Kornitzer Capital Management is a investment adviser based in Mission, KS, that holds a 72.6/100 Fidelon TransparencyScore (6th percentile among SEC-registered advisers), with 11 registered advisors. Score based on public SEC and FINRA filings.
Kornitzer Capital Management
Kornitzer Capital Management, INC. · CRD #111087
A registered investment adviser held to a fiduciary standard.
Fidelon Fact Sheet
Kornitzer Capital Management, INC. is an SEC-registered investment adviser in Mission, KS. Its 11 registered advisors typically serve pension and profit-sharing plans and institutional investors. It manages $6.5 billion across 5,080 client accounts. It charges one yearly percentage of your account, and it does not report earning commissions. Its services include financial planning, retirement plan consulting for employers and educational seminars. It reports that it can hold or access client money, which the SEC requires firms to disclose. It has regulatory actions on file, most recently in 2018.
Peer Context
10,202nd of 10,815
SEC-registered advisers
Bottom 6%
114th of 119
SEC-registered advisers in KS
Bottom 4%
2nd of 2
SEC-registered advisers in Mission, KS
Bottom 1%
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Charges fixed fees for specific services
- Does not earn commissions on product sales
What you’d pay
Your balance falls in the All accounts band, charged at 1.00% on the full amount.
This fee is negotiable
“In limited circumstances, our fees may be negotiable depending on the size of the account and the investment style.”
From their Form ADV Part 2A. Most investors never ask.
Not included above
- • In addition to our fees, you pay fees and charges associated with the maintenance of your account, including without limitation, brokerage commissions, mark-ups and mark-downs on securities transactions, transaction fees, exchange fees, custodial fees, transfer taxes, wire transfer fees, and any other account costs or expenses incurred by you in connection with your account. You pay fees and charges for funds held in money market funds and short-term investment funds in addition to our advisory fees. The fees, charges, expenses, and other costs of the Buffalo Fund in which you are invested are deducted at the fund level.
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| All accounts | 1.00% |
Billed quarterly basis in advance
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Who They Typically Serve
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Fee-only compensation — no commission income reported
- Registered as investment adviser with fiduciary obligation
- No broker-dealer registration — advisory services only
- Transparent fee structure — charges advisory fees, no commissions
Things You Should Know
- 1 regulatory complaint in public regulatory filings
- $2.7M in regulatory fines
- Its brochure names an affiliated adviser or private fund as a conflict, but it does not explain what this arrangement tempts the firm to do, say what the firm is paid for it, or say what it can cost you. Ask whether any fund or adviser recommended to you is owned by or tied to the firm, and what fees that adds.Items 10, 11, 12.B and 14
Conflict Audit
Our analysis identified 1 potential conflict of interest in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
What this firm says about how it gets paid
“We have an incentive to increase the amount of assets under our management and keep assets under our management rather than remove them.”
Source: the firm’s own Form CRS, filed 2026-06-25 — quoted directly
Regulatory Track Record
1
Disclosures
$2.7M
Total Fines
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
80/100
Fair
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
67/100
Fair
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
65/100
Fair
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
85/100
Strong
Avg for investment adviser firms: 99.7 | Top 10%: 100
Their two-page relationship summary
The SEC requires every SEC-registered investment adviser to hand you this summary, called a Form CRS, and says what it must cover. We checked this firm's against that list. What is a Form CRS?
- Does it include everything the SEC requires?
- Required sections
- 76/100
- Does it explain how the firm's conflicts affect you?
- Conflicts of interest
- 71/100
- Can you tell what you would pay?
- What you pay
- 61/100
- Is it written in plain English?
- Plain language
- 94/100
This firm's Form CRS averages 76 out of 100. It adds 3.88 points once the firm's filings and record score 90 on their own; they score 72.62 today.
What their brochure tells you
The firm must give you this brochure, Form ADV Part 2A, before you sign. We read it against the SEC's own instructions, item by item. Quotes are the firm's own words; page numbers refer to the filed brochure. What is in a brochure?
Can you tell what you'd pay and when?Brochure Fee Clarity85/100
The SEC asks every brochure to spell out the fee schedule, whether fees can be negotiated, how and when you are billed, the other costs you pay, and refunds.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
- Can you tell what you'd pay?CoveredItem 5.A
Without a fee schedule you cannot compare this firm with any other.
Following is the percentage fee calculated against the type of investment (fees may vary depending on the type of investment approach being directed, the amount of assets, and the level of client service required):p. 7
- Does it say whether the fee can be negotiated?CoveredItem 5.A
If fees are negotiable, other clients may be paying less than you for the same service.
In limited circumstances, our fees may be negotiable depending on the size of the account and the investment style.p. 7
- Does it say whether the fee comes out of your account or gets billed?CoveredItem 5.B
A fee taken straight from your account is easy to stop noticing.
We deduct our fees directly from your accounts based on our agreement with you authorizing us to debit fees directly from your accounts held at the custodian and according to certain defined procedures.p. 7
- Does it say how often you're charged?CoveredItem 5.B
Monthly, quarterly, in advance or in arrears changes what you owe when you leave.
You pay our fees on a quarterly basis in advance.p. 7
- Does it list the other costs you pay, like fund and custodian fees?CoveredItem 5.C
The advisory fee is rarely the whole bill; fund, trading and custody costs come on top.
In addition to our fees, you pay fees and charges associated with the maintenance of your accounts, including without limitation, brokerage commissions, mark-ups and mark-downs on securities transactions, transaction fees, exchange fees, custodial fees, transfer taxes, wire transfer fees, and any other account costs or expenses incurred by you in connection with your accounts.p. 7
- Does it say how you get money back if you leave mid-period?Not found in the brochureItem 5.D
If you pay in advance and leave early, the refund rule decides what you get back.
What to askAsk what happens to fees already paid if you close the account partway through a billing period.
Does it explain each conflict of interest and what it could cost you?Brochure Conflict Specificity53/100
The SEC asks the brochure to name each way the firm gets paid besides your fee, what that tempts the firm to do, and what it can cost you.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
If it has an affiliated adviser or private fund, does it explain what that means for you?
An affiliated adviser or private fund
- Does the brochure name this conflict where the SEC requires?CoveredItems 10/11/12.B/14
A conflict named in the right place is one the firm has thought about; one buried elsewhere is easy to miss.
We act as the investment adviser to the Buffalo Funds, an investment company with a series of mutual funds.p. 17
- Does it explain what this arrangement tempts the firm to do?Not found in the brochureStaff Bulletin Q11
You can only judge advice when you know which way it is being pulled.
What to askAsk what this arrangement gives the firm a reason to recommend, and how often that happens.
- Does it describe what the arrangement actually is?Not found in the brochureStaff Bulletin Q11
A conflict described in one vague sentence tells you it exists but not how it works.
What to askAsk the advisor to explain this arrangement in plain terms, including who pays whom.
- Does it say what the firm is paid for it?Not found in the brochureStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
What to askAsk how much the firm or its people receive from this arrangement in a typical year.
- Does it say how the firm comes out ahead?Not found in the brochureStaff Bulletin Q11
Benefits that are not cash, like free services or referrals, still shape advice.
What to askAsk what the firm gains from this arrangement beyond fees.
- Does it say what it can cost you?Not found in the brochureStaff Bulletin Q11
Every conflict has a price; the question is whether the brochure puts it in your hands.
What to askAsk what this arrangement can cost you, in fees, returns or choices you do not get.
- Does it say how the firm keeps this conflict in check?Not assessed yetItems 10.C-D, 11.B-D, 14.A
A conflict with no control on it is left to the advisor's goodwill.
What to askAsk whether any fund or adviser recommended to you is owned by or tied to the firm, and what fees that adds.
If it has an affiliated adviser or private fund, does it explain what that means for you?
An affiliated adviser or private fund
- Does the brochure name this conflict where the SEC requires?CoveredItems 10/11/12.B/14
A conflict named in the right place is one the firm has thought about; one buried elsewhere is easy to miss.
We also provide investment advisory and management services to GPTC.p. 17
- Does it explain what this arrangement tempts the firm to do?Not found in the brochureStaff Bulletin Q11
You can only judge advice when you know which way it is being pulled.
What to askAsk what this arrangement gives the firm a reason to recommend, and how often that happens.
- Does it describe what the arrangement actually is?Not found in the brochureStaff Bulletin Q11
A conflict described in one vague sentence tells you it exists but not how it works.
What to askAsk the advisor to explain this arrangement in plain terms, including who pays whom.
- Does it say what the firm is paid for it?Not found in the brochureStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
What to askAsk how much the firm or its people receive from this arrangement in a typical year.
- Does it say how the firm comes out ahead?Not found in the brochureStaff Bulletin Q11
Benefits that are not cash, like free services or referrals, still shape advice.
What to askAsk what the firm gains from this arrangement beyond fees.
- Does it say what it can cost you?Not found in the brochureStaff Bulletin Q11
Every conflict has a price; the question is whether the brochure puts it in your hands.
What to askAsk what this arrangement can cost you, in fees, returns or choices you do not get.
- Does it say how the firm keeps this conflict in check?Not assessed yetItems 10.C-D, 11.B-D, 14.A
A conflict with no control on it is left to the advisor's goodwill.
What to askAsk whether any fund or adviser recommended to you is owned by or tied to the firm, and what fees that adds.
If the firm gets research or services from a custodian or broker, does it explain them?
Research or services received from a custodian or broker (soft dollars)
- Does the brochure name this conflict where the SEC requires?CoveredItems 10/11/12.B/14
A conflict named in the right place is one the firm has thought about; one buried elsewhere is easy to miss.
We may pay higher brokerage commissions to broker-dealers providing brokerage and research products and services to us that assist us in trade execution and/or investment-decision making responsibilities.p. 19
- Does it explain what this arrangement tempts the firm to do?CoveredStaff Bulletin Q11
You can only judge advice when you know which way it is being pulled.
A conflict of interest may be deemed to exist because we have an incentive to use broker-dealers who provide the most and best products or services, which may or may not be the broker-dealers providing the best execution.p. 19
- Does it describe what the arrangement actually is?Not found in the brochureStaff Bulletin Q11
A conflict described in one vague sentence tells you it exists but not how it works.
What to askAsk the advisor to explain this arrangement in plain terms, including who pays whom.
- Does it say what the firm is paid for it?Not found in the brochureStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
What to askAsk how much the firm or its people receive from this arrangement in a typical year.
- Does it say how the firm comes out ahead?CoveredStaff Bulletin Q11
Benefits that are not cash, like free services or referrals, still shape advice.
When we use client brokerage commissions in exchange for trading and/or research products and services, we receive a benefit because we do not have to pay for the products or services.p. 19
- Does it say what it can cost you?Not found in the brochureStaff Bulletin Q11
Every conflict has a price; the question is whether the brochure puts it in your hands.
What to askAsk what this arrangement can cost you, in fees, returns or choices you do not get.
- Does it say how the firm keeps this conflict in check?Not assessed yetItems 10.C-D, 11.B-D, 14.A
A conflict with no control on it is left to the advisor's goodwill.
What to askAsk what the firm receives from the custodian or broker it uses for you, and whether that costs you anything.
- Hedged wording
We may be deemed to have a conflict of interest to the extent we suggest you use GPTC as a trustee or custodian for your accounts.p. 17
Do they earn commissions on products, and do they say so?Brochure Sales CompensationNot applicable
Not applicable: the brochure describes no product-sales commissions
Do they get free research or services from brokers, and does it affect you?Brochure Soft Dollars100/100
When brokers give the firm research or services in return for your trades, the SEC asks the brochure to say what the firm gets and what it may cost you.
The brochure answers every one of these.
- Does it list what the firm gets from brokers for free?CoveredItem 12.A.1.e
Research, software and data paid for by your trades are a cost you never see.
The trading and research products and services include coordinating meetings with management of companies for investment consideration by us, access to research analysts and reports, allowing attendance at conferences in which company and research analysts make presentations, databases, data services, market and statistical data, software, and quotation services.p. 19
- Does it say the firm benefits by not paying for those things?CoveredItem 12.A.1.a
A perk the firm would otherwise buy is money in the firm's pocket, paid with your trades.
When we use client brokerage commissions in exchange for trading and/or research products and services, we receive a benefit because we do not have to pay for the products or services.p. 19
- Does it say those perks can shape which broker it picks for you?CoveredItem 12.A.1.b
Your trades should go where you get the best deal, not where the firm gets the best perks.
A conflict of interest may be deemed to exist because we have an incentive to use broker-dealers who provide the most and best products or services, which may or may not be the broker-dealers providing the best execution.p. 19
- Does it say whether those perks stay within what the law allows?CoveredItem 12.A.1.e note
The law allows research paid for with client trades only within limits; outside them, it is your money.
We may pay higher brokerage commissions to broker-dealers providing brokerage and research products and services to us that assist us in trade execution and/or investment-decision making responsibilities.p. 19
- Does it say whether you pay more in trading costs because of those perks?CoveredItem 12.A.1.c
Paying up for trades to earn the firm a perk comes straight out of your returns.
We may pay higher brokerage commissions to broker-dealers providing brokerage and research products and services to us that assist us in trade execution and/or investment-decision making responsibilities.p. 19
- Does it say whether every client benefits or only some?CoveredItem 12.A.1.d
Your trades may be paying for research that helps other clients' accounts, not yours.
We do not allocate soft dollar benefits solely to clients’ accounts in which transactions are executed that generate the soft dollars.p. 20
A point not found is not a finding against the firm; many points apply only when the firm has that arrangement, and state-registered firms file the same brochure form.
Next Steps
Advisor Roster
11 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| John Alan Shepley | 2196550 | — | — |
| Matthew Dwayne Ison | 2834268 | — | — |
| Nathaniel Timothy Soulis | 4761561 | — | — |
| Conner Mikel Ensign | 7175940 | — | — |
| Christopher Neal Carter | 7407465 | — | — |
| Kent William Gasaway | 2282800 | — | — |
| James C Shay | 6509594 | — | — |
| Christopher Crawford | 6307097 | — | — |
| Barry Eugene Koster | 4903981 | — | — |
| John Charles Kornitzer | 274070 | — | — |
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.15 · CRD #111087