HomeMy WebLinkAboutPMA Securities, Inc. Disclosure 10-3-13 p m A
PNI48ecunnes inc
%1J5C1VQateLanm.7th Hoot
Napena/ie IL 60563
|nto@mnanetworkcom
63D6a704OO
PNNA SECURITIES DISCLOSURE
This notice serves to disclose my new role as a registered representative associated with
PMA Securities, Inc. (hereinaf1er ^PMA"). PMA serves as the Fund Distributor for
Florida Surplus Asset Fund Trust ("FL SAFE"), a local government investment pool
formed under Florida Statutes. FLSAFE is a comprehensive cash management program
exclusively for Florida local governments. Affiliates of PMA serve as the Investment
Advisor and Operational Manager for the fund. (Prudent Man Advisors, lnc./lnvestment
Advisor; PMA Financial Network, Inc./Operational Manager).
As you may know, I have served as the Administrator of FLSAFE through Florida
Management &Administration Services, LLC ("FMAS"), and may have worked with you
as a financial advisor for Larson Consulting Services, LLC (~LCS'^).
So you understand my distinct roles, I am providing the following supplemental
information:
PMA Securities:
PMA Securities is a broker-dealer and municipal advisor registered with the SEC and
MSRB, and is a member of FINRA and SIPC. PMA is the distributor for the FLSAFE Fund
and PMA together with PMA Financial Network make available to Fund Participants
securities and other investments as part of the Fund's Fixed Income Investment
Program /^F|IP"i PMA is headquartered in Naperville, IL and has an office in Palm
Coast, Florida.
In my role as an independent contractor registered representative for PMA Securities, I
will market the FLSAFE Fund and the programs of the Fund to Participants and
prospective Participants in the Fund. In this capacity I will provide general information
on the benefits of investing through FL6AFE' both in the Fund }tse/y, through the Term
Series, and through value added services of the Fund, including the Cash Flow
Management Program, Bond Proceeds Investment Program and F||P' through which
Partcipanrs can purchase investments for their individujl accounts. I have Series 7, 24,
53, 63 FINRA licenses.
Information concerning the FLSAFE Fund and its programs is available in the FLSAFE
Information Statement available at wwwFLSAF[ org,which may have already been
1 apmA
1
provided to you While I am not compensated directly for my marketing from PMA
Securities, as disclosed in the FLSAFE Information Statement, I am compensated as the
Administrator of FLSAFE pursuant to the Amended and Restated Administration
Agreement approved by the FLSAFE Board of Trustees dated October 28, 2011. In this
capacity, I receive a base rate and supplemental payments for administration based on
the growth of the Fund, including Term Series, and the FlIP.
My role at PMA is limited to generally marketing FLSAFE and its programs, including FlIP.
If you would like to purchase any individual investments for your portfolio through
FLSAFE'o Fi|P' please contact Fenil Patel, Vice President, PMA Securities, at 855-202-
9650orfpateWxananetwu[k.c$nn.
PMA and its Affiliates are compensated for its Distribution, Investment Advisory and
Operational Manager duties and investments through the FIIP as set forth in the
Information Statement.
Florida Management&Administrative Services:
FMAS is a full service management and administrative services firm based in Orlando,
Florida. FMAS was retained in May 2011 by the FLSAFE Board of Trustees to serve as its |
Administrator. I am the President of FMAS, My FMAS Team and I are active members
of the FGFOA, FCCMA and other statewide organizations.
The Administrator's primary responsibilities include, among other things, serving the
Board as Administrator for the Trust, FlIP Program and the Term Series Program
coordinating requirements for Board or Participant Meetings, assisting with and
maintaining ongoing communications and customer service. FMAS is not involved in the
distribution of FLSAFE to Participants or prospective Participants.
Larson Consulting Services:
LCS was formed in 2008 and since the advent of Dodd Frank legislation in 2010, has
been registered with the SEC and MSRB as a municipal advisor. LCS provides
independent financial advisory and consulting services. As a financial advisor, ICS
provides advice concerning the issuance of bond proceeds and the investment of bond
proceeds,among other things. As part of our consulting services, we advise on
investment approaches and permitted investments under Florida Statutes for Florida
local governments. LCS also assists local government clients in updating clients
Investment Policies and often reviews a client's current Investment Portfolio as part of
our financial advisory services.
Disclosure: /
While LCS provides the general advice above, LCS does not provide any investment
execution services or underwriting services and is not registered as a broker-dealer with
either the SEC or MS RB.
2
1
1
1
ppmA
1
1
1
1
ICS is separate and distinct from P&14 Securities, and PK4A has no supervision orhnout
into the L[S bu�nesoacUv/tiesmrU[Sdientne|at�msh/p� '
Your relationship with me as a marketer through PMA Securities for FLSAFE or as an
Administrator through FMAS is independent of my role or potential role with you as a
financial advisor through LCS.
While PMA Securities is also registered as a municipal advisor and provides financial
advisory services, it does not provide any financial advisory services to clients in Florida.
Any financial advisory services offered through me to a Florida local government are
performed solely through LCS.
* • *
Pleasenmtethat | haveseparateernaUaddressesdeoendin0onwhetheryarnprmvid'
financial
a serv�esfor ICS o, if|annprov�}n rna,kedngoradrnlnis1rat|on 'm
services for FLSAFE h4y email address for LCSis `|amonP/aoomconsu and my
email address for FISAFE marketing and administration is
|a{son E7Df|uridamnana:*rneotservices corn.
If you have any questions on my distinct roles or this disclosure, please contact me at
your earliest convenience, If you have any questions on this disclosure for PMA, please
contact Lori Ragms, PN4A Chief Compliance Officer at63O/857'6497.
Sincerely,
O ~'
n�. � �
Jeffrey T. Larson
PMA Securities, Inc
RECEIVED AND ACKNOWLEDGED
~/� �uy� �r�^°'�^ u�. u� 6tJ� cp~ --
Title:
�+' ���� */x� ��c�
_ ~ ~ �°_" r � ~�~~^-�_
�, �«�/
Local Government:
�/��^ �T�^ /^��/�—v
/ ^�
3 ���� �
Date: �� - ' " |
1
cc. Lori Ragus, Esq., PMA General Counsel and Chief Compliance Officer
:3
{