# WILLIS TOWERS WATSON SECURITIES, LLC X-17A-5 (2026-04-02) — Broker-dealer annual report
- Company: WILLIS TOWERS WATSON SECURITIES, LLC
- Form: X-17A-5
- Filed: 2026-04-02
- Period: 2024-12-31
- Accession: 0001904417-26-000002
- CIK: 1904417
- File #: 8-70858
- Type: Broker-dealer
- Material weakness: No
- Auditor: WithumSmithBrown
- Auditor location: New York, NY
- Contact: Kevin Earls
- Phone: (212) 915-7814
- Email: kevin.earls@wtwco.com
- Website: wtwco.com
- Signed by: Kevin Earls (Chief Executive Officer)
Original filing: https://www.sec.gov/Archives/edgar/data/1904417/000190441726000002/wtws2024.pdf
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# Willis Towers Watson Securities, LLC
(A Wholly Owned Subsidiary of Willis HRH, Inc.)
(SEC I.D. No. 317602)
Financial Statements as of and for the Year Ended December 31, 2024, Supplemental Schedules as of December 31, 2024, and Report of Independent Registered Public Accounting Firm
\*\*\*\*\*\*\*\*
Filed pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document
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(A Wholly Owned Subsidiary of Willis HRH, Inc.)
# TABLE OF CONTENTS
This report contains (check all applicable boxes):
- 区 (a) Statement of financial condition.
- □ (b) Notes to consolidated statement of financial condition.
- 区 (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- 区 (d) Statement of cash flows.
- 区 (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- □ (f) Statement of changes in liabilities subordinated to claims of creditors.
- 区 (g) Notes to consolidated financial statements.
- | (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- □ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- 区 (i) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- □ (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.
- [ (1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- 2 (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.
- 区 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.18a-1, or 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.
- 区 (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 financial condition.
- 区 (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.
- [ (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.
- Z (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.
- & (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
- [ (y) Report describing any material inadequacies 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:
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| | UNITED STATES | | | | | |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|-----------------------|--------------------------------------------|--------------------------------------|-------------------|-------|
| SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 | | | OMB APPROVAL | | | |
| | | | | OMB Number: | 3235-0123 | |
| | | | | Expires:
Estimated average burden | November 30, 2026 | |
| | | | | hours per response | | 12.00 |
| | ANNUAL AUDITED REPORT | | | | SEC FILE NUMBER | |
| | FORM X-17A-5 | | | | 8-70858 | |
| | PART III | | | | | |
| | FACING PAGE | | | | | |
| Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | | | | | | |
| REPORT FOR THE PERIOD BEGINNING 01/01/2024 AND ENDING | | | 12/31/2024 | | | |
| | MM/DD/YY | | MM/DD/YY | | | |
| | A. REGISTRANT IDENTIFICATION | | | | | |
| NAME OF FIRM: Willis Towers Watson Securities, LLC | | | | | | |
| TYPE OF REGISTRANT (check all applicable boxes):
& Broker-dealer
□ Check here if respondent is also an OTC derivatives dealer | _Security-based swap dealer | | □Major security-based swap participant | | | |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use P.O. Box No.) | | | | | | |
| 200 Liberty Street, 7th Floor | | | | | | |
| | | (No. and Street) | | | | |
| New York | | NY | | | 10281 | |
| (City)
PERSON TO CONTACT WITH REGARD TO THIS FILING | | (State) | | | (Zip Code) | |
| Mr. Kevin Earls, Chief Executive Officer | | | | kevin.earls@wtwco.com | | |
| (Name) | (Area Code - Telephone Number) | | | (Email Address) | | |
| | B. ACCOUNTANT IDENTIFICATION | | | | | |
| INDEPENDENT PUBLIC ACCOUNTANT whose opinion is contained in this Report* | | | | | | |
| Withum Smith & Brown PC | | | | | | |
| | (Name - if individual, state last, first, middle name) | | | | | |
| 1411 Broadway, 23rd Floor | New York | | NY | 10018 | | |
| (Address) | (City) | | (State) | (Zip Code) | | |
| 10/08/2003 | | | 100 | | | |
| (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | |
| | | FOR OFFICIAL USE ONLY | | | | |
| | | | | | | |
| | | | | | | |
| * Claims for exemption from the requirement that the anual reports 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 contained in this form are not required to recond upless the form digglay s | | | | | | |
currently valid OMB control number.
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#### OATH OR AFFIRMATION
I. Kevin Earls, affirm that. to the best of my knowledge and belief. the financial report pertaining to the firm of Willis Towers Watson Securities, LLC, as of December 31, 2024, is true and correct. I further affirm that neither the company nor any pattner. officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.
S Wills Towns Dialson Sesurities, Lt.C.
MARIA F. MAWYIN MUNOZ Notary Public, State of New York Reg. No. 01MA6268499 Qualified in Suffolk County Commission Expires Sept 10 2028
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# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Member and Management of Willis Towers Watson Securities, LLC:
### Opinion on the Financial Statements
We have audited the accompanying statement of financial condition of Willis Towers Watson Securities, LLC (the "Company") as of December 31, 2024, the related statements of operations, changes in member's equity and cash flows for the year then ended notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended, in confornity with accounting principles generally accepted in the United States of America.
#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
### Supplemental Information
The supplemental information of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission and the Computation of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission, has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. The supplemental information is the company's management. Our audit procedures included determining whether the supplemental information to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. § 240.17a-5. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
Within Smith + Brown, PC
We have served as the Company's auditor since 2022. New York, New York February 27, 2025
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(A Wholly Owned Subsidiary of Willis HRH, Inc.)
# STATEMENT OF FINANCIAL CONDITION DECEMBER 31, 2024
# ASSETS
| Cash
Commissions and fees receivable | ಕಿತ | 5,755,269
150,000 |
|----------------------------------------------------------------------------|------|----------------------|
| TOTAL | ಲ್ಲಿ | 5,905,269 |
| LIABILITIES AND MEMBER'S EQUITY | | |
| LIABILITIES:
Payable to Parent
Accounts payable and accrued expenses | ಿತ | 320,555
1,611 |
| Total liabilities | | 322,166 |
| MEMBER'S EQUITY: | | 5,583,103 |
| TOTAL | ಲ್ಲಿ | 5,905,269 |
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(A Wholly Owned Subsidiary of Willis HRH, Inc.)
# STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024
| REVENUES:
Override and trading commissions | ക
2,231,878 |
|-----------------------------------------------|----------------|
| EXPENSES: | |
| Employee compensation and benefits | 310,137 |
| Regulatory and professional fees | 170,760 |
| Other operating expenses | 745,246 |
| Total expenses | 1,226,143 |
| INCOME BEFORE TAXES | 1,005,735 |
| INCOME TAX EXPENSE | 249,262 |
| NET INCOME | S
756,473 |
| | |
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# STATEMENT OF CHANGES IN MEMBER'S EQUITY FOR THE YEAR ENDED DECEMBER 31, 2024
| BALANCE - January 1, 2024 | ಳು | 4,826,630 |
|-----------------------------|----|--------------|
| Net income | | 756.473 |
| BALANCE — December 31, 2024 | | \$ 5,583,103 |
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# STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2024
| CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
Adjustments to reconcile net income to net cash provided by operating activities: | S | 756,473 |
|------------------------------------------------------------------------------------------------------------------------------------------|---|-----------|
| Changes in operating assets and liabilities:
Accounts payable and accrued expenses | | (7,718) |
| Net cash provided by operating activities | | 748,755 |
| CASH FLOWS FROM INVESTING ACTIVITIES:
Payable to Parent | | 93,123 |
| Net cash provided by investing activities | | 93,123 |
| NET INCREASE IN CASH | | 841,878 |
| CASH - January 1, 2024 | | 4.913.391 |
| CASH - December 31, 2024 | | 5,755,269 |
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## NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
#### 1 ORGANIZATION
Willis Towers Watson Securities, LLC (the "Company") is a broker-dealer that is registered with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority ("FINRA").
The Company was formed as a limited liability company on November 2, 2021 and issued 100 membership shares which were wholly owned by Willis of Michigan, Inc. Willis of Michigan, Inc. made a capital contribution to the Company of \$600,000 on January 24, 2022 with business commencing on August 18, 2022 when FINRA membership was granted. On October 31, 2024, Willis of Michigan, Inc., merged into Willis HRH, Inc. (the "Parent") and Willis HRH, Inc. became the new parent of the Company.
The Company is registered to engage in investment advisory services for clients and the referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments.
#### 2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation - The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Parent provides the Company with management, accounting, and recordkeeping services, and allocates a relevant portion of these costs to the Company. Because of these services provided by the Parent, the Company's accompanying financial statements may not be representative of the conditions that would have existed or the results of operations if the Company had been operated as an unaffiliated entity.
Cash - The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. There is no restricted cash or cash equivalents included in the cash balance.
Commissions and Fees Receivable - Commissions and fees receivable are recognized net of allowance for expected credit losses Credit losses are recorded, when necessary, in an amount considered by management to be sufficient to recognize incurred losses for expected credit losses to state the commissions and fees receivable at their net realizable value. The Company recognized receivables from commissions and fees of \$150,000 at January 1, 2024 and December 31, 2024. The Company did not have any contract assets and liabilities at January 1, 2024 or December 31, 2024. There was no impairment expense recognized for the year ended December 31, 2024.
Revenue Recognition - The Company is registered with FINRA to provide investment advisory services and referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments ("Override and trading commissions").
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# NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
Override and trading commissions - Customer contract revenue is earned from the sale of variable annuities and mutual fund shares. The Company may receive commissions upon the sale of a mutual fund or annuity as well as trail commissions as long as the security stays in place. The Company believes that its sole performance obligation is performed on the trade date as this is when the underlying financial instrument or purchaser is identified, the pricing is agreed upon and the risks and rewards of ownership have been transferred to/from the customer. As such, all fixed consideration is recognized as of the trade date. Trail commissions are variable amounts and are recognized to the extent it is probable that a significant reversal will not occur once the uncertainty is resolved (typically at a point in time that cannot be determined in advance due to the determination of a fund asset value). These amounts are recognized monthly, quarterly, or annually, depending upon the terms of the specific agreement. The uncertainty of these variable amounts is dependent on the value of assets at future points in time and are influenced by market conditions.
Investment advisory services – Investment advisory fees consist primarily of retainers and periodic fees, earned in connection with advising on both buyers' and sellers' transactions. Fees are also earned for related advisory work and other services such as providing fairness opinions and valuation analyses. Revenue for advisory arrangements is generally recognized at the point in time that performance under the arrangement is completed (the closing date of the transaction, opinion or analysis is delivered) as this is when value has been transferred to the client. There were no transactions for investment advisory fees for the year ended December 31, 2024. Retainers and other fees received from customers prior to recognizing revenue are reflected as contract liabilities. There were no contract liabilities arising from investment advisory fees as of January 1, 2024 or December 31, 2024.
Reimbursed expenses – As the Company generally acts as a principal, all client reimbursable expenses. including those relating to travel, other out-of-pocket expenses and any third-party costs, are included in revenue, and an equivalent amount of reimbursable expenses is included in other operating expenses as a cost of revenue as incurred. There were no reimbursable expenses for year ended December 31, 2024.
Interest income - Recognized as earned and included within other income in the accompanying statement of operations. There was no interest income for the year ended December 31, 2024.
Income Taxes - The Company is included in the consolidated federal and unitary state income tax returns filed by the Parent. The Company's share of the consolidated income taxes is determined using the modified "separate-return" method. Under this method, the Company determines current and deferred expense or benefit for the period as if the Company was filing a separate tax return. The Company's policy is to recognize a current income tax benefit for federal and state net operating losses when generated as these losses are utilized by the Parent and domestic subsidiaries. Also, for the purposes of evaluating whether existing net deferred tax assets are realizable the Company can consider its expectation of whether net deferred tax assets will ultimately be realized tax return level. The Company has not identified any unrecognized tax benefits for the year ended December 31, 2024.
Use of Estimates - These financial statements conform to U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of
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### NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates, judgments and assumptions are continually evaluated based on available information and experience. Because of the use of estimates inherent in the financial reporting process, actual results could differ from those estimates are used when accounting for discretionary compensation, accrued liabilities, income taxes, commitments and contingencies, and revenue recognition. With respect to revenue recognition significant judgment is required to determine whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.
Fair Value of Financial Instruments - At December 31, 2024, the Company had financial instruments including cash, commissions and fees receivable, payables to Parent, and accounts payable. The carrying value of these financial instruments approximated fair values because of their short-term nature.
# Recent Accounting Pronouncements -
In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information within the income tax rate reconciliation and income taxes paid disclosures. It also includes certain other amendments intended to improve the effectiveness of income tax disclosures. Specifically, this ASU requires a tabular income tax rate reconciliation using both percentages and amounts disaggregated into specific categories with certain reconciling items at or above 5% of the statutory tax, further disaggregated by its nature and/or jurisdiction. Additionally, income taxes paid will be required to be presented by federal, state, local and foreign jurisdictions, including amounts paid to individual jurisdictions representing 5% or more of the total income taxes paid. This ASU became effective for the Company on January 1, 2025, at which time we adopted it. The standard is not expected to have a significant impact for the Company or its consolidated financial statements.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. Among other amendments, this ASU creates a 'significant expense principle,' and adds required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help investors understand how the chief operating decision maker ('CODM') evaluates segment expenses and operating results. The annual requirements of this ASU became effective for the Company on January 1, 2024, at which time we adopted it, and have included the new disclosures in Note 6 - Segment Information.
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# NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
#### INCOME TAXES 3.
For the year ended December 31, 2024, the income tax expense consists of the following:
| Current: | | |
|--------------------|---|---------|
| Federal | ಳ | 201,087 |
| State | | 48,175 |
| Deferred: | | |
| Federal | | |
| State | | |
| Income tax expense | e | 249,262 |
# Effective tax rate reconciliation
The income tax expense differs from the amount computed using the U.S. federal statutory income tax rate as follows:
| Income before taxes | તે | 1,005,735 |
|---------------------------------------------|----|-----------|
| U.S. federal statutory income tax rate | | 21% |
| Income tax expense at U.S. federal tax rate | S | 211,204 |
| Adjustments to derive effective tax rates: | | |
| State taxes | | 38.058 |
| lncome tax expense | | 249.262 |
# 4. RELATED-PARTY TRANSACTIONS
The Parent provides the Company with various services, including management, accounting, and record keeping services, and allocates these costs to the Company recorded allocated management and administration expense of \$553,548 and royalties of \$180,000 from the Parent for the year ended December 31, 2024, and such amount is included in other operating expenses in the accompanying statement of operations. At December 31, 2024, the Company has a liability owed to the Parent of \$320,555 for allocated management and accounting services, salary and benefits allocations, state and federal taxes, and other miscellaneous expenses. All transactions with related parties are settled in the normal course of business. The terms of any of these arrangements may not be the same as those that would otherwise exist or result from agreements and transactions among unrelated parties.
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# NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
# 5. FAIR VALUE MEASUREMENT
The Company follows FASB ASC 820, Fair Value Measurement and Disclosure ("ASC 820"), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurement, establishes a framework for measuring fair value, and expands disclosure about such fair value measurement.
The Company also follows the provisions of FASB ASC 825, The Fair Value Option for Financial Assets and Financial Liabilities, which permit an entity to choose to measure eligible financial instruments and other items at fair value as well as requires of estimated fair value of financial instruments carried at amortized cost at December 31, 2024.
At December 31, 2024 the Company did not have any financial instruments that were required to be measured at fair value on a recurring or non-recurring basis. The Company also did not make any elections to carry financial instruments at fair value as the Company determined that the carrying value of cash, commissions and fees receivable, payables to Parent, and accounts payable approximated fair value.
#### SEGMENT INFORMATION 6
The Company is engaged in a single line of business as a securities broker-dealer, which is comprised of investment advisory services and referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments. The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 8), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. The Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies and the segment results are the same as those reported on the statement of operations.
# 7. CONCENTRATION OF RISKS
The Company maintains its cash balances with major depository institutions, in amounts which may exceed the insurance limits of the Federal Deposit Insurance Corporation. The Company is subject to credit risk should this financial institution be unable to fulfill its obligations. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
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## NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED AND AS OF DECEMBER 31, 2024
# 8. NET CAPITAL REQUIREMENTS
As a registered broker-dealer, the Company is subject to the Uniform Net Capital Rule (Rule 15c3-1) under the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital, as defined, equal to the greater of \$5,000 or 6-2/3% of aggregate indebtedness. At December 31, 2024, the Company had net capital of \$5,433,103 that was \$5,411,625 in excess of its required net capital of \$21,478. The Company's ratio of aggregate indebtedness to net capital was 5.93% to 1 at December 31, 2024.
#### 9. SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the financial statements were issued on February 27, 2025. No subsequent events were noted that required adjustment or disclosure in the financial statements.
\* \* \* \* \* \*
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### SCHEDULE G
# WILLIS TOWERS WATSON SECURITIES, LLC (A Wholly Owned Subsidiary of Willis HRH, Inc.)
# COMPUTATION OF NET CAPITAL FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-1 UNDER THE SECURITIES EXCHANGE ACT OF 1934 AS OF DECEMBER 31, 2024
| Net capital - total member's equity | S | 5,583,103 |
|-------------------------------------------------------------------------------------------------------------|---|-----------|
| Deductions - non-allowable assets from statement of financial condition:
Commissions and fees receivable | | (150,000) |
| Total non-allowable assets | | (150,000) |
| Total net capital | | 5,433,103 |
| Minimum net capital required (the greater of 6-2/3% of aggregate indebtedness or \$5,000) | | 21,478 |
| Excess net capital | | 5,411,625 |
# Computation of Aggregate Indebtedness
| Liabilities from Statement of Financial Condition | 322.166 |
|---------------------------------------------------------------------------------------------|---------|
| Percent of aggregate indebtedness to net capital (liabilities divided by total net capital) | 5.93% |
# Statement Pursuant to Paragraph (d)(4) of Rule 17a-5 of the Securities Exchange Act of 1934
There are no material differences between the above computation included in the Company's unaudited FOCUS Report filed by the Company on January 24, 2025.
See Report of Independent Registered Public Accounting Firm.
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(A Wholly Owned Subsidiary of Willis HRH, Inc.)
# COMPUTATION FOR DETERMINATION OF RESERVE REQUIREMENTS AND INFORMATION RELATING TO THE POSSESSION OR CONTROL REQUIREMENTS FOR BROKERS AND DEALERS PURSUANT TO RULE 15c3-3 UNDER THE SECURITIES EXCHANGE ACT OF 1934 FOR THE PERIOD ENDED DECEMBER 31, 2024
The Company relies on Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 as the Company's business activities are limited to receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients and the referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4.
The Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.
See Report of Independent Registered Public Accounting Firm.
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# REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Member and Management of Willis Towers Watson Securities, LLC:
We have reviewed management's statements, included in the accompanying Rule 15c3-3 Exemption Report pursuant to SEC Rule 17a-5, in which Willis Towers Watson Securities, LLC (the "Company") stated the following:
(1) The Company is filing this Exemption Report because the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 are limited to: (1) receiving transaction for identifying potential merger and acquisition opportunities for clients, and (2) referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company (1) did not directly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not cary PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.
The Company's management is responsible for compliance with the exemption provisions and statements as well as the provisions contemplated by footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 and related SEC Staff Frequently Asked Questions and its statements.
Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about the Company's compliance with the statements referred to above. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on managements. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in Rule 15c3-3 under the Securities Exchange Act of 1934, the provisions contemplated by footnote 74 of SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions.
New York, New York
February 27, 2025
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# WILLIS TOWERS WATSON SECURITIES LLC EXEMPTION REPORT
Willis Towers Watson Securities LLC (the "Company") is a registered broker-dealer subject to Rule 17a-5 promulgated by the Securities and Exchange Commission (17 C.F.R. §240.17a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240.17a-5(d)(1) and (4). To the best of its knowledge and belief, the Company states the following:
The Company is filing this Exemption Report because the Company's business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. \$ 240.17a-5 are limited to: (1) receiving transaction-based compensation for identifying potential merger and acquisition opportunities for clients, and (2) referral of registered representatives to unaffiliated broker-dealers for commissions and other distribution payments in accordance with the requirements of paragraphs (a) or (b)(2) of Rule 15c2-4, and the Company (1) did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; (2) did not carry accounts of or for customers; and (3) did not carry PAB accounts (as defined in Rule 15c3-3) throughout the most recent fiscal year without exception.
Willis Towers Watson Securities LLC
I, Kevin Earls, affirm that, to the best of my knowledge and belief, this Exemption Report is true and correct.
Kevin Earls Chief Executive Officer of Willis Towers Watson Securities LLC
February 27, 2025
Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.