) selected, type of account, account size, historical
relationship with the Client, services to be provided, or other factors. Moreover, fees will vary as a
result of the application of prior fee schedules depending upon the specific date the Client began
participation in the Program. Clients paying a fee of 2.0% or greater should consider that such fee is
in excess of that normally charged in the industry and that similar advisory services can be obtained
for less.
The asset management fees include account management, administrative and execution services.
The level of the fee is unaffected by the number of transactions effected for the Account. Fees are
assessed on all assets in the Account, including securities, cash and money market balances. We allow
the use of margin accounts, which will result in a client paying additional fees for securities bought on
margin. Margin debit balances do not reduce the value of the assets in the Account. The Provider
does in their sole discretion pay all or a portion of the above stated fees to other parties involved in
providing service with respect to the Program Account and as permitted by law. All such shared
payments will be fully disclosed to the Client.
These fees do not include mark-ups/mark-downs in principal transactions; certain odd-lot differentials;
national securities exchange fees; clearing; custody; postage and handling; annual, maintenance
and/or termination fees for retirement accounts or qualified plans; ACAT transfer fees; interest on
debit account balances; electronic fund transfer fees; IRA and qualified plan fees; and transfer taxes
and other costs or charges associated with securities transactions mandated by law. All fees and
charges, including the above, may be charged to the Program Account. Client understands that LSA
IAR’s receive compensation for providing advisory and client-related services in connection with the
Programs based on the value of the assets under their management. The Client may also incur
certain charges imposed by other third-parties in connection with investments made through the
Program Account, including among others the following types of charges:, mutual fund management
and administrative servicing fees, fees charged by Investment Managers, and certain deferred sales
charges on previously purchased mutual funds. The deferred sales charges and other fee
arrangements will be disclosed upon your request and are typically described in the applicable fund’s
prospectus. You should read the fund prospectus for full fee information. Please refer to Item 10
subsection, Client Referrals and Other Compensation, for information regarding cost avoidance benefits
received by LSA and our affiliate, LSF, through the availability of no-transaction fee Funds (“NTF funds”)
from our approved custodian.
.
LSA, the Adviser, will rebate any 12b-1 fees they receive in Wrap fee accounts.
LSA and your IAR may serve as a solicitor for other advisers and/or program sponsors, including
without limitation, SEI Investment Management Corporation, none of whom are affiliated with LSA.
They may also recommend investment advisers other than LSA to manage some or all of the Client’s
funds. LSA receives direct and indirect compensation from these advisers as a result of Client’s
ultimate participation in these advisers’ management. The Client pays no additional fee by reason of
the payment of these fees. In accordance with regulatory requirements, LSA receives a referral fee at
a negotiated rate from these firms in accordance with the terms of a written Solicitor Agreement and
after execution of the program sponsors written referral fee disclosure statement by each Client in
respect of such persons. LSA has no ability to negotiate their portion of the Client’s fee under these
types of arrangements. Typically LSA receives fees ranging from 0.75%- 1.50%. Prior to engaging a
solicitor, LSA will ensure that the person or firm is properly registered to receive compensation for
solicitation activities and will endeavor to ensure the solicitor complies will all relevant regulatory
requirements.
Because we offer both a wrap and non-wrap option to our Clients, there is a conflict of interest as the
Adviser has an incentive not to make transactions in the account where the Adviser absorbs the
associated Clearing costs. Our Code of Ethics requires our investment adviser representatives do what
is in the clients best interests at all times. Our CCO monitors all transactions to ensure that
representatives put their clients first.
This compensation may be more than what the Client would pay if the Client participated in other
programs of the IAR, programs of another IAR, or paid separately for investment advice, brokerage
commissions and other services. Therefore, the IAR may have a financial incentive to recommend this
wrap-fee program over other programs or services. In order to compare the cost of Client’s program
with an unbundled service, Client should consider the turnover rate in the investment strategies,
trading activity in the account, and standard advisory fees and brokerage commissions that would be
charged at other broker dealers or investment advisors.
LSA shall never have physical custody of any Client funds or securities, as the services of an
independent qualified custodian will be used for these asset management services. However, because
LSA does deduct advisory management fees directly from accounts held by LSF, a related affiliate of
LSA, through clearing arrangements with qualified custodians, LSA is deemed to have custody of client
assets under the Investment Advisors Act of 1940 (“the Advisor’s Act”).