Relationship Summary
Murray Securities
November 10, 2020
Relationship Summary
Murray Securities is registered with the Securities and Exchange Commission as a broker-dealer and as an investment advisor.
It is important that the investor understand the differences between the broker -dealer and
investment advisor in the services provided and the fees involved.
Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS,
which also provides education materials about broker-dealer, investment advisors, and investing.
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What investment services and advice can you provide me?
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Murray Securities provides brokerage services and investment advisory services to retail investors. The investments include common and preferred stocks, mutual funds, ETF's, municipal, corporate bonds, and treasury bonds and notes.
For broker-dealer clients, we offer recommendations on buying and selling of securities. For investment advisor clients,
we offer on a discretionary basis the management of individual client portfolios.
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Portfolios will be monitored based on the clients needs for the broker-dealer services. Portfolios in the investment advisory services are reviewed on a monthly basis at a minimum, but may occur more often depending on the portfolio needs.
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Investment advisory accounts are managed on a discretionary basis. Discretion is limited to managing the portfolios and
may not be used to withdraw funds from the account with the exception of the quarterly management fee.
Additionally, discretion may not be used to vote proxies for shares held in the account.
Neither the broker-dealer or the investment advisor offer proprietary products.
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We have no written minimum requirements to open or maintain an account with the broker-dealer or the investment advisor. However, we do reserve the right to not offer certain investments to clients if they are deemed to be unqualified for a particular type of investment.
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For more detailed information, please refer to Form ADV, Part 2A brochure. Upon request, one can be provided.
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Conversation Starters
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Given my financial situation, should I choose an investment advisory service?
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Based on your investment experience, investment time horizon, financial security, after an exploratory meeting, and if it is mutually agreed to this type of investment service, only then will account be opened. Opening an account with the broker-dealer would be recommended if you are unsure of what is wanted or needed or your wish is to be more involved in the decision making.
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How will you choose what is suitable to recommend to me?
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After understanding your goals short and long term, your risk tolerance, and your
knowledge of investments, we would make recommendations.
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Gary Murray, a 1977 graduate of Texas A&M University, has been in the industry since 1980 and currently holds the following licenses: Series 6, Series 63, Series 66, Options Principle S4, General Securities S7, General Securities Principle S 24, Municipal Securities Principle S 53, Financial and Operations Principle S 27, and Investment Advisor registered with the Texas State Securities Board.
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Angela Whitehead, a 1978 graduate of the University of Texas at Tyler, began in the industry in 1980
and currently holds General Securities S7, Series 63 and Series 66.
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What do these qualifications mean?
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Hopefully, it helps clients to feel comfortable that we hold the knowledge, experience, and
education to guide them through their investments to meet their long term goals.
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Fees, costs, conflicts, and standards of conduct.
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What fees will I pay?
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Description of Principal Fees and Costs:
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The broker-dealer is compensated on transaction based fees. A conflict of interest can occur due to the fact that the more active a client is in trading, the more the broker-dealer is paid, and that the firm may have the incentive to encourage more active trading.
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The investment advisor collects a management fee once per quarter based on the size of the assets in the account. In addition, a clearing fee from the firms clearing firm (Hilltop Securities) may be charged on certain transactions.
There are no wrap fee program fees, or other direct fee arrangements.
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0- $250,000: 1.5% / year
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$250,000-500,000: 1.25% / year
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$500,000-1,000,000: 1% / year
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$1,000,000-10,000,000: .75% / year
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$10,000,000: Negotiable
The larger the account grows, the higher the fees collected, and the firm may therefore have an incentive
to encourage the retail investor to increase the assets in his or her account.
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Description of other fees and costs: A postage and handling fee of $2.50 is charged in each transaction by the firm's clearing firm, Hilltop Securities. In addition, our clearing firm charges a $45.00 per year custodial fee for qualified retirement plans. In certain
circumstances, the clearing firm may charge an inactive account fee of $25.00 per year.
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You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. Please refer back to 3A(i)(a)(b).
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To help you understand how fees and costs might affect your investments, the following example may help illustrate this:
$10,000 is deposited with an investment advisor. Our fee for an investment from 0 to $250,000 is 1.5% annually
and paid on a quarterly basis. $10,000 x .00375 = $375 fee. $9625.00 will be invested.
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As a broker-dealer: What are my legal obligations to you when providing recommendations? We are required to "know your customer"
i.e.: be familiar with and current on your financial situation, and "best interest", i.e. put your interest before our own.
As an investment advisor: What are my legal obligations to you when providing recommendations? We are
required to act in your best interest and put your interest before our own.
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Standard of Conduct
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As a broker-dealer we must act in your best interest and put your needs ahead of our own. The fact that we
only receive compensation when a transaction occurs, can create a conflict of interest of generating transactions for our benefit.
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As an investment advisor: we must act in your best interest and put your needs before our own. A conflict
can occur due to the fact we are compensated based on the size of the assets in the account and this can create
a conflict by encouraging more assets to be deposited into the account.
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We are a dual registrant and this can create a conflict of interest between the broker-dealer and the investment advisory.
Our firm policy is for a client to be one or the other and not both.
Conflicts of Interest: It is in our best interest and in our clients' best interest for all costs and fees to be open and no hidden fees.
With this in mind, we do not offer the following:
a) proprietary products
b) 3rd party payments
c) revenue sharing
d) principal trading
How do your financial professionals make money?
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The broker-dealer is paid by charging commissions on transactions and 12B-1 fees on participating mutual funds.
The investment advisor is paid a management fee on a quarterly basis based on the a size of the account.
Disciplinary History
There is no disciplinary history of any of the financial professionals of the firm.
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Investors can visit Investor.gov/crs for a free and simple search tool to research your financial professionals.
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An investor can find additional information about the firm and services and request a copy of the relationship summary.
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Investors are welcome to call our office (903) 561-5588 for up to date information.
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We are a small office and it is our goal to know our clients on a personal level as well. Our clients are welcome to speak with any of the individuals in our office regarding a concern or complaint.