Full text of FSB PREMIER WEALTH MANAGEMENT, INC.'s X-17A-5 filed 2025-03-28 (period 2024-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ ### **Notes to Financial Statements** ### **Note 1. Summary of significant accounting policies** ### Nature of business FSB Premier Wealth Management, Inc. (the Company) conducts business as a broker-dealer in securities and as a registered investment advisor. The Company primarily serves individual and institutional clients in Iowa and has an office in Iowa. The Company is a wholly-owned subsidiary of FSB Financial Services, Inc. (the Parent). Farmers State Bank (the Bank) is a commercial bank and a wholly-owned subsidiary of the Parent. The Company has certain transactions with the Bank. The Company is registered as a broker-dealer with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA). The Company operates under the provisions of Paragraph (k) (2) (ii) of Rule 15c3-3 of the SEC and, accordingly, is exempt from the remaining provisions of that Rule. The requirements of Paragraph (k) (2) (ii) provide that the Company clear all transactions on behalf of clients on a fully disclosed basis with a clearing broker-dealer, and promptly transmit all funds and securities to the clearing broker-dealer. The clearing broker-dealer carries all of the accounts of the clients and maintains and preserves all related books and records. The Company also operates under business activities contemplated by Footnote 7 4 of the SEC Release No. 34-70073. These activities are limited to effecting securities transactions via subscriptions on a subscription way basis where funds are payable to the issuer or its agent and not the Company. #### Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). ### Cash and cash equivalents Cash and cash equivalents consist of cash held in bank accounts and a money market fund with less than 90 days maturity. ### Concentrations of credit risk The Company's cash is on deposit at financial institutions and the balances at times may exceed the federally insured limits. The Company believes it is not exposed to any significant credit risk to cash. #### Marketable securities owned Marketable securities owned are recorded at fair value. Changes in fair value are included in earnings. #### Intangible assets Intangible assets consist of acquired customer relationship lists and are stated at cost, net of accumulated amortization.…Read the full text as markdown