Townsend Asset Management Corp. (Raleigh)

Name: Townsend Asset Management Corp.
Address: 5120 Bur Oak Circle, Raleigh, NC, 27612
Telephone: 919-782-9689

Townsend Asset Management Corp. is a large advisory firm based in Raleigh. It manages $257.18 million of regulatory assets for 307 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Florida, North Carolina, South Carolina, and Virginia.

Townsend Asset Management Corp provides financial planning services, portfolio management for individuals and small businesses, and educational seminars and workshops. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Townsend Asset Management Corp: assets under management

The assets under management (AUM) of Townsend Asset Management Corp. is $257.18 million. The firm's AUM has grown by 345% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $250 million in discretionary accounts and $7.18 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $847.46 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $598.36 thousand.

Townsend Asset Management Corp has custody of $9 million in cash and securities for 17 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 49% of the total AUM. The second-largest asset type is investment and business development companies, which make up 45% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Townsend Asset Management Corp. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Townsend Asset Management Corp serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Townsend Asset Management Corp is high net worth individuals with 100 clients and $202.35 million of assets under management. Among the 11 most similar advisory firms, Townsend Asset Management Corp has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $254.38 million for 302 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.

Townsend Asset Management Corp doesn't advise any private funds.

Careers at Townsend Asset Management Corp.

The company employs 9 people that are either part- or full-time employees. 67 percent of the employees work as investment advisers or researchers. 5 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
Gerald Alan Townsend	Pres., ceo, chief compliance officer	1 Oct 1982	50% - 75%	1066014
Katrina Lee Townsend	Secretary	1 Oct 1982	50% - 75%	2063425
Llc Townsend Consulting	Stockholder	1 Feb 2003	75% - 100%	56-0448191
Michael Lawrence Solomon	Tax advisor, chief compliance officer, and chief technology officer	1 Jun 2015	Other	6618341
James Patrick Kniffen	Senior portfolio manager	1 Jan 2016	Other	1566240

Indirect Owners

The SEC currently registers 2 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Gerald Alan Townsend	Manager & member	1 Feb 2003	50% - 75%	1066014
Katrina Lee Townsend	Manager & member	1 Feb 2003	50% - 75%	2063425

Based in Raleigh

The principal office where Townsend Asset Management Corp. performs its advisory services is located at 5120 Bur Oak Circle, Raleigh, NC 27612, 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 919-782-9689 or by fax 919-783-0226. The normal business hours are 9 am - 5 pm on Monday - Friday. You can find more information about the New York firm at assetmgr.com.