Closed End Fund Advisors Inc. (Richmond)

Name: Closed End Fund Advisors Inc.
Address: 7204 Glen Forest Drive, Richmond, VA, 23226
Telephone: 804-288-2482

Closed End Fund Advisors Inc. is a large advisory firm based in Richmond. It manages $98.5 million of regulatory assets for 143 client accounts. It has been registered with the SEC as an adviser since 2009 and has operated in the jurisdictions of Michigan, Virginia, and Washington.

Closed End Fund Advisors provides portfolio management for individuals and small businesses, publication of newsletters, security ratings or pricing services, and hourly/retainer research consulting. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Closed End Fund Advisors: assets under management

The assets under management (AUM) of Closed End Fund Advisors Inc. is $98.5 million. The firm's AUM has grown by 64% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $32.8 million in discretionary accounts and $65.7 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $232.61 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $32.85 million.

Investments

The firm invests in investment and business development companies the most. They account for 97% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 3% of the firm’s portfolio.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Closed End Fund Advisors Inc. for their services and products based on a percentage of assets under management, hourly charges, subscription fees, 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 Closed End Fund Advisors serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Closed End Fund Advisors is high net worth individuals with 22 clients and $25.23 million of assets under management. Among the 9 most similar advisory firms, Closed End Fund Advisors has the 0th lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $33.03 million for 80 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.

Closed End Fund Advisors doesn't advise any private funds.

Careers at Closed End Fund Advisors Inc.

The company employs 5 people that are either part- or full-time employees. 60 percent of the employees work as investment advisers or researchers. 3 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
George Cole Scott	President & senior portfolio manager	1 Oct 1999	75% - 100%	416994
John Cole Scott	Chief investment officer & chief compliance officer	1 Oct 2004	Other	4364191

Based in Richmond

The principal office where Closed End Fund Advisors Inc. performs its advisory services is located at 7204 Glen Forest Drive, Richmond, VA 23226, 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 804-288-2482 or by fax 866-313-3002. The normal business hours are 8:30am to 5:00pm on Monday - Friday. You can find more information about the New York firm at scottletter.com.