Cherry Bekaert Wealth Management LLC (Richmond)

Name: Cherry Bekaert Wealth Management LLC
Address: 200 South 10 Th Street, Richmond, VA, 23219
Telephone: 804-673-5700

Cherry Bekaert Wealth Management LLC is a large advisory firm based in Richmond. It manages $515.51 million of regulatory assets for 1,318 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of Florida, Georgia, Maryland, and 6 other states.

Cherry Bekaert Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, and selection of other advisers. It prepares financial plans for more than 499 clients. On top of advisory services, the firm doesn't engage in other business activities.

Cherry Bekaert Wealth Management: assets under management

The assets under management (AUM) of Cherry Bekaert Wealth Management LLC is $515.51 million. The firm's AUM has grown by 106% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $506.78 million in discretionary accounts and $8.73 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $390.73 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $415.66 thousand.

Cherry Bekaert Wealth Management has custody of $111.17 million in cash and securities for 138 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 95% of the total AUM. The second-largest asset type is exchange traded securities, which make up 3% of the firm’s portfolio. Investments in cash and cash equivalents form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cherry Bekaert Wealth Management LLC for their services and products based on a percentage of assets under management, hourly charges, 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 Wesley Howell Watkins serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Wesley Howell Watkins is high net worth individuals with 180 clients and $396.64 million of assets under management. Among the 9 most similar advisory firms, Cherry Bekaert Wealth Management has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $515.51 million for 591 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.

Cherry Bekaert Wealth Management doesn't advise any private funds.

Careers at Cherry Bekaert Wealth Management LLC

The company employs 15 people that are either part- or full-time employees. 53 percent of the employees work as investment advisers or researchers. 3 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.

Wesley Howell Watkins has been acting as President since 1 Dec 2008. Nicholas Roger Bertozzi joined the executive team most recently as the Chief Operating Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Cherry Bekaert Llp	Ultimate parent company/sole member	1 Aug 1998	75% - 100%	56-0574444
Mark Timothy Maund	Vice president	1 Feb 2000	Other	3012539
Wesley Howell Watkins	President	1 Dec 2008	Other	2992098
Tina Marie Leiter	Chief compliance officer/secretary	1 Oct 2011	Other	2223810
Christine Mcfadden Slate	Chief compliance officer	1 Nov 2015	Other	1571654
Lillian Martinez Peters	Vice president	1 Feb 2017	Other	4242886
Joseph Linwood Turner	Chief compliance officer	1 Oct 2017	Other	1459371
Nicholas Roger Bertozzi	Secretary	1 Jan 2018	Other	4666789
Christopher Geddy Hill	Chief compliance officer	1 Mar 2018	Other	4234339
Nicholas Roger Bertozzi	Chief operating officer	1 Oct 2018	Other	4666789

Based in Richmond

The principal office where Cherry Bekaert Wealth Management LLC performs its advisory services is located at 200 South 10 Th Street, Richmond, VA 23219, which is also the mailing address of the firm. An additional office of the firm is in Charlotte, NC. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 804-673-5700 or by fax 804-673-4231. The normal business hours are 8:30 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at cbh.com/services/wealth-management-services.asp and its LinkedIn profile.