L.K. Benson & Company, P.C. (LKB or the Firm) is an investment adviser. LKB was founded in
1994 and is owned by Lyle K. Benson, Jr., and Chris D. Benson.
LKB provides a diverse range of financial services to individuals, high net worth individuals and
families. These services may include advice and implementation support for issues associated
with investments, the selection of other advisers, cash management, estate planning, and
personal risk management, as well as income tax planning and preparation.
Investment Advisory Services
LKB offers financial planning and portfolio management services on an ongoing basis. Financial
planning typically involves providing a variety of services, principally advisory in nature. LKB will
go through an initial data gathering process with clients to understand their financial resources
and to help develop long-term goals. LKB will then outline a plan and implementation process
to help clients achieve those goals. The primary objective of this process is to allow LKB to assist
clients in developing a strategy for the successful management of income, assets, and liabilities
in meeting their financial goals and objectives.
Financial plans are based on a client’s financial situation at the time the plan is prepared and
are based on financial information disclosed by the client. Clients are advised that certain
assumptions are made with respect to future rates of return and inflation and past trends and
performance of the market and economy are used in developing these assumptions. LKB
cannot offer any guarantees or promises that a client’s financial goals and objectives will be
met. The components of the financial plan are regularly reviewed and updated to reflect
changes in a client’s situation.
In addition to ongoing financial planning services, LKB offers discretionary portfolio
management services where the investment advice provided is developed to meet clients’
needs and investment objectives. Subject to any written guidelines that clients may provide,
LKB may be granted discretion and authority to manage clients’ investment accounts.
Once the portfolio is constructed, LKB provides regular supervision and rebalancing of the
portfolio as changes in market conditions and your circumstances may require.
With respect to selecting third-party investment advisers, LKB shall review information about
the adviser(s) such as its disclosure statement and/or material supplied by the adviser(s) or
independent third parties for a description of the adviser’s investment strategies and past
performance to the extent available.
Financial Planning, Tax Planning and Preparation Services
In addition to ongoing financial planning and portfolio management services, LKB also works
with clients in a project-based capacity for financial planning and tax services. These services
may include a wide variety of personal financial planning, including retirement planning, estate
planning, education funding, cash flow analysis, risk management, tax planning and tax
preparation.
Use of Independent Managers
As mentioned above, LKB may recommend that certain clients sign an Investment Management
Agreement with the third-party investment adviser, and the Agreement authorizes the third-
party investment adviser to manage the client’s account(s) with client’s objective(s) on a
discretionary basis. LKB’s services include assisting the client in choosing the appropriate
objective(s), monitoring the performance of all objectives, communications and reports to the
client, and providing assistance with certain trading activities, and other administrative services.
The third-party investment adviser may consult with clients and their financial advisor to
customize
portfolios to fit clients’ needs, circumstances and objectives.
LKB shall continue to monitor and review account performance and client investment
objectives.
When selecting an Independent Manager for a client, LKB shall review information about the
Independent Manager(s) such as its disclosure statement and/or material supplied by the
Independent Manager(s) or independent third parties for a description of the Independent
Manager’s investment strategies, past performance, and risk results to the extent available.
Factors that LKB shall consider in selecting Independent Manager(s) include the client’s stated
investment objective(s), management style, performance, reputation, financial strength,
reporting, pricing, and research. The investment management fees charged by the designated
Independent Manager(s), may be exclusive of, and in addition to, LKB’s investment advisory
fee.
Tailored Relationships
LKB tailors investment advisory services to the individual needs of the client. Clients are allowed
to impose restrictions on the investments in their account. All limitations and restrictions
placed on accounts must be presented to LKB in writing. Clients will retain individual ownership
of all securities.
Fiduciary Statement
We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment
advice to you regarding your retirement plan account or individual retirement account, we are
also fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act,
(“ERISA”) and/or the Internal Revenue Code, (“IRC”), as applicable, which are laws governing
retirement accounts.
We have to act in your best interest and not put our interest ahead of yours. At the same time,
the way we make money creates some conflicts with your interests. We must take into
consideration each client’s objectives and act in the best interests of the client. We are
prohibited from engaging in any activity that is in conflict with the interests of the client. We
have the following responsibilities when working with a client:
• To render impartial advice;
• To make appropriate recommendations based on the client’s needs, financial
circumstances, and investment objectives;
• To exercise a high degree of care and diligence to ensure that information is presented
in an accurate manner and not in a way to mislead;
• To have a reasonable basis, information, and understanding of the facts in order to
provide appropriate recommendations and representations;
• Disclose any material conflict of interest in writing; and
• Treat clients fairly and equitably.
Regulations prohibit us from:
• Employing any device, scheme, or artifice to defraud a client;
• Making any untrue statement of a material fact to a client or omitting to state a material
fact when communicating with a client;
• Engaging in any act, practice, or course of business which operates or would operate as
fraud or deceit upon a client; or
• Engaging in any manipulative act or practice with a client.
We will act with competence, dignity, integrity, and in an ethical manner, when working with
clients. We will use reasonable care and exercise independent professional judgement when
conducting investment analysis, making investment recommendations, trading, promoting our
services, and engaging in other professional activities.
Wrap Fee Programs
LKB does not participate in a Wrap Fee Program.
Client Assets
As of December 31, 2023, LKB managed $277,135,608 in regulatory assets under management;
$243,437,282 are managed on a discretionary basis and $33,698,326 on a non-discretionary
basis.