Advance Wealth Management Service, LLC (Grand Rapids)

Name: Advance Wealth Management Service, LLC
Address: 2690 Lucerne Dr. Se, Grand Rapids, MI, 49546
Telephone: 616-425-7520

Advance Wealth Management Service, LLC is an adviser based in Grand Rapids. It manages $41.5 million of regulatory assets for 350 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdiction of Michigan.

Advance Wealth Management Service provides financial planning services, portfolio management for individuals and small businesses, and portfolio management for businesses and institutional clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Advance Wealth Management Service: assets under management

The assets under management (AUM) of Advance Wealth Management Service, LLC is $41.5 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 0% since the beginning of its operation, and $371.2 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $41.5 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $118.56 thousand each.

Advance Wealth Management Service has custody of $22.56 million in cash and securities for 83 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 52% of the total AUM. The second-largest asset type is investment and business development companies, which make up 44% of the firm’s portfolio. Investments in cash and cash equivalents form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Advance Wealth Management Service, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Advance Wealth Management Service serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Advance Wealth Management Service is individuals with 341 clients and $30.43 million of assets under management. Among the 3 most similar advisory firms, Advance Wealth Management Service has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $41.5 million for 350 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Advance Wealth Management Service doesn't advise any private funds.

Careers at Advance Wealth Management Service, LLC

The company employs 1 person that is either a part- or full-time employee. 100 percent of the employees work as investment advisers or researchers. No 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 doesn’t compensate 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
Thaddeus Dwight Phelps	Managing member and chief compliance officer	1 Apr 2019	75% - 100%	2859949

Based in Grand Rapids

The principal office where Advance Wealth Management Service, LLC performs its advisory services is located at 2690 Lucerne Dr. Se, Grand Rapids, MI 49546, which is also the mailing address of the firm. An additional office of the firm is in Bad Axe, MI. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 616-425-7520. The normal business hours are m-t 9am - 5pm; f 9am - 4pm on Monday - Friday. You can find more information about the New York firm at awm-s.com.