Legend Advisory, LLC (Palm Beach Gardens)

Name: Legend Advisory, LLC
Address: 4600 East Park Drive, Palm Beach Gardens, FL, 33410 4258
Telephone: (866) 774-8671

Legend Advisory, LLC is a large advisory firm based in Palm Beach Gardens. It manages $1.95 billion of regulatory assets for 26,328 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 47 other states.

Legend Advisory provides portfolio management for individuals and small businesses, pension consulting services, 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.

Legend Advisory: assets under management

The assets under management (AUM) of Legend Advisory, LLC is $1.95 billion. The firm's AUM has gone down by -8% since the beginning of its operation, and $2.6 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $1.29 billion in discretionary accounts and $657.78 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $65.93 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $97.08 thousand.

Legend Advisory has custody of $1.83 billion in cash and securities for 21,164 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 cash and cash equivalents, which make up 4% of the firm’s portfolio. Investments in exchange traded securities form 1% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Legend Advisory, LLC for their services and products based on a percentage of assets under management. 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 Denis Neil Houser 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 Denis Neil Houser is individuals with 21,823 clients and $1.86 billion of assets under management. Among the 9 most similar advisory firms, Legend Advisory has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $1.95 billion for 22,082 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Legend Advisory doesn't advise any private funds.

Careers at Legend Advisory, LLC

The company employs 303 people that are either part- or full-time employees. 98 percent of the employees work as investment advisers or researchers. 228 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.

Denis Neil Houser has been acting as President since 1 Jan 2017. Shashi Mehrotra has served as the Chief Investment Officer since 1 Jan 2017. Diane Mulherrin Mccarthy joined the executive team most recently as the Sr Vice President, Chief Financial Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Llc Legend Group Holdings	Member/shareholder	1 Mar 2000	75% - 100%	43-1888262
Miralda Gingrich	Vice president	1 Aug 2016	Other	1985431
Shashi Mehrotra	Chief investment officer/chief operating officer	1 Jan 2017	Other	2640875
Denis Neil Houser	President/ceo	1 Jan 2017	Other	1640242
Karen Dougherty Bura	Assistant treasurer	1 Jan 2017	Other	1666006
Susan Mary Oberlies	Chief compliance officer	1 Jan 2017	Other	3009149
Debra Ann Patterson	Secretary	1 Jan 2017	Other	1066197
Edward Samuel Forst	Manager	1 Jan 2017	Other	708024
Anna C Arena	Treasurer	1 Jan 2017	Other	2752665
Edward Forst	Director	1 Jan 2017	Other	708024
Anna Chechersky Arena	Treasurer, chief financial officer	1 Jan 2017	Other	2752665
Paul Steven Mendelson	Interim chief financial officer	1 Sep 2017	Other	2519185
Diane Mulherrin Mccarthy	Sr vice-president, chief financial officer	1 Sep 2018	Other	4923328

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Llc Lincoln Investment Capital Holdings	Indirect owner	1 Jan 2017	75% - 100%	32-0468930

Based in Palm Beach Gardens

The principal office where Legend Advisory, LLC performs its advisory services is located at 4600 East Park Drive, Palm Beach Gardens, FL 33410 4258, which is also the mailing address of the firm. An additional office of the firm is in Rochester, NY. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (866) 774-8671 or by fax (561) 691-8092. The normal business hours are 8:30 am to 5:30 pm on Monday - Friday. You can find more information about the New York firm at legendadvisorycorp.com.