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Dear Lockwood Investor:
Woodbury Financial Services (WFS) notified us following their acquisition of Questar Capital that a specific account change which would be necessary before March 1st, 2020; this impacts you as a Lockwood accountholder.
To avoid a disruption in account management by Lockwood’s team, your account (AJ3 account number prefix) must transition internally within Pershing from WFS to the Pershing Advisor Solutions platform; this is considered an “internal ACAT Transfer” - - within Pershing, your current asset custodian. The necessary forms and documents have been enclosed.
We’ve taken our time to understand the nature of this request and we confirmed that there is NO cost to you as an investor, nor is there any adverse consequence to which we’ve been able to identify. To date, we remain very pleased with Lockwood Advisors and their Asset Allocation Program (LAAP) as a provider for many of our investor’s accounts, my own family included. Worth noting, we’re also happy with our Woodbury relationship, although we miss many of our friends from the Questar home office that didn’t transition with us.
Account number change aside, there are no material modifications to your account, the fee structure or how we expect it to continue being managed - - unless you want to change models to change your asset allocation (i.e., increase / decrease risk). Serving you as a Fiduciary on this account, we have no conflicts of interest to disclose as a result of this change within Pershing and we look forward to continue serving you.
On behalf of our team, we recognize the enclosed paperwork serves as slight inconvenience - - but it is necessary - - to continue having your account managed by Lockwood in the future. Failing to sign and return these documents will result in no longer having Lockwood provide investment trading or oversight on your account, effectively terminating our Investment Advisory relationship.
Please contact us if you’d like to ask any questions or to speak with me directly about your account(s). You can reach me via email firstname.lastname@example.org or by telephone to schedule a mutually convenient call (302)235-8672.
Christopher W. vonLindenberg
CEO / Founder