Lumsden & McCormick Financial Services

Name

Lumsden & McCormick Financial Services

Legal name

Lumsden & McCormick Financial Services, LLC

Website

https://fslumsden.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Wealth Management and Financial Advisory Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Business Owner & Executive Financial Planning (FSAEAAAO)

Keywords

• Wealth management services
• Retirement income planning
• Investment advisory services
• Tax planning advisory
• Estate planning services

Headquarters

HQ city

Buffalo

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Investment Advisory Services: Wealth management and investment advisory services offered through Avantax Advisory Services. Revenue is generated through advisory fees, typically based on assets under management (AUM) or flat fees for comprehensive financial planning.
2. Securities Commissions: Securities offered through Avantax Investment Services, member FINRA/SIPC. Revenue includes commissions on investment products and transaction-based fees.
3. Insurance Services: Insurance planning services offered through Avantax affiliated insurance agency, providing life, accident, and health insurance products.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lumsden & McCormick Financial Services, LLC is a financial advisory firm offering comprehensive wealth management, retirement income planning, investment management, tax planning, estate planning, and insurance services to individual investors, retirees, business owners, and families. As a wholly owned subsidiary of Lumsden & McCormick, LLP CPA, the firm integrates financial advisory with tax planning expertise, delivering securities and advisory services through the Avantax platform.

Product overview

Lumsden & McCormick Financial Services is a financial advisory firm that operates as a wholly owned subsidiary of Lumsden & McCormick, LLP CPA. The firm offers a comprehensive suite of wealth management and financial planning services organized into distinct practice areas: Financial Services (core wealth management), Income Planning (retirement management), and specialized service categories including Asset and Income Protection, Business and Succession Planning, Debt Management, Education Planning, Estate and Gift Planning, Insurance, Investment Management, Retirement Planning, Tax Planning, and Special Situations. The firm also provides business retirement plan services for employers. Services are delivered through a team of financial advisors and supported by a client portal and monthly e-newsletter. Securities and investment advisory services are offered through Avantax Investment Services and Avantax Advisory Services respectively.

Differentiator

Problem solved

Functional benefit

Products and services

• Financial Services Comprehensive wealth management service ensuring all pieces of a client's wealth plan work together in a tax-optimized manner today and in the future. Targeted at individual investors, retirees, and families in Western New York.
• Income Planning Retirement income planning service developing comprehensive retirement management strategies centered around client income and personal goals. Designed for pre-retirees and retirees seeking predictable retirement cash flow.
• Investment Management Portfolio management service covering stocks, bonds, mutual funds, ETFs, and diversification strategies for individual investors and retirees.
• Tax Planning Tax-efficient investment strategies and tax planning service for high-net-worth individuals, leveraging integration with the parent CPA firm Lumsden & McCormick, LLP.
• Estate and Gift Planning Estate planning service including charitable trusts, wills, and legacy planning strategies for individuals and families seeking multigenerational wealth transfer.
• Insurance Planning Insurance planning service as a wealth and legacy protection strategy, offered through an Avantax-affiliated insurance agency covering life, accident, and health products.
• Education Planning Education funding planning service covering 529 plans and college savings strategies for families planning for future educational expenses.
• Business and Succession Planning Business planning service for business owners including succession planning and business continuation strategies, integrating personal wealth and tax planning.
• Asset and Income Protection Asset and income protection service focused on shielding client wealth and income through insurance and risk management strategies.
• Debt Management Debt management service providing strategies for managing and optimizing personal and business debt obligations.
• Business Retirement Plans Customized retirement plan service for businesses including 401(k) plans, with fiduciary responsibility and employee education services. Targeted at business owners and employers.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered major and core.

• Lifetime Wealth Management Group, Inc.majorStrategic or Co-development Partner · 16 June 2025Lumsden & McCormick Financial Services announced merger negotiations with Lifetime Wealth Management Group, Inc. in June 2025. The firms subsequently merged, with Lifetime Wealth Management becoming an affiliate operating under the 'Lifetime Wealth Management, an affiliate of Lumsden McCormick' brand.
• Lumsden & McCormick, LLP CPAcoreStrategic or Co-development PartnerLumsden & McCormick Financial Services is a wholly owned subsidiary of Lumsden & McCormick, LLP, a Certified Public Accounting firm. This affiliation provides integrated financial and tax planning services, with shared branding and cross-referrals between the CPA firm and the financial services entity.
• Avantax Investment ServicescoreTechnology or IntegrationSecurities are offered through Avantax Investment Services, member FINRA/SIPC. Avantax provides the technology platform, regulatory infrastructure, and investment product access for the firm's securities-based services.
• Avantax Advisory ServicescoreTechnology or IntegrationInvestment advisory services are offered through Avantax Advisory Services, providing the advisory platform and compliance infrastructure for registered investment advisory services.

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Direct peers

• Hightower Advisors: Partner-owned RIA platform built on merging independent advisory firms; comparable because it consolidates regional wealth practices under a shared brand, infrastructure, and partnership model — analogous to the Lumsden/Lifetime model.
• Sanctuary Wealth: Partner-owned wealth platform built around merging independent advisor teams; comparable for the same growth-via-regional-rollup strategy the firm is pursuing in Western New York.
• Cetera Financial Group: Independent broker-dealer/RIA platform that serves financial advisors with the same product, compliance, and back-office infrastructure that Avantax provides for Lumsden & McCormick — the most directly comparable IBD-affiliated model.
• Cambridge Investment Research: IBD and RIA platform supporting independent financial advisors with investment, advisory, and insurance product access — a direct analog of the Avantax-anchored wealth practice model.
• Commonwealth Financial Network: Independent broker-dealer and RIA supporting individual advisors with wealth management, retirement, and insurance capabilities through an affiliated IBD infrastructure similar to Avantax.
• Kestra Financial: Independent wealth management platform offering advisory, brokerage, and insurance infrastructure to RIAs; structurally similar to the role Avantax plays for Lumsden & McCormick.

Broad incumbents

• LPL Financial: Largest U.S. independent broker-dealer and RIA platform; provides the same Avantax-style infrastructure at vastly greater scale, including securities, advisory, and insurance distribution.
• Focus Financial Partners: Roll-up acquirer of high-quality RIAs; provides a relevant industry benchmark for the consolidation trajectory, valuation multiples, and exit dynamics applicable to small advisory firms.

Others

• Wipfli: Top-25 U.S. accounting and advisory firm with a wealth management arm; mirrors the integrated CPA + wealth model that Lumsden & McCormick uses as its core differentiator.
• Honkamp Krueger: Midwest-based CPA firm with affiliated wealth management and financial advisory practice; a regional example of the same accounting-rooted integrated wealth model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lumsden & McCormick Financial Services