Lanark Financial is a dual-registered firm based in Birmingham, AL, that holds a 60.0/100 Fidelon TransparencyScore (1st percentile among SEC-registered advisers), with 83 registered advisors. Score based on public SEC and FINRA filings.
Lanark Financial
Lanark Financial, INC. · CRD #17870
A dual-registered firm offering both advisory and brokerage services.
Fidelon Fact Sheet
Lanark Financial, INC. is an investment adviser and broker-dealer in Birmingham, AL. It used to be called Aldyn Capital Investment And Advisory Services and North Shore Wealth Management Group, LLC. It has 83 registered advisors. It manages $1.8 billion across 4,966 client accounts. It charges a percentage of the money it manages for you, and it can also earn commissions when it sells you a product. When it gives advice, it must put your interests first. When it sells products, it only has to pick ones that are suitable for you. Its services include financial planning, portfolio management, educational seminars and investment newsletters. It has regulatory actions on file, most recently in 2019.
Peer Context
10,574th of 10,815
SEC-registered advisers
Bottom 1%
78th of 79
SEC-registered advisers in AL
Bottom 1%
36th of 37
SEC-registered advisers in Birmingham, AL
Bottom 1%
How This Firm Works
Registration & Standard of Care
Dual-Registered — this firm operates as both an investment adviser (fiduciary) and a broker-dealer. Some services come with fiduciary protection, while brokerage services may involve commissions.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Charges fixed fees for specific services
- Representatives can earn commissions on product sales
Specializations
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Registered as investment adviser with fiduciary obligation
Things You Should Know
- Also operates as a broker-dealer — may not always be required to put your interests first
- 6 regulatory complaints reported by FINRA
- $93K in regulatory fines
Conflict Audit
Multiple structural conflicts identified in regulatory filings. These are disclosed business arrangements — worth asking about, not disqualifying.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
What this firm says about how it gets paid
“The more assets you have in this type of account, the more you’ll pay in fees, which creates an incentive to encourage you to increase the size of your account.”
“We receive compensation from third parties related to the investments you make in certain products, including mutual funds, ETFs and annuities. This compensation includes ongoing distribution charges, such as 12b-1 fees or commission trials, which an investment product charges you and then pays to us.”
Source: the firm’s own Form CRS, filed 2026-06-30 — quoted directly
Regulatory Track Record
6
Disclosures
$93K
Total Fines
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
53/100
Weak
Avg for dual-registered firms: 66.8 | Top 10%: 97.2
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
84/100
Strong
Avg for dual-registered firms: 70.4 | Top 10%: 80.7
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.
71/100
Fair
Avg for dual-registered firms: 62.2 | Top 10%: 79.3
Enforcement History
Past actions taken by the SEC, FINRA, or state regulators, and how well the firm supervised its people.
49/100
Weak
Avg for dual-registered firms: 59.6 | Top 10%: 86.5
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 Clarity100/100
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.
The brochure answers every one of these.
- Can you tell what you'd pay?CoveredItem 5.A
Without a fee schedule you cannot compare this firm with any other.
Advisory Fees will generally range from .50% to 2.50% annually based on the Investment Manager selected by the Client, the total market value of assets in the Client's overall investment portfolio, and the complexity of Advisory Services.p. 12
- 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.
Advisory Fees are negotiable between Lanark and the Client and are outlined in the Client Profile.p. 12
- 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.
The Client can elect to be invoiced directly for the Advisory Fees, authorize Lanark to deduct the Advisory Fees from the Account, or direct Lanark to deduct the Advisory Fees from another Client Account.p. 14
- 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.
Advisory Fees are payable in advance quarterly and calculated based on RBC’s valuation of the underlying assets in the Account as of the last business day of the preceding calendar quarter or alternative quarter as elected.p. 14
- 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.
The Advisory Fee does not cover, and Client will be additionally responsible and charged for outside brokerage commissions, margin interest, custody fees, including annual IRA custodial fees, and certain other expenses for additional Account services, as described in the IA Program agreement.p. 13
- Does it say how you get money back if you leave mid-period?CoveredItem 5.D
If you pay in advance and leave early, the refund rule decides what you get back.
If a client account is terminated prior to the last day of the calendar quarter, or alternative quarter as elected, then a pro-rata portion of the fees paid by the Client, based on the days remaining in the quarter, will be refunded to the Client.p. 14
Does it explain each conflict of interest and what it could cost you?Brochure Conflict Specificity69/100
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 uses an affiliated broker-dealer, does it explain what that means for you?
An affiliated broker-dealer
- 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.
The principal executive officers, directors, and other employees of Lanark are also registered representatives of Lanark.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?CoveredStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
These individuals will be able to receive separate, yet customary commissions and other compensation resulting from executing securities transactions on behalf of clientsp. 17
- 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 your trades or products go through a company the firm owns or is tied to, and what that costs.
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.
Lanark Asset Management is a division of Lanark Financial, Inc. Lanark Asset Management offers proprietary portfolio management services as an Investment Manager in the ProAM Program.p. 17
- 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.
The participation of Lanark as an Investment Manager in the ProAM Program creates an incentive for Lanark to recommend itself over a potentially more qualified and suitable non-affiliated Investment Manager.p. 20
- 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?CoveredStaff Bulletin Q11
The size of the payment tells you how strong the pull is.
Lanark will benefit financially from the portion of the Advisory Fee paid to Lanark Asset Management as the Investment Manager Fee.p. 13
- 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 payments from product sponsors, does it explain them?
Revenue sharing with product sponsors
- 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.
Lanark receives compensation in the form of interest sharing from RBC or other sweep option providers in exchange for assets under management in cash sweep accounts.p. 20
- 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.
This conflict creates an incentive for Lanark to recommend maintaining higher cash sweep option balances rather than investing in other products in which Lanark does not receive additional compensation.p. 20
- 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 which product companies pay the firm, how much, and whether those products end up in your account.
If the firm collects 12b-1 fees from mutual funds, does it explain them?
12b-1 distribution fees from mutual funds
- 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.
Typically, all or a portion of the 12b-1 fee is paid by a mutual fund company to Lanark, as outlined in the applicable prospectus, potentially creating an incentive, and thus a conflict of interest, for Lanark or your Lanark FA to recommend a mutual fund that will pay a 12b-1 fee as opposed to one that does not.p. 20
- 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.
potentially creating an incentive, and thus a conflict of interest, for Lanark or your Lanark FA to recommend a mutual fund that will pay a 12b-1 fee as opposed to one that does not.p. 20
- 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 you own pays the firm a 12b-1 fee, and whether a cheaper share class exists.
Do they earn commissions on products, and do they say so?Brochure Sales Compensation80/100
When a firm or its people sell products for a commission, the SEC asks the brochure to say so, name the pull, and tell you whether you could buy elsewhere.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
- Does it say that earning commissions is a conflict of interest?CoveredItem 5.E.1
A firm paid to sell a product has a reason to recommend it that has nothing to do with you.
As a result, Lanark and the Lanark FA may receive additional compensation from usual and customary insurance commissions or referral fees.p. 13
- Does it say commissions can shape what they recommend?Not found in the brochureItem 5.E.1
Naming the pull is the first step to controlling it; silence leaves it working on you.
What to askAsk how the firm keeps commissions from steering the advice you get.
- Does it say you can buy the same products elsewhere?CoveredItem 5.E.2
You may be able to buy the same product for less somewhere else.
However, the Client has the option not to purchase the recommended products and can purchase products through other unaffiliated brokers or agents.p. 13
- Does it say whether commissions lower your advisory fee?CoveredItem 5.E.4
If the firm earns a commission and the full advisory fee, you pay twice for one recommendation.
Advisory fees or commissions generated through the implementation of recommendations through Lanark or its affiliates may, where applicable, be used to offset financial planning and investment advice fees.p. 15
Do they get free research or services from brokers, and does it affect you?Brochure Soft Dollars18/100
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.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
- Does it list what the firm gets from brokers for free?Not found in the brochureItem 12.A.1.e
Research, software and data paid for by your trades are a cost you never see.
What to askAsk what research, tools or services the firm receives from brokers or custodians at no charge.
- Does it say the firm benefits by not paying for those things?Not found in the brochureItem 12.A.1.a
A perk the firm would otherwise buy is money in the firm's pocket, paid with your trades.
What to askAsk what the firm would have to pay for those services if it bought them itself.
- Does it say those perks can shape which broker it picks for you?Not found in the brochureItem 12.A.1.b
Your trades should go where you get the best deal, not where the firm gets the best perks.
What to askAsk how the firm chooses the broker for your trades and whether perks play any part.
- Does it say whether those perks stay within what the law allows?Not found in the brochureItem 12.A.1.e note
The law allows research paid for with client trades only within limits; outside them, it is your money.
What to askAsk whether everything the firm receives from brokers is research the law lets it take in return for your trades.
- Does it say whether you pay more in trading costs because of those perks?Does not applyItem 12.A.1.c
Paying up for trades to earn the firm a perk comes straight out of your returns.
- 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.
Soft dollar benefits are not proportionally allocated to any Accounts that may generate different amounts of the soft dollar benefits.p. 21
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
83 advisors
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| David Steele Sutphin | 2747358 | — | — |
| Patricia Nell Manley | 1454385 | — | — |
| Blanton Charles Creque | 7359590 | — | — |
| Pierre Gaston Marc Allard | 5860780 | — | — |
| John Robert Doody Jr | 1703990 | — | — |
| Robert Glenn Alvarez | 2356124 | — | — |
| Darren Marc Hinshaw | 2999728 | — | — |
| Lisa Ann Sumpter | 4310148 | — | — |
| Armand Anthony Atkinson | 5167229 | — | — |
| Stephen Burnett Agricola | 1326376 | — | — |
Marketing Brands9 brands
Names advisors at this firm use when marketing to clients
Preparing for a meeting?
Pick an advisor at this firm to get a prep kit with their fees, conflicts, track record, and the questions worth asking.
Monitor this firm
Get notified when something changes — new complaints, score movements, firm changes. Free.
Free: 1 advisor, monthly status report. Pro ($7/mo): up to 5, instant alerts, pending complaints.
Is this your profile?
Claim it to understand your TransparencyScore, see your level, and track changes over time.
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.
What does dual registration mean for me?
It means your advisor can act as a fiduciary (putting your interests first) for some services and as a broker (suitability standard) for others. The key question to ask: 'For this specific recommendation, are you acting as my fiduciary?' Get the answer in writing.
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 · FINRA BrokerCheck
Last scored: · Score version: 3.15 · CRD #17870