# DIRECTED SERVICES LLC X-17A-5 (2022-02-23) — Broker-dealer annual report

- Company: DIRECTED SERVICES LLC
- Form: X-17A-5
- Filed: 2022-02-23
- Period: 2021-12-31
- Accession: 0000826606-22-000004
- CIK: 826606
- File #: 8-39104
- Type: Broker-dealer
- Material weakness: No
- Auditor: N/A-The Registrant qualifies for the single issuer exemption under Paragraph (e)(1)(i)(A) of Rule l7a-5 of the Securities Exchange Act of 1934.
- Auditor location: N/A, PA
- Contact: Richard Gelfand
- Phone: 610-249-9557
- Email: bdcompliance@venerable.com
- Website: venerable.com
- Signed by: Richard Gelfand (Financial Operations Principal)

Original filing: https://www.sec.gov/Archives/edgar/data/826606/000082660622000004/PublicDSL2021.pdf

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{0}------------------------------------------------

#### STATEMENT OF FINANCIAL CONDITION

(Unaudited)

Directed Services LLC December 31, 2021

{1}------------------------------------------------

|                                                                                                                                                                                | UNITED STATES                                              | OMB APPROVAL                                                            |  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-------------------------------------------------------------------------|--|
| SECURITIES AND EXCHANGE COMMISSION                                                                                                                                             |                                                            | OMB Number: 3235-0123                                                   |  |
|                                                                                                                                                                                | Washington, D.C. 20549                                     | Expires: Oct. 31, 2023<br>Estimated average burden                      |  |
|                                                                                                                                                                                | ANNUAL REPORTS                                             | hours per response: 12                                                  |  |
|                                                                                                                                                                                | FORM X-17A-5                                               | SEC FILE NUMBER                                                         |  |
|                                                                                                                                                                                | PARTII                                                     | 8- 39104                                                                |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
|                                                                                                                                                                                | FACING PAGE                                                |                                                                         |  |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934                                                                      |                                                            |                                                                         |  |
| FILING FOR THE PERIOD BEGINNING ______________________________________________________________________________________________________________________________________________ |                                                            | 12/31/21                                                                |  |
|                                                                                                                                                                                | MM/DD/YY                                                   | AND ENDING<br>MM/DD/YY                                                  |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
|                                                                                                                                                                                | A. REGISTRANT IDENTIFICATION                               |                                                                         |  |
| NAME OF FIRM:                                                                                                                                                                  |                                                            |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| TYPE OF REGISTRANT (check all applicable boxes):                                                                                                                               |                                                            |                                                                         |  |
| Broker-dealer<br>L Check here if respondent is also an OTC derivatives dealer                                                                                                  |                                                            | L Security-based swap dealer __   Major security-based swap participant |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                            |                                                            |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| 1475 Dunwoody Drive, Suite 200                                                                                                                                                 | (No. and Street)                                           |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| West Chester                                                                                                                                                                   | PA                                                         | 19380                                                                   |  |
| (City)                                                                                                                                                                         | (State)                                                    | (Zip Code)                                                              |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                   |                                                            |                                                                         |  |
| Richard Gelfand                                                                                                                                                                | (610)249-9447                                              | BDCompliance@venerable.com                                              |  |
| (Name)                                                                                                                                                                         | (Area Code - Telephone Number)                             | (Email Address)                                                         |  |
|                                                                                                                                                                                | B. ACCOUNTANT IDENTIFICATION                               |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing *                                                                                                     |                                                            |                                                                         |  |
| The Registrant qualifies for the sincle issuer exemption under Paragraph (el/11/(i)(A) of Rule 17a-5 of the Securities Exchange Act                                            |                                                            |                                                                         |  |
|                                                                                                                                                                                | (Name - if individual, state last, first, and middle name) |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| of 1934 and therefore is not reguired to engage an independent certified public accountant to certify its annual regort.<br>(Address)                                          | (City)                                                     | (Zip Code)<br>(State)                                                   |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                                                               |                                                            | (PCAOB Registration Number, if applicable)                              |  |
|                                                                                                                                                                                | FOR OFFICIAL USE ONLY                                      |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
|                                                                                                                                                                                |                                                            |                                                                         |  |
| * Claims for exemption from the requirement that the annual renors of an independent public                                                                                    |                                                            |                                                                         |  |

accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

{2}------------------------------------------------

#### **OATH OR AFFIRMATION**

**I, Richard Gelfand • swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of Directed Services LLC as of December 31 • 2021 , is true and correct. The Registrant qualifies for the single issuer exemption under Paragraph (e)(l)(i)(A) of Rule 17a-5 of the** 

**Securities Exchange Act of 1934 and therefore is not required to engage an independent certified public accountant to certify its annual report:** 

- **Since June 1, 2018, the business of Directed Services LLC (the "Firm" or "DSL") has been limited to acting as a principal underwriter for a single issuer affiliate. Voya Insurance and Annuity Company (since renamed Venerable Insurance and Annuity Company) ("VIAC"). Moreover, that single issuer, VIAC, ceased offering all new products effective June 1, 2018, and its business is limited to administering existing contracts written prior to June 1. 2018. Such administration can include receipt and processing of additional premium payments to be added to existing contracts.**
- **The product prospectuses, contracts, statements, etc. advise customers to make additional premium checks payable to VIAC, the issuer of the contracts. While the Firm is referenced as the principal underwriter for VIAC's variable insurance products, during my tenure with the organization. I am not aware of any instances in which a premium check was made payable to the Firm. With that said, because the mail room is the same for the Firm and VIAC, should a check be received that is payable to the Firm, it would be immediately given to the Cash Operations team to be deposited and applied to the corresponding customer contract. The Firm will promptly transmit to the issuing insurance company (the "issuer") all funds received to be directly credited to the contract owner's account with the issuer. The Firm relies upon the issuer to apply those funds to the corresponding contract owner's account and issue confirmation statements, as applicable.**
- **The Firm does not hold funds or securities for customers or owe money or securities to customers.**

**I further swear (or affirm) that neither the company nor any partner, officer, director. or equivalent person, as th case may be, has any proprietary interest in any account classified solely as that of a customer.** 

S,1-r16" **o./** *Pl5NNS,IIIANi,q S,�Ni;O* **,..NO Signature** *CoutJ'fy o-f C��* **:\_** -����L���':=JL. \_\_\_\_ \_ *Swo"� -ro �* **Title: M�** £ *d'.V"� it\G* " **,J f&e�.i3J �� Financial Operations Principal NotaryPlJblic Commonwealth of Pennsylvania-Notary Seal This filing\*\* contains (check all applicable boxes): 00 (a) Statement of financial condition. 00 (b) Notes to consolidated statement of financial condition. D (c) Statement of income (loss) or, if there is other comprehensiv comprehensive income (as defined in§ 210.1-02 of Regulation**  □ **(d) Statement of cash flows. Marie L. Watson, Notary Public Chester County My commission expires May 13, 2022 Commission number 1330853**  □ **(e) Statement of changes in stockholders' or partners' or sole proprietor's equity.**  □ **(f) Statement of changes in liabilities subordinated to claims of creditors.**  □ **(g) Notes to consolidated financial statements. D (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-l, as applicable.**  □ **(i) Computation of tangible net worth under 17 CFR 240.18a-2. tement of**  □ **(j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. D (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.**  □ **(I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.**  □ **(m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. □ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4. as applicable.**  □ **(o) Reconciliations. including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.**  □ **(p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. � (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable. □ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.**  □ **(s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.**  □ **(t) Independent public accountant's report based on an examination of the statement of financial condition.**  □ **(u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. D (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.**  □ **(w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.**  □ **(xi Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.**  □ **(y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).**  □ **(z) Other: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ \_** 

*<sup>\*\*</sup>To request confidential treatment of certain portions* of *this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.* 

{3}------------------------------------------------

# Directed Services LLC Statement of Financial Condition - Unaudited\* December 31, 2021

#### Contents

| Statement of Financial Condition          |  |
|-------------------------------------------|--|
| Notes to Statement of Financial Condition |  |

\* The Registrant qualifies for the single issuer exemption under Paragraph (e)(1)(i)(A) of Rule 17a-5 of the Securities Exchange Act of 1934 and therefore is not required to engage an independent certified public accountant to certify its annual reports.

{4}------------------------------------------------

# Directed Services LLC Statement of Financial Condition - Unaudited December 31, 2021

| Assets                                                            |     |           |
|-------------------------------------------------------------------|-----|-----------|
| Cash                                                              | S   | 2,443,526 |
| Distribution fee receivable                                       |     | 4,026,143 |
| Commissions and concessions receivable, net of allowance of \$585 |     | 9,232     |
| Prepaid expenses                                                  |     | 5,759     |
| Total assets                                                      |     | 6,484,660 |
|                                                                   |     |           |
| Liabilities and member's equity                                   |     |           |
| Liabilities:                                                      |     |           |
| Commissions and concessions payable                               |     | 1,102,853 |
| Payable to affiliates                                             |     | 3,110,848 |
| Accounts payable and other accrued liabilities                    |     | 328,925   |
| Total liabilities                                                 |     | 4,542,626 |
|                                                                   |     |           |
| Contingencies (Note 6)                                            |     |           |
|                                                                   |     |           |
| Member's equity                                                   |     | 1,942,034 |
| Total liabilities and member's equity                             | ಕಿತ | 6,484,660 |

{5}------------------------------------------------

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# Directed Services LLC Notes to Statement of Financial Condition - Unaudited

# 7 Net Capital Requirements

The Company is subject to the SEC Uniform Net Capital Rule (Rule 15c3-1), which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. Rule 15c3-1 also provides that equity may not be withdrawn or cash dividends paid if the resulting ratio of aggregated indebtedness to net capital would exceed 12 to 1.

At December 31, 2021, the Company had net capital of \$1,927,043 which was \$1,624,201 in excess of its required net capital of \$302,842. The Company's ratio of aggregate indebtedness to net capital at December 31, 2021 was 2.36 to 1.


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