Do business your own way and at your own pace. We have a very low minimum production requirement (50,000 annually) although we do have a simple payout grid and give higher payouts for larger annual production. We feel that as an affiliated representative of Lombard, you own your own business, therefore you should run it the way it makes sense to you. You are never expected to sell minimum amounts of any product or service.
Access senior management directly at any time. The firm has three senior managers and they are always available via a phone call to the office or cell phone.
Have the best of both worlds. At Lombard, you have direct access to senior management and the ability to run your practice in a unique way that works for you and your clients. You also have the advantage of large-firm product and service offerings. due to our partnership with First Clearing.
Lombard is a full-service brokerage firm, which deals in most types of retail securities, and also owns and operates an SEC Registered Investment Advisor and a full-service Insurance Agency.
The firm is a closely held corporation founded in 1990. The firm currently employs about 70 registered personnel, 50 branch locations, and full-time support and supervisory staff headquartered in Baltimore MD.
Lombard is an introducing broker/dealer and clears its brokerage and advisory business through First Clearing officially known as Wells Fargo Clearing Services.
Looking at our culture and investment philosophy, our average rep has more than 20 years in the securities business and the firm’s managing principals have a minimum of 35 years of investment business experience. The firm strongly retains its stock and bond culture from its founding and caters to both new and old-school brokers and advisors. Our representatives are as diverse as our customers, and each of our reps makes recommendations based on investments that are suitable and appropriate for that individual client. Lombard’s brokers are given no special payouts on any products and are free to offer a wide range of products and services to their customers’ financial needs and goals.
We offer our representatives the personalized service that only a small firm can provide combined with the depth of product, systems, and services that only comes from a top-tier clearing firm.
We offer stocks, ETFs, CDs, mortgage backed securities, government, corporate, and municipal bonds, mutual funds, 529 plans, and options. We also offer a broad list of variable insurance products from the nation’s major insurance carriers.
Traditional brokerage services offered through our clearing firm include, most types of retirement account and qualified plans, account check writing, performance reporting, monthly statement and confirm e-delivery, statement house holding, online rep trading platform for stocks, bonds, options, and mutual funds, ACH funds delivery, online account access for customers, and much more.
Lombard Advisers is an SEC-registered RIA (please see form ADV Part II) and a wholly-owned subsidiary of Lombard Securities. We offer self-managed advisory plans for your clients as well as outside asset management, and asset allocation models to assist you in securities selection. The firm also owns a proprietary longer-term market timing model which advised selling stocks prior to the latest bear market which started in February 2020.
All accounts are held directly by our clearing firm/custodian and they handle asset billing and statement reporting. For adviser representatives who manage their accounts directly, your clients will pay quarterly advisory fees in advance of each quarter which is deducted from the account balance along with a flat fee of $25 per year to cover billing and reporting expenses.
For Finacial Advisors who want to utilize managed account programs, the firm offers a full suite of SMA accounts and low-cost mutual fund / ETF managed programs through First Clearing /WFCS.
Smartstation is a turnkey, single sign-on advisor and backoffice workstation. The system is designed to help advisors manage real-time client data, account performance, trading tools, portfolio reporting, contact management and much more. Under one login, the system employes dozens of integrated modules which are easy to find and open in a browser like format utilizing favorites and a bookmarks bar. As smartsation is large and complex, please call Curt Fox at 410-342-1300 to arrange a demo.
The system in its most basic and low cost form provides the following to our reps:
- Account Workbook: Name or Houshold account lookup – balances, positons, account overview, order entry and reporting, account activity, access to client documents, statments, position reports, etc.
- Advisor Workbook – Commissions analysis daily, monthly, annually. Moneyline, Position reports, Online money movement requests, and much more.
- CRM – with integraed calenda and client or prospect notetaking saved to the system.
- Research – Equites, ETFs, Fixed Income, Mutual Funds, including macro economic views, asset allocation research. Rseearh comes from at least Wells Fargo Advisors, Morningstar,Credit Suisse and others.
- Online Trading of stocks, options, mutual funds, CDs, UITs, ETFs, bonds notes,and continuous access to US trreasury and agency offerings. Trading modules includes multiple order entry on on scrren and complex option orders. “Bond Center” incldues current offerings from participating dealers of corporates, munis, CDs, etc. Product is fully integrated at the account level and offers, search by yield and maturity crities, with ladder building and other fixed income portfolio functionality.
- Estate Planning Guidance and educational material.
- Reports: Position and tax lot reporting, Gains losses, estivmated income, performance, portfolio snapshot, etc.
- Integrated professional level quotes and news package provided by Thompson Reuters.
- Full Back office functionality for sales assistants and back office personnel.
- Clients can have full online access to therir accounts on the web complete with real time positions and balances, gains and loss reporting, and the abiltiy to download stattements and tax documents.
We offer VA sales directly through Lombard Agency, a subsidiary of Lombard Securities. For outside insurance products, Lombard offers several options:
- You can sell insurance as an approved OBA
- You can sell fixed insurance products through our affiliate Lombard Agency and be paid directly by us.
- You use one of our insurance partners – independent agencies or IMOs.
Lombard pays the following percentages to RRs after ticket charges:
(Payouts are based on calendar year production)
Under $50,000 – up to 70%
Between $50,000 and $150,000 gross: 80%
Above $150,000 – Neg.
*Special Payout of 90% on all business done above 300,000 during each calendar year.
*The 80% and 85% payout rates are retroactive to day 1 of that calendar year. If you are at the lower payout and reach either of these levels before the end of the calendar year, you will be paid on all business at the higher rate retroactively for the entire year.
These payouts are the same for all products including variable product sales and advisory fees earned through Lombard Advisers.
Your total gross is defined by combining all securities sales charges, commissions, 12b1s, markups, insurance commissions through us, plus any investment advisory fees.
Any outside insurance business written through our subsidiary, Lombard Agency, Inc. will count toward your total gross commissions for percentage payout purposes.
For a full list of ticket charges, payouts, fees please download our one-page Lombard Summary Sheet.
CRD Authorization Form – Print and sign this form to authorize us to perform a regulatory background check.
Annual Fees:
Registration Fees and Continuing ED
- FINRA Annual Registration Fees and Branch office fee.
- State Registration Fees: Vary depending on each annual state fee:
- Firm Element Continuing Education- $25 per year through an online vendor
- Regulatory Element Continuing Education – $56.00 every three years
Monthly Fees:
- Combined Fee – $205.00 per month; includes E&O, technology, and compliance. This is the total recurring monthly fee that our advisors pay the firm.
- Platform fee – First Clearing Smartstation – $70.00 – $145.00 monthly depending on platform options.
- Changes to your CRD file such as new state registrations or disclosures: these are billed to us monthly and are passed on as they occur.
- There are absolutely no additional technology, back office, or compliance fees.
- Disclosure reporting fees entered on the FINRA CRD system are passed on to registered personnel on a per-occurrence basis.