FSC Securities Corporation is registered as an investment adviser with the Securities and Exchange Commission
(“SEC”), SEC File No. 801-42017, in order to offer investment advisory products and services to its advisory clients.
FSC Securities Corporation is also a member of the Financial Industry Regulatory Authority (“FINRA”) as a broker-
dealer engaged in the offer and sale of securities products. Advisory products and services are offered through
certain Financial Advisers (“FAs”) who have registered as Investment Adviser Representatives (“Advisory
Representative”). Registration does not imply a certain level of skill or training. FSC Securities Corporation is a
subsidiary of Advisor Group, Inc. (“Advisor Group”), a wholly-owned subsidiary of Advisor Group Holdings, Inc.,
which is owned primarily by a consortium of investors through RCP Artemis Co -Invest, L.P., an investment fund
affiliated with Reverence Capital Partners LLC. The consortium of investors includes, RCP Genpar Holdco LLC,
RCP Genpar L.P., RCP Opp Fund II GP, L.P., and The Berliniski Family 2006 Trust.
FSC Securities Corporation the broker-dealer, will henceforth be referred to as “FSC”. FSC Securities Corporation
the Registered Investment Adviser, will henceforth be referred to as “we”, “us”, “our” or the “Firm”.
We have been an SEC Registered Investment Adviser since 1992 and manage, as of December 31, 2022,
$8,698,115,601 of assets on a discretionary basis and $3,047,535,638 on a non-discretionary basis.
Each of our Advisory Representatives is permitted to offer all or any combination of the advisory programs described
below to our clients ("you” or “your”).
VISION2020 WEALTH MANAGEMENT PLATFORM – ADVISOR MANAGED PORTFOLIOS PROGRAM
The Wealth Management Platform – Advisor Managed Portfolios Program (“Advisor Managed Portfolios”) provides
comprehensive investment management of your assets through the application of asset allocation planning software
as well as the provision of execution, clearing and custodial services through Pershing, LLC (“Pershing”) or National
Financial Services, Inc. (“NFS”).
Advisor Managed Portfolios provides risk tolerance assessment, efficient frontier plotting, fund profiling and
performance data, and portfolio optimization and re-balancing tools. Utilizing these tools and based on your
responses to a risk tolerance questionnaire (“Questionnaire”), as well as discussions that you and your Advisory
Representative have together regarding, among other things, your personal investment objectives and goals, time
horizon, risk tolerance, account restrictions, needs, personal circumstances and overall financial situation, your
Advisory Representative constructs a portfolio of investments for you. Your Advisory Representative has the option
to allocate your portfolio amongst a mix of stocks, bonds, options, exchange-traded funds, mutual funds and other
securities (“Program Investments”) which are based on your investment goals, objectives, and risk tolerance.
Each portfolio is designed to meet your individual needs, stated goals and objectives. Additionally, you have the
opportunity to place reasonable restrictions on the types of investments to be held in the portfolio.
For further Advisor Managed Portfolios details, please see the Advisor Managed Portfolios Wrap Fee Program
Brochure. We provide this brochure to you prior to or concurrent with your enrollment in Advisor Managed Portfolios.
Please read it thoroughly before investing.
VISION2020 WEALTH MANAGEMENT PLATFORM – UNIFIED MANAGED ACCOUNT PROGRAM
The Wealth Management Platform Unified Managed Account Program (“UMA”) provides you with the opportunity
to invest your assets across multiple investment strategies and asset classes by implementing an asset allocation
strategy. UMA is a Wrap Account program that offers these advisory services along with brokerage and custodial
services for a single, annual, asset-based advisory fee.
After you discuss your financial goals and objectives with your Advisory Representative, a recommendation to an
asset allocation model (“UMA Model”) will be made to you which will consist of:
a) Investment strategies serviced and created by investment managers and/or your Advisory
Representative that generally consist of a selection of mutual funds, exchange traded products, equities,
and or bonds;
b) Mutual funds and ETFs (“Funds”); or
c) A combination of the preceding bundled together in an investment asset allocation model.
Your Advisory Representative will recommend a UMA Model to you based on your responses to a Questionnaire
and discussion that your Advisory Representative and you have together regarding among other things, your
personal investment objectives and goals, time horizon, risk tolerance, account restrictions, needs, personal
circumstances and overall financial situation. In addition, you can place reasonable restrictions on investments held
within your UMA account. All recommendations in the UMA are made on a discretionary basis, which means your
Advisory Representative can act without your prior approval.
For further UMA details, please refer to The Wealth Management Platform – Unified Managed Account Wrap Fee
Program Brochure. We provide this brochure to you prior to or concurrent with your enrollment in UMA. Please
read it thoroughly before investing.
THIRD-PARTY ADVISORY SERVICES
We can also offer you the services of various third party money managers (“Third Party Money Managers” or
“TPMMs”) for the provision of certain investment advisory programs including mutual fund wrap and separately
managed account programs. In doing so, we act in a “co-advisory” or, in certain circumstances, “promoter” capacity.
FSC does not serve as broker-dealer for your Third Party Money Manager account.
When acting in a co-advisory capacity, the Firm and the Third Party Money Manager are jointly responsible for the
ongoing management of your account. In connection with this arrangement, your Advisory Representat ive will
provide assistance in the selection and ongoing monitoring of a particular Third Party Money Manager. Factors we
consider in the selection of a particular Third Party Money Manager include, but are not limited to:
i. our assessment of a particular Third Party Money Manager;
ii. your risk tolerance, goals, objectives and restrictions, as well as investment experience; and
iii. the assets you have available for investment.
The Firm’s role in these relationships is limited as one that monitors Third Party Money Managers’ investment
strategies generally as part of its initial and annual diligence of Third Party Money Managers. In this case, the Firm
does not exercise discretion in selecting, holding or selling portfolio investments.
Third Party Money Managers have differing minimum account requirements and a variety of fee ranges. Each
manager’s advisory services, fees and expenses, program termination and other information are set forth in their
disclosure brochures, client agreements, account opening documents and applicable fund prospectuses. The fees
charged by Third Party Money Managers who offer their programs directly to you may be more or less than the
combined fees charged by the Third Party Money Manager and us for our participation in the investment programs.
Your Advisory Representative will assist you in opening an account and, when doing so, you will execute an
agreement directly with the selected TPMM. Most TPMMs assume limited discretionary authority over your account,
meaning that the selected TPMM has the authority to purchase and sell securities in your account without contacting
you or your Advisory Representative first. Some TPMMs may allow you to impose restric tions on investing in
specified securities or types of securities. In addition to the advisory relationship that you will have with these Third
Party Money Managers, you will also enter into an advisory relationship with us by signing our client agreement. If
you are interested in learning more about these services, please note that a complete description of the programs,
services, fees, payment structure and termination features are available via the applicable Third Party Money
Manager’s disclosure brochures, investment advisory contracts, and account opening documents. You should know
that the services provided by us through the use of Third Party Money Managers are under certain conditions directly
offered by them to you.
Your Advisory Representative can also act purely in a promoter capacity when referring you to a TPMM. When
acting as a promoter for the TPMM program, the Firm and your Advisory Representative do not provide advisory
services in relation to the TPMM program. Instead, your Advisory Representative will assist you in selecting one or
more TPMM programs. The TPMM will be responsible for assessing the suitability of their investment
recommendations against your risk profile. Your Advisory Representative is compensated for referring you to the
TPMM program. This compensation generally takes the form of the TPMM sharing a percentage of the advisory fee
you pay to the TPMM. When we act as a promoter for a TPMM program, you will receive a written promoter
disclosure statement describing the nature of our relationship with the TPMM program, if any; the terms of our
compensation arrangement with the TPMM program, including a description of the compensation that we will receive
for referring you to the TPMM program. Please consult the applicable Third Party Money Manager’s agreement for
further information.
The amount of compensation received by the Firm and your Advisory Representative from a particular TPMM could
be higher than the compensation received from another TPMM. This is because compensation structures vary by
product type as well as TPMM programs provided. This results in a conflict of interest because your Advisory
Representative has a financial incentive to recommend one TPMM program over another in order to receive greater
compensation. There may be other suitable TPMM programs that may be more or less costly. If you would like
additional information on costs of TPMM programs chosen for you, please discuss with your Advisory
Representative.
Trading by Third Party Money Managers sometimes trigger wash sale rule implications. A wash sale occurs when
a security is sold at a loss and then the same or substantially identical security is repurchased within a short time
period. The Third Party Money Manager cannot necessarily manage accounts in a manner to avoid wash sale
implications. You are encouraged to consult with a tax advisor to discuss any tax implications involving your
portfolios in these and in all advisory programs.
FINANCIAL PLANNING AND CONSULTING SERVICES
Financial Planning Services
We provide you with financial planning services that include a review of your financial situation and a written report
based on an evaluation and analysis of information you provide. This information normally would cover a review of
your personal financial situation, including but not limited to present and future cash flow, financial goals, objectives,
risk tolerance and time horizon.
Financial Consulting Services
In addition to financial planning, we can provide you with consultation on various financial topics to address your
specific needs and objectives. Your Advisory Representative will analyze your current financial situation and
investment goals and present strategies and recommendations to help you attain those goals. Consulting services,
while similar to traditional financial planning, provide you with several distinct services which are listed below:
• Budget Planning
• Business Financial Planning
• Cash Flow Analysis
• Philanthropic/Charitable Planning
• Debt Management
• Life Transition Planning
• Education Planning
• Estate, Legacy or Multigenerational Planning
• Major Purchase Planning
• Special Needs Planning
• Major Purchase Planning
• Family Financial Planning
Consulting services can be narrow in scope and do not always take into consideration all areas of a client’s financial
situation. Consulting services provided should not be construed as investment advice.
Financial planning and consulting services are provided pursuant to a separate agreement for a fee agreed upon in
that agreement.
We are not qualified to, and do not render legal, tax or accounting advice or prepare any legal documents for you
unless our Advisory Representative is duly licensed as an attorney or accountant in your state of residence. Your
personal attorney will be solely responsible for providing legal advice, legal opinions, legal determinations and legal
documents. Your personal tax adviser or accountant will be solely responsible for any tax or accounting services
provided to you.
If you receive Financial Planning and Consulting services, and pursuant to a plan or consultation, you purchase
securities or insurance products offered through us, your Advisory Representatives typically receive commissions
as Registered Representatives of FSC or insurance agents in connection with such transactions. Thus, in these
circumstances Advisory Representatives will have a conflict of interest when providing these services because
they will likely receive additional compensation if you choose to execute transactions through them in this capacity.
Th e Advisory Representative and FSC will also be additionally compensated if you choose to implement
recommendations by retaining the Advisory Representative to provide other investment advisory products or
services. You are under no obligation to purchase products or services recommended by us or our Advisory
Representatives.
RETIREMENT PLAN CONSULTING SERVICES
We offer retirement consulting services to employee benefit plans (collectively, “Plans”) and their fiduciaries. The
services are designed to assist the plan sponsor (the “Company”) in meeting its management and fiduciary
obligations to the Plan under the Employee Retirement Income Security Act (“ERISA”). Retirement consulting
services are provided pursuant to a retirement plan consulting services agreement, and will consist of general or
specific advice, that includes services other than investment advisory services. Retirement plan consulting services
include one or more of the following:
1. Plan Set Up: Your Advisory Representative will assist you with the initial set up of a new Plan on a record-
keeping platform.
2. Plan Conversion: Your Advisory Representative will assist you with converting a Plan from an existing
record-keeping platform to a new record-keeping platform.
3. Recommend and monitor investment options: Your Advisory Representative will assist you by
periodically reviewing (at least annually) the investment options of the Plan’s investment menu and, when
warranted, recommend possible change in investment option(s).
4. Plan Performance Review: Your Advisory Representative will assist you by conducting a periodic review
(at least annually) to assist you with determining whether the terms of the Plan and the design are meeting
your needs and those of the Plan’s participants.
5. Benchmarking of the platform, fees and services: Your Advisory Representative will assist you by
periodically reviewing and benchmarking the Plan’s fees, services and investments.
6. Plan Compliance Review: Your Advisory Representative will conduct a periodic review (at least annually)
of specific Plan items as determined by the Plan and advise the Plan whether it is operating in accordance
with Plan documents and applicable provisions of ERISA as it relates to the specific items.
7. Participant Education Services: Your Advisory Representative will coordinate and/or conduct periodic
investment, enrollment and/or retirement education meetings for Plan participants as determined by the
Plan.
8. Self-Directed Brokerage Account (“SDBA”) Education: Your Advisory Representative will, to the
extent directed by the Responsible Plan Fiduciary, conduct periodic employee investment education
meetings with respect to implementing trades through the SDBA.
There is opportunity for the Company to engage us to provide a review of executive benefits, for separate
compensation.
We will determine with the Company in advance the scope of services to be performed and the fees for all requested
services. Prior to engaging us to provide consulting services, the Company will be required to enter into a written
agreement with us setting forth the terms and conditions of the engagement, describing the scope of the services to
be provided, and the relevant fees and fee paying arrangements. The services outlined above that we provide are
explained in more detail in the written agreement. We will also provide additional disclosures about our services and
fees, where required by ERISA.
When we perform the agreed upon services, we will not be required to verify the accuracy or consistency of any
information received from the Company.
We will serve in a non-discretionary ERISA fiduciary capacity with respect to some but not all of the services that we
provide which will be further explained in the written agreement we sign with the Company. The Company is always
free to seek independent advice about the appropriateness of any recommendations made by us.
The agreement we sign with the Company includes the disclosures required of Advisory Representative under
Section 408(b)(2) of ERISA, in particular, (i) the services to be provided by Advisory Representative, (ii) the extent
to which Advisory Representative is acting as a fiduciary, (iii) the compensation to be received by Advisory
Representative, and the manner of receipt of that compensation, and (iv) any fees payable on termination of the
agreement. Advisory Representative receives no indirect compensation in respect of the services provided pursuant
to the agreement. We retain a portion of the compensation described in the agreement for our services in connection
with the agreement, the amount of which varies with our arrangement with each Advisory Representative. Pursuant
to the agreement, Advisory Representative neither provides recordkeeping services nor makes available any
designated investment alternative for the plan nor advises any investment contract, fund or entity in which the plan
has a direct equity investment, and no disclosures under Section 408(b)(2) are thus required to be provided in respect
of those matters.
Our Fiduciary Acknowledgement
When the Firm and your financial professional provide “investment advice” within the meaning of Title 1 of the
Employee Retirement Income Security Act and/or the Internal Revenue Code (“Retirement Laws”) to you regarding
your retirement plan account or individual retirement account (“Retirement Account(s)”), we are fiduciaries under the
Retirement Laws with respect to such investment advice. The way we make money creates certain conflicts with
your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest
ahead of yours. Under these requirements, when providing certain investment recommendations, we must:
• Meet a professional standard of care (give prudent advice);
• Not put our financial interests ahead of yours;
• Avoid misleading statements about our 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 what is reasonable for our services; and
• Give you basic information about our conflicts of interest.
Rollovers and Transfers from an Employer Sponsored Plan
We may provide (1) general information and education to you about the factors to consider when deciding whether
to move retirement assets to the Firm, or (2) a recommendation that you roll or transfer assets out of an employer
sponsored plan to the Firm. If we provide you with a recommendation to roll assets out of an employer plan, you
understand and agree that our analysis of the costs and services of your retirement plan, as compared to the costs
and services the Firm provides, depends on the information you provide to us (or in certain circumstances,
information we obtain from third-parties about the plan (or similar types of plans)). You are responsible for updating
us promptly if your investment objectives, risk tolerance, and financial circumstances c hange.
Transfer of Individual Retirement Account (“IRA”) to IRA
If your financial professional makes a recommendation that you move assets from an IRA at another financial
institution to the Firm, he or she is required to consider, based on the information you provide, whether you will be
giving up certain investment-related benefits at the other financial institution, such as the effects of breakpoints or
rights of accumulation, and has determined that the recommendation is in your best interest because (1) greater
services and/or other benefits (including asset consolidation and holistic advice and planning) can be achieved with
the Firm IRA; and (2) the costs associated with the Firm IRA are justified by these services and benefits.
Limitations to our Acknowledgment of Fiduciary Status
This acknowledgment of status under the Retirement Laws does not create or expand any “fiduciary” relationship,
capacity or obligations of the Firm and your financial professional under any federal or state laws, other than the
Retirement Laws. There are many communications and recommendations that are not considered to be fiduciary
“investment advice” under the Retirement Laws (which are subject to change). For additional information please
refer to our Fiduciary Acknowledgement available at
www.fscsecurities.com/disclosures.
Our Material Conflicts of Interest
Our material conflicts of interest are described in this brochure. Investment advisory, financia l planning, or retirement
service recommendations as described above may pose a conflict between the interests of the Firm and the interests
of clients. For example, a recommendation to engage the Firm for investment advisory services or to increase the
level of investment assets with the Firm, including through rollovers or other transfers of retirement plan accounts or
IRAs, would pose a conflict, as it would increase the advisory fees paid to the Firm.
You are not obligated to implement any recommendations made by the Firm or maintain an ongoing relationship
with the Firm. If a client elects to act on any of the recommendations made by the Firm, the client is under no
obligation to execute the transaction through the Firm. Certain of our Advisory Repres entatives, in addition to being
investment adviser representatives of the Firm, are also registered representatives of FSC. We encourage you to
review the FSC Securities Corporation Broker-Dealer Firm Brochure located at
www.fscsecurities.com/disclosures
which describes the material conflicts of interest associated with those brokerage services.
Advisory Services vs. Brokerage Services
In most cases, the total compensation that our Firm receives for providing investment advisory services is more than
it receives for providing brokerage services. Also, the advisory fees you would pay to us in an investment advisory
account do not decrease even where the level of investment trading activity in your advisory account is low. Both
our Firm and our individual Advisory Representatives typically make more money if you choose an advisory account
over a brokerage account with the Firm. Thus, we have a financial incentive to encourage you to select an advisory
account over a brokerage account with the Firm.
Rollovers and Account Type Changes
Regardless of the investments and services you select, the Firm will make more money if you roll over assets from
a retirement plan or IRA for which we do not provide services, to a retirement plan or IRA for which we do provide
services, whether the rollover is from (1) a plan to an IRA, (2) an IRA to an IRA, (3) a plan to another plan, or (4) an
IRA to a plan (as those terms are described above). As noted above, Advisory Representatives are typically
compensated in part based on the total advisory fee and commission revenues they generate for our Firm. Therefore,
both our Firm and Advisory Representatives have financial incentives to recom mend plan and/or IRA rollovers to
plans and IRAs serviced by us. You are under no obligation, contractually or otherwise, to complete the rollover.
Furthermore, if you do complete the rollover, you are under no obligation to have the assets in an IRA manag ed by
us.
Some of Advisory Representatives are not licensed to provide brokerage services (i.e., through FSC or otherwise)
at all. Thus, our Firm and such Advisory Representatives often have additional incentives to recommend that clients
roll over or transfer (or otherwise convert) brokerage accounts held at other financial institutions (which may be IRAs,
retirement plan accounts or otherwise types of brokerage accounts) to advisory accounts with our Firm.
Other Services
In addition to the retirement plan consulting services referenced above, some clients may be allowed to maintain
current retirement plan consulting services that were previously offered. Please refer to the Retirement Plan
Consulting Services Agreement for the initial service chosen for your account.
ALTERNATIVE INVESTMENTS AND CAIS
The Firm has contracted with CAIS Capital, LLC and Capital Integration Systems LLC (collectively “CAIS”) and has
granted Advisory Representatives access to the CAIS alternative investment platforms. CAIS and its affiliates
conduct the initial and on-going due diligence (investment and operational) on private equity and hedge fund
offerings available on their platform. The Firm relies on the due diligence provided by CAIS relat ed to the offerings
available on the platform. Only Firm-approved alternative investment are available on the CAIS platform. Our
agreement with CAIS provides for a payment to us of up to 10 basis points on the sale amount of alternative
investment products sold through the CAIS platform. CAIS also pays a fee to attend our Firm’s conferences for our
Advisory Representatives. Please note that with privately held alternatives valuations can lag a month or more and
are received from the issuer’s or offerings’ third-party administrator. The fee billing calculation uses this data to
calculate the Program Fee (as defined below in Item 5 Fees and Compensation). Please refer to Item 5 Fees and
Compensation for additional information on fee calculation.
SEMINARS
Our Advisory Representatives are permitted to hold investment-related seminars and/or educational events to
existing clients, prospective clients, and the general investing public. The seminars feature general investment -
related advice for educational purposes and can include both securities and non-securities topics. No specific
individualized investment advice regarding investment objectives or investment related needs of the attendees,
listeners, or audience is rendered during seminars. However, participants are free to schedule meetings with the
Advisory Representatives(s) in an effort to obtain personalized investment advice. Seminars are provided at either
no cost or for a fee charged to participants (i.e., to help cover expenses incurred in presenting the seminar). If fees
are charged, all fees and payment provisions are fully disclosed prior to the seminar being presented.
LENDING SERVICES
Securities Backed Line of Credit (SBLOC) / Non -Purpose Loans
The Firm offers you SBLOCs offered through participating third-party banks and our clearing brokers. SBLOCs are
loans whereby an investor borrows against the assets in his or her investment portfolio without having to liquidate
these securities. These loans require monthly interest-only payments, and the loan remains outstanding until it is
re-paid. SBLOCs are non-purpose loans, which means the loan proceeds can be used for purposes other than to
purchase or trade securities.
An SBLOC allows you the opportunity to avoid potential capital gains taxes because you don’t have to liquidate
securities for access to funds. You might also be able to continue to receive the benefits of your holdings, like
dividends, interest and appreciation. However, as with virtually every financial product, SBLOCs have risks and
downsides. For instance, if the value of the securities you pledge as collateral decreases, you may need to come up
with extra money fast, or your positions could be liquidated.
The Firm receives third party compensation from participants banks and clearing brokers based on a markup on the
interest in amounts of up to 175 basis points (1.75%) charged on the amount of the outstanding loans. The
compensation varies depending on the participant bank or clearing broker that you select to provide your loan. This
compensation is a conflict of interest because the Firm has a financial incentive for the client to select a lender that
pays compensation to the Firm over one that does not, and an incentive for the client to maintain outstanding loans
through the program. However, the Firm does not share this compensation with its Advisory Representatives. The
Firm and its Advisory Representatives interests in continuing to receive investment advisory fees is an incentive to
recommend that clients borrow money rather than liquidating some of their assets managed by the Firm, when it
could be in a client’s best interest to sell such assets instead of using them as collateral for a loan. The Firm maintains
policies and procedures to ensure recommendations made to you are in your best interest and in conjunction with
the lack of compensation to your Advisory Representative, believes this mitigates any conflict to the Firm.
Prior to establishing a SBLOC, you should carefully review the disclosure form provided by the Firm.
MARGIN LOANS
As a broker-dealer, FSC can arrange for its clearing broker to loan you money against the value of certain stocks,
bonds and mutual funds that are held in your account at that clearing broker. That borrowed money is called a margin
loan and can be used to purchase additional securities. Margin loans are not available in retirement or custodial
accounts. There’s no set repayment schedule with a margin loan—monthly interest charges accrue to the account,
and the borrower has the option to repay the principal at their convenience, subject to margin calls as discussed
below.
Margin loans can be profitable when securities in an account increase in value and the increase in value exceeds the
interest you pay on the margin loan. However, the magnifying effect works the other way as well. The marginable
investments in the portfolio provide the collateral for the margin loan. While the value of that collateral fluctuates
according to the market, the amount borrowed stays the same. If the value of the margined securities decline to the
point where they no longer meet the minimum equity requirements for the margin loan, there will be a margin call.
When this happens, FSC or its clearing broker will ask that more cash or marginable securities be deposited into the
account to meet the minimum equity requirement or they may sell securities in the account as needed. Please
remember:
• Margin loans increase an account’s level of market risk;
• FSC or its clearing broker may initiate the sale of any security in the account without contacting the account
owner, to meet the margin call; and
• Account owners are not entitled to an extension of time on a margin call.
The Firm has a conflict of interest in recommending to you a margin loan because FSC (in its capacity as a broker-
dealer) receives a markup on the interest charged on the loan. Such markups on margin interest range up to a
maximum markup of 300 basis points above the clearing broker’s base lending rate. Your Advisory Representative is
not compensated on margin loan balances and therefore does not have a conflict of interest in recommending the
use of margin. Consequently, the Firm’s conflict of interest to you is mitigated since your Advisory Represent ative
does not receive additional compensation for recom mending to you the use of margin. The Firm maintains policies
and procedures to ensure recommendations made to you are in your best interest and in conjunction with the lack of
compensation to your Advisory Representative, believe this mitigates any conflict to FSC.
Please refer to your margin agreement for additional details regarding your margin loan. Please also refer to th
e Client
Fee Disclosure - Pershing Clearing and
Client Fee Disclosure - NFS Clearing located at
www.fscsecurities.com/disclosures to find additional details regarding your margin loan fees.