Spruce Investment Advisors LLC (Stamford)

Name: Spruce Investment Advisors LLC
Address: One Stamford Plaza, Stamford, CT, 06901
Telephone: 203-428-2600

Spruce Investment Advisors LLC is a large advisory firm based in Stamford. It manages $294.82 million of regulatory assets for 125 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of California, Connecticut, Maryland, and 3 other states.

Spruce Investment Advisors provides portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, 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.

Spruce Investment Advisors: assets under management

The assets under management (AUM) of Spruce Investment Advisors LLC is $294.82 million. The firm's AUM has gone down by -84% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $292.83 million in discretionary accounts and $1.99 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.46 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $331.01 thousand.

Investments

The firm invests in exchange traded securities the most. They account for 92% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 6% of the firm’s portfolio. Investments in pooled investment vehicles form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Spruce Investment Advisors LLC for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Spruce Investment Advisors serves?

The firm provides services to individuals, high net worth individuals, and pooled investment vehicles. The largest group of clients of Spruce Investment Advisors is pooled investment vehicles with 78 clients and $239.35 million of assets under management. Among the 9 most similar advisory firms, Spruce Investment Advisors has the 4th lowest percentage of pooled investment vehicles out of all clients.

The amount of regulatory assets under management is $294.55 million for 95 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.

Spruce Investment Advisors also advises several private funds. Namely, seventy nine private equity funds. The minimum investment commitment required of non-related persons ranges from $100,000 to $5,000,000.

Careers at Spruce Investment Advisors LLC

The company employs 9 people that are either part- or full-time employees. 56 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
John Christopher Bailey	Ceo / managing member	1 Sep 2001	25% - 50%	2683610
Gil M. Orbach	Chief investment officer / member	1 Jun 2003	Other	4456457
Robert Michael Bastone	Chief compliance officer	1 Feb 2011	Other	1573121
L.P. Estancia Capital Partners	Shareholder / member	1 Oct 2012	25% - 50%	27-0665503

Indirect Owners

The SEC currently registers 6 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Michael Casares Mendez	Trustee	1 Dec 1992	Other	2273279
Cheryl Lynn Mendez	Trustee	1 Dec 1992	Other	6147164
Llc Estancia Managing Directors	Managing member	1 May 2010	75% - 100%	27-2804671
Llc Estancia Gp	General partner	1 Oct 2012	Other	27-0665256
L.L.C. Thrd Act	Member	1 Jan 2013	50% - 75%	46-1924446
U/T/A Dated December 14th 1992 Mendez Family Trust	Managing member	1 Jan 2013	50% - 75%	xxx-xx-xxxx

Based in Stamford

The principal office where Spruce Investment Advisors LLC performs its advisory services is located at One Stamford Plaza, Stamford, CT 06901, 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 203-428-2600 or by fax 203-428-2628. The normal business hours are 8:30 a.m. - 5:30 p.m. on Monday - Friday. You can find more information about the New York firm at spruceinvest.com.