Lion Street 2019 Annual Report FINAL - Page 13



10
BROKER-DEALER
Lion Street’s wealth management business has become integral to the Company.
Insurance-based products in the securities space showed significant growth, and
Lion Street’s Life and Wealth teams worked in unison to deliver united results.
Financially, Lion Street Financial was designed to have a variable cost structure to
better serve the Company’s growth needs. This strategic decision is now showing
with net revenue increasing 40% from the prior year, while expenses grew 19%. That
said, Lion Street Financial made significant investments in people and new systems to
better manage the business and serve our Firms.
John Burmeister
President and CEO
COMPLIANCE
Lion Street Financial’s compliance philosophy is one of partnership; the Company
takes risk management very seriously by working with Firms, not against them,
to achieve outcomes that are in the best interest of the client. For example, the
Company partnered with FSI and Advisor Armor to enhance cyber security initiatives,
used leaders like MarketPro for marketing approval, and adhered to new regulations
like Regulation Best Interest, without overreaching.
Carie Heckler
Chief Compliance
Officer
ADVISORY AND ANNUITIES
Total sales through the Broker-Dealer and RIA were up 70% over the prior year.
Annuities, advisory and new Firm growth are key factors to highlight. The annuity
business grew 23% and kept pace with a 50/50 split between fixed and variable
sales. Advisory sales grew by 46% and were supported largely by a new strategic
partnership with AssetMark that launched in early 2019. Ten new Owner-Firms
activated with the Broker-Dealer and RIA last year.
Kyle Wardlaw
SVP, Distribution
FINANCE
The wealth management business achieved strong growth across all key financial
measures in 2019. With double- and triple-digit growth across all GDC categories and
tightly managed expenses, the business reported positive net income of $529,000
for the first time, in 2019. Total Assets topped $12 billion at the end of 2019. A major
initiative in 2020 will be the introduction of a new compensation system after
spending 2019 working closely with Firms, assuring accuracy and functionality.
Kari Ratajczak
Chief Financial Officer
2019 ANNUAL REPORT

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