Cornerstone Professional Advisor Services, LLC (Garden City)


Cornerstone Professional Advisor Services, LLC is a mid-sized advisory firm based in Garden City. It manages $45.53 million of regulatory assets for 413 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Arizona, California, Colorado, and 9 other states.

Cornerstone Professional Advisor Services provides financial planning services, portfolio management for individuals and small businesses, 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.

Cornerstone Professional Advisor Services: assets under management

The assets under management (AUM) of Cornerstone Professional Advisor Services, LLC is $45.53 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 64% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $45.53 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $110.24 thousand each.
Cornerstone Professional Advisor Services has custody of $1.11 million in cash and securities for 1 client 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 45% of the total AUM. The second-largest asset type is exchange traded securities, which make up 30% of the firm’s portfolio. Investments in cash and cash equivalents form 10% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Cornerstone Professional Advisor Services, 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 Cornerstone Professional Advisor Services serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Cornerstone Professional Advisor Services is individuals with 412 clients and $44.39 million of assets under management. Among the 3 most similar advisory firms, Cornerstone Professional Advisor Services has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $45.53 million for 413 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.

Cornerstone Professional Advisor Services doesn't advise any private funds.

Careers at Cornerstone Professional Advisor Services, LLC

The company employs 19 people that are either part- or full-time employees. 95 percent of the employees work as investment advisers or researchers. 2 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 compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Direct owners and executive officers


Name Entity Date acquired Ownership Employer ID
Steven Madonna Member 1 Feb 2001 25% - 50% 4449047
Alfonso George Figliolia Member 1 Feb 2001 25% - 50% 863524
Frederick Solomon Member 1 Feb 2001 25% - 50% 4449044
David Gregg Kelly Member/ chief compliance officer 1 Jan 2002 25% - 50% 2080128
Steve Nmn Solano Cco 1 Jun 2017 Other 1650853

Based in Garden City

The principal office where Cornerstone Professional Advisor Services, LLC performs its advisory services is located at 9 Endo Blvd., Garden City, NY 11530, which is also the mailing address of the firm. An additional office of the firm is in Southlake, TX. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 516-408-1160 or by fax 516-408-1154. The normal business hours are 9-5 on Monday - Friday. You can find more information about the New York firm at cpasllc.com.