Fingerlakes Wealth Management, Inc. (Ithaca)

Name: Fingerlakes Wealth Management, Inc.
Address: 450 North Aurora Street, Ithaca, NY, 14850
Telephone: 607-257-1008

Fingerlakes Wealth Management, Inc. is a mid-sized advisory firm based in Ithaca. It manages $89 million of regulatory assets for 344 client accounts. It has been registered with the SEC as an adviser since 2009 and has operated in the jurisdictions of California, Florida, New York, Pennsylvania, and Texas.

Fingerlakes Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and pension consulting services. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Fingerlakes Wealth Management: assets under management

The assets under management (AUM) of Fingerlakes Wealth Management, Inc. is $89 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 252% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $89 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $258.73 thousand each.

Fingerlakes Wealth Management has custody of $62.56 million in cash and securities for 198 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 81% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 12% of the firm’s portfolio. Investments in non-investment grade corporate bonds form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Fingerlakes Wealth Management, Inc. 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 Fingerlakes Wealth Management serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Fingerlakes Wealth Management is individuals with 280 clients and $48.03 million of assets under management. Among the 5 most similar advisory firms, Fingerlakes Wealth Management has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $89 million for 320 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.

Fingerlakes Wealth Management doesn't advise any private funds.

Careers at Fingerlakes Wealth Management, Inc.

The company employs 2 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 2 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
Patrick Joseph Burns	President & chief compliance officer	1 Feb 2009	75% - 100%	2991172
Susan Devitt Mccormick	Ceo & founder	1 Apr 2009	75% - 100%	3074871
Marshall Mccormick	Chief compliance officer	1 Jan 2018	Other	6218131

Based in Ithaca

The principal office where Fingerlakes Wealth Management, Inc. performs its advisory services is located at 450 North Aurora Street, Ithaca, NY 14850, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 607-257-1008 or by fax 914-819-0210. The normal business hours are 9:00 a.m. to 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at fingerlakeswm.com.