Harbor Financial Services, LLC (Mobile)

Name: Harbor Financial Services, LLC
Address: Rsa Battlehouse Tower, Mobile, AL, 36602
Telephone: 251-650-0840

Harbor Financial Services, LLC is a large advisory firm based in Mobile. It manages $363.15 million of regulatory assets for 1,536 client accounts. It has been registered with the SEC as an adviser since 2005 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 40 other states.

Harbor Financial Services provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Harbor Financial Services: assets under management

The assets under management (AUM) of Harbor Financial Services, LLC is $363.15 million. The firm's AUM has grown by 1197% since the beginning of its operation, and $2 million of the total AUM is attributable to clients outside of the United States.

The firm manages $156.65 million in discretionary accounts and $206.5 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $365.15 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $186.54 thousand.

Harbor Financial Services has custody of $6.65 million in cash and securities for 8 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 46% of the total AUM. The second-largest asset type is investment and business development companies, which make up 33% of the firm’s portfolio. Investments in cash and cash equivalents form 12% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Harbor Financial Services, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Harbor Financial Services serves?

The firm provides services to individuals, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Harbor Financial Services is individuals with 1,491 clients and $306.78 million of assets under management. Among the 10 most similar advisory firms, Harbor Financial Services has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $362.2 million for 1,532 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.

Harbor Financial Services doesn't advise any private funds.

Careers at Harbor Financial Services, LLC

The company employs 59 people that are either part- or full-time employees. 63 percent of the employees work as investment advisers or researchers. 37 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person 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
Ozmus Sigler Iii Burke	Cheif compliance officer, finop, member	1 Apr 2004	Other	2724523
Darai Corporation	Member	1 Jul 2004	25% - 50%	22-3829572
Brown Corporation	Member	1 Jul 2004	25% - 50%	22-3829517
Pebco Corporation	Member	1 Jul 2004	25% - 50%	22-3829517
Marc Scott Whitehead	Managing member, operations, srop, crop	1 Jun 2005	25% - 50%	3059786
Marc Scott Whitehead	Managing member, ceo	1 May 2006	50% - 75%	3059786
Christina Zoe Costarides	Finop	1 Oct 2006	Other	4700009
Stacey Lynn Lavender	Chief compliance officer, srop, msrb principal	1 Jan 2007	Other	4365033
Annice H Jordan	Finop	1 Jun 2009	Other	5622945
Annice H Jordan	Finop	1 Oct 2010	Other	5622945
Hannon Elon Jr Fayard	Chief compliance officer, municipal principal	1 Nov 2011	Other	4784311
Matthew Allan Lursen	Cfo, finop	1 Feb 2012	Other	5908672
John Nathaniel Coleman	Coo, cco	1 Jun 2012	Other	6088910
Jill Anne Reckamp	Finop	1 Jun 2015	Other	4767622
Thomas John Hopkins	Finop	1 Jul 2018	Other	1835087
Terresa Louise Beaman	Cco	1 Sep 2018	Other	1004038

Indirect Owners

The SEC currently registers 6 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Paul E. Brown Irrevocable Trust	Shareholder of brown corporation	1 Mar 2004	25% - 50%	72-6234610
Darrell Raiford Sr. Brown	Sole shareholder of darai corporation	1 Jul 2004	75% - 100%	5011025
Paul Eugene Sr. Brown	Trustee for paul e. brown revocable management trust (brown corp. shareholder)	1 Jul 2004	50% - 75%	5010953
Paul Eugene Sr. Brown	Trustee for paul e. brown management trust (brown corp. shareholder)	1 Nov 2004	75% - 100%	5010953
Paul Eugene Jr. Brown	Trustee for paul e. brown jr. irrevocable trust (brown corp. shareholder)	1 Jul 2012	25% - 50%	6461458
Paul E. Brown Management Trust	Shareholder of brown corporation	1 Jul 2012	50% - 75%	42-4545478

Based in Mobile

The principal office where Harbor Financial Services, LLC performs its advisory services is located at Rsa Battlehouse Tower, Mobile, AL 36602, which is also the mailing address of the firm. An additional office of the firm is in Grosse Point, MI. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 251-650-0840 or by fax 251-281-2007. The normal business hours are 8:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at harborbonds.com.