Wescott Financial Advisory Group LLC (Philadelphia)

Name: Wescott Financial Advisory Group LLC
Address: 30 South 17 Th Street, Philadelphia, PA, 19103 4196
Telephone: 215-979-1600

Wescott Financial Advisory Group LLC is a large advisory firm based in Philadelphia. It manages $2 billion of regulatory assets for 1,937 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Delaware, Florida, and 4 other states.

Wescott Financial Advisory Group provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, and selection of other advisers. It prepares financial plans for more than 499 clients. On top of advisory services, the firm doesn't engage in other business activities.

Wescott Financial Advisory Group: assets under management

The assets under management (AUM) of Wescott Financial Advisory Group LLC is $2 billion. The firm's AUM has grown by 158% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.44 billion in discretionary accounts and $565.1 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $785.82 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $5.28 million.

Wescott Financial Advisory Group has custody of $927.23 million in cash and securities for 403 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 83% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 7% of the firm’s portfolio. Investments in exchange traded securities form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Wescott Financial Advisory Group LLC for their services and products based on a percentage of assets under management and hourly charges. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Wescott Financial Advisory Group serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Wescott Financial Advisory Group is high net worth individuals with 338 clients and $1.26 billion of assets under management. Among the 6 most similar advisory firms, Wescott Financial Advisory Group has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2 billion for 487 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Wescott Financial Advisory Group also advises several private funds. Namely, one private equity fund. The minimum investment commitment required of non-related persons is $22,250 for each fund.

Careers at Wescott Financial Advisory Group LLC

The company employs 30 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 15 employees are registered as investment adviser representatives with the state securities authorities.

There are 2 people with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Grant Rawdin	President & ceo	1 Feb 1987	25% - 50%	1650586
Morris & Heckscher Llp Duane	Shareholder	1 Feb 1987	75% - 100%	23-1392502
Morris Llp Duane	Shareholder	1 Feb 1987	75% - 100%	23-1392502
Lydia Carreiro Sheckels	Vice president & cio	1 Oct 1992	Other	1290333
Francis Robert Altieri	Cfo & coo	1 May 2000	Other	2541041
David Brian Lafferty	Vice presid.- financial advisor	1 Oct 2000	Other	1712748
Wescott Holding Company Llc	Member	1 Dec 2003	50% - 75%	14-1845315
Peter John Raimondi	Manager - florida	1 Jan 2007	Other	1264256
Harold Weinstein	Chief operating officer	1 Jan 2009	Other	5653831
Matthew Joseph Sgro	Chief compliance officer/director of finance	1 Jan 2012	Other	6046266
David Wayne Gaskin	Chief operating officer	1 Apr 2012	Other	2564918
Charles Joseph O'donnell	Managing board member	1 Apr 2013	Other	4294754
Matthew Thomas Regan	Chief operating officer and chief compliance officer	1 Jul 2015	Other	2482606
John Jeming Soroko	Managing board member	1 Jan 2018	Other	6932985

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Duane Morris Llp	Member	1 Dec 2003	75% - 100%	14-1845315

Based in Philadelphia

The principal office where Wescott Financial Advisory Group LLC performs its advisory services is located at 30 South 17 Th Street, Philadelphia, PA 19103 4196, which is also the mailing address of the firm. An additional office of the firm is in Fort Washington, PA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 215-979-1600 or by fax 215-979-1617. The normal business hours are 9:00am to 5:00pm on Monday - Friday. You can find more information about the New York firm at wescott.com.