Investment Objectives

When you open an account with us, we ask you to identify your investment objective, choosing one of the options below (ranked generally from more conservative to more aggressive).

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How We Are Compensated

J.J.B Hilliard, W.L. Lyons, LLC (“Hilliard Lyons”) offers both traditional brokerage accounts and advisory accounts. Fees and services vary based on whether the accounts are brokerage or advisory and in the case of advisory accounts, the nature of the advisory program. Your Wealth Advisor receives a portion of the fees or commissions that Hilliard Lyons receives and therefore has an incentive to recommend products and services to you.

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Understanding Mutual Funds

Hilliard Lyons offers a wide array of investments to help you achieve your goals and objectives. Mutual Funds may be a good choice for you to consider. But before you invest in any type of security, you must first understand the associated risks, the costs involved, how costs and expenses are charged, and how your Wealth Advisor is compensated. This guide will help you make choices that best suit your needs. Each mutual fund is different, so you should carefully review its prospectus before investing.

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Leveraged and Inverse Funds

Learn more about the FINRA and SEC "Investor Alert" on Leveraged and Inverse Funds and the potential issues and risks associated with these products.

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Risks of Borrowing On Margin

Learn basic facts about the use of borrowing on margin the risks involved with trading securities in a margin account.

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How to Protect Your Personal Information

Hilliard Lyons is committed to protecting your privacy. We have implemented a number of controls to protect confidential client information.

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Helpful Links

View helpful links to third-party sites. 

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Company Information and Disclosures

Financial Statements

Cost Basis Reporting Disclosure

Provisions of the Emergency Economic Stabilization Act of 2008 established cost basis reporting requirements for financial institutions including Hilliard Lyons. According to the relevant IRS regulations, beginning with the 2011 tax year we must report to the Internal Revenue Service on client tax forms (1099-B,) gross proceeds as we have in the past along with cost basis for covered securities disposed as well as any information related to the amount of gain or loss and whether the gain/loss is long-term or short-term.

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Business Continuity

We plan to continue business in the event of a significant business disruption, with a planned recovery time proportional to the disruption’s severity. Our business continuity plan will let us continue to perform mission-critical services after a building-only, city-wide, or regional business disruption. 

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Municipal Securities Group Disclosures
Municipal Securities Disclosures
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General Disclaimer
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The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. We do not undertake to advise the reader as to changes in figures or our views. This is not a solicitation of an order to buy or sell any securities.
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Municipal Advice
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The content of Hilliard Lyons’ Municipal Securities Group website was prepared to provide you with general information (as that term is defined in the SEC’s Municipal Advisor Rule) and we are not providing you with any advice or making any recommendation concerning the structure, timing or terms of any issuance of municipal securities or municipal financial products. To the extent that we provide any alternatives, options, calculations or examples in the website’s content, we are not intending to express any view that you could achieve those results in any municipal securities transaction and those alternatives, options, calculations or examples do not constitute a recommendation that you should effect any municipal securities transaction. Hilliard Lyons does not act as your municipal advisor.
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Underwriting Disclosures
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The following disclosures are required by Municipal Securities Rulemaking Board ("MSRB") Rule G-17, in instances in which Hilliard Lyons proposes to serve as an underwriter, and not as a financial advisor, municipal advisor or fiduciary to any person or entity, in connection with the issuance and sale of securities for the issuer to whom this is addressed:

1. MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors.
2. An underwriter’s primary role is to purchase securities with a view to distribution in an arm’s-length commercial transaction with an issuer; and an underwriter has financial and other interests that differ from those of such an issuer.
3. Unlike a municipal advisor, an underwriter does not have a fiduciary duty to an issuer under the federal securities laws and is, therefore, not required by federal law to act in the best interests of that issuer without regard to its own financial or other interests.
4. An underwriter has a duty to purchase securities from an issuer at a fair and reasonable price, but must balance that duty with its duty to sell those securities to investors at prices that are fair and reasonable.
5. An underwriter will review the official statement, if any, for those securities in accordance with, and as part of, its responsibilities to investors under the federal securities laws, as applied to the facts and circumstances of the transaction.
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Tax & Legal Advice
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Hilliard Lyons and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.
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Fixed Income Securities Disclosure
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Products are subject to availability, prior sale and/or change in price. The information contained herein has been obtained from sources we believe to be reliable but does not purport to be a complete statement of the available data. Any listing is published for informational purposes only and is not to be construed as a solicitation of an offer to buy or sell any security in any state where such a sale would be illegal. Investing in bonds involves a significant amount of risk. Bonds are subject to market and interest risk; values will decline as interest rates rise. Bonds may not be suitable for all investors and you should consider specific risks such as credit risk, default risk and volatility prior to investing. Yields could be higher or lower depending on par amount, are inclusive of commission and represent yield-to-worst, which may reflect yield-to-maturity, yield-to-worst-call, or yield-to-a-mandatory-put as indicated. Municipal bonds may be subject to optional redemption, sinking fund redemption and mandatory redemption prior to maturity. Municipal securities may also be subject to federal alternative minimum tax (AMT). Hilliard Lyons and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences. Refer to a bond’s Official Statement for more specific information.
Regulatory Information

Quarterly Reporting for SEC Rule 606

The Securities and Exchange Commission Rule 606 of Regulation NMS requires every broker-dealer that routes orders to make publically available quarterly reports that presents statistical information about non-directed customer orders in certain equity and option securities. The quarterly report must disclose any material aspects of the broker-dealer’s relationship with each of the top ten venues with the largest number of non-directed orders. 

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USA PATRIOT Act Information

To help combat funding for terrorism and money laundering activities, Hilliard Lyons and its affiliates are mandated to verify the identity of all persons who establish a customer relationship with the Firm.

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For more disclosures and information related to your accounts and investments visit:

Investor Information