Firstwave Financial, Inc. (Satellite Beach)

Name: Firstwave Financial, Inc.
Address: 1300 Highway Aia, Satellite Beach, FL, 32937
Telephone: 321-773-7773

Firstwave Financial, Inc. is a large advisory firm based in Satellite Beach. It manages $324.47 million of regulatory assets for 179 client accounts. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdictions of Florida, Georgia, and Texas.

Firstwave Financial provides financial planning services, portfolio management for individuals and small businesses, and pension consulting services. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Firstwave Financial: assets under management

The assets under management (AUM) of Firstwave Financial, Inc. is $324.47 million. The firm's AUM has grown by 4% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $315.49 million in discretionary accounts and $8.98 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.83 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.28 million.

Firstwave Financial has custody of $72.71 million in cash and securities for 42 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 88% of the total AUM. The second-largest asset type is other assets, which make up 5% of the firm’s portfolio. Investments in cash and cash equivalents form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Firstwave Financial, Inc. for their services and products based on a percentage of assets under management, fixed fees, and commissions. Commissions are paid and earned by the adviser when a trade or a sales of an investment is made. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Firstwave Financial serves?

The firm provides services to individuals, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Firstwave Financial is high net worth individuals with 71 clients and $270.69 million of assets under management. Among the 8 most similar advisory firms, Firstwave Financial has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $324.47 million for 179 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.

Firstwave Financial doesn't advise any private funds.

Careers at Firstwave Financial, Inc.

The company employs 11 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 6 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone 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
Chiesman Holdings Llc	Sole shareholder	1 Jan 2016	75% - 100%	47-5416089
Laura Kathleen Chiesman	President, vice president, secretary, treasurer, chief compliance officer	1 Jan 2016	Other	1390267

Based in Satellite Beach

The principal office where Firstwave Financial, Inc. performs its advisory services is located at 1300 Highway Aia, Satellite Beach, FL 32937, which is also the mailing address of the firm. An additional office of the firm is in Orlando, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 321-773-7773 or by fax 321-773-7772. The normal business hours are 8-5 on Monday - Friday. You can find more information about the New York firm at firstwavefinancial.com.