Cirrus Wealth Management, LLC (Cleveland)

Name: Cirrus Wealth Management, LLC
Address: 6060 Rockside Woods Blvd, Cleveland, OH, 44131
Telephone: 216-503-9310

Cirrus Wealth Management, LLC is a large advisory firm based in Cleveland. It manages $186.72 million of regulatory assets for 409 client accounts. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdictions of Florida, New Hampshire, Ohio, Pennsylvania, and Texas.

Cirrus Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and educational seminars and workshops. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Cirrus Wealth Management: assets under management

The assets under management (AUM) of Cirrus Wealth Management, LLC is $186.72 million. The firm's AUM has grown by 81% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $138.91 million in discretionary accounts and $47.8 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $351.68 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $3.41 million.

Cirrus Wealth Management has custody of $57.7 million in cash and securities for 48 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 85% of the total AUM. The second-largest asset type is exchange traded securities, which make up 12% of the firm’s portfolio. Investments in cash and cash equivalents form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cirrus 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 Cirrus Wealth Management 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 Cirrus Wealth Management is pension and profit sharing plans with 32 clients and $74.47 million of assets under management. Among the 8 most similar advisory firms, Cirrus Wealth Management has the highest percentage of pension and profit sharing plans out of all clients.

The amount of regulatory assets under management is $186.72 million for 242 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.

Cirrus Wealth Management doesn't advise any private funds.

Careers at Cirrus Wealth Management, LLC

The company employs 8 people that are either part- or full-time employees. 75 percent of the employees work as investment advisers or researchers. 6 employees are registered as investment adviser representatives with the state securities authorities.

There are 5 people 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
Joseph Patrick Heider	Managing member / president	1 Jan 2016	75% - 100%	829343
Jennifer L Soltis	Chief compliance officer	1 Jan 2016	Other	3143883
Jill Franks	Cfo	1 Apr 2016	Other	6647370
Laura Lynn Sternheimer	Chief compliance officer	1 Sep 2016	Other	2518943
Ryan Scott Heider	Vice president	1 Aug 2018	Other	6831817

Based in Cleveland

The principal office where Cirrus Wealth Management, LLC performs its advisory services is located at 6060 Rockside Woods Blvd, Cleveland, OH 44131, which is also the mailing address of the firm. An additional office of the firm is in Akron, OH. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 216-503-9310 or by fax 216-503-9258. The normal business hours are 8-5 on Monday - Friday. You can find more information about the New York firm at cirruswealth.com.