Hedgecovest LLC (West Palm Beach)

Name: Hedgecovest LLC
Address: 105 S. Narcissus Avenue, West Palm Beach, FL, 33401
Telephone: 561-835-8690

Hedgecovest LLC is a large advisory firm based in West Palm Beach. It manages $504.5 million of regulatory assets for 1,239 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdiction of Florida.

Hedgecovest provides portfolio management for individuals and small businesses 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.

Hedgecovest: assets under management

The assets under management (AUM) of Hedgecovest LLC is $504.5 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 1976% since the beginning of its operation, and $439.68 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $504.5 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $407.18 thousand each.

Investments

The firm invests in exchange traded securities the most. They account for 52% of the total AUM. The second-largest asset type is other assets, which make up 35% of the firm’s portfolio. Investments in cash and cash equivalents form 8% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Hedgecovest 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 Hedgecovest serves?

The firm provides services to individuals, high net worth individuals, and corporations or other businesses. The largest group of clients of Hedgecovest is high net worth individuals with 321 clients and $325.81 million of assets under management. Among the 6 most similar advisory firms, Hedgecovest has the 3rd lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $497.87 million for 1,234 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.

Hedgecovest doesn't advise any private funds.

Careers at Hedgecovest LLC

The company employs 2 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. Only one employee is registered as an investment adviser representative 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.

Alexander Charles Smith Ryland joined the executive team most recently as the Managing Director.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Evan Scott Rapoport	Chief executive officer	1 Apr 2013	Other	2722067
Joseph David Goldstein	Chief financial officer	1 Apr 2013	Other	5627544
Llc Hedgeco Networks	Sole member	1 May 2013	75% - 100%	26-2294722
Inc. Hedgeco Networks	Sole member	1 May 2013	75% - 100%	26-2294722
Louis Michael Milano	Chief compliance officer	1 Feb 2014	Other	842064
Alexander Charles Smith Ryland	Managing director	1 Apr 2016	Other	5427368
William Bruce Marcus	Senior managing director	1 Apr 2016	Other	1418897

Indirect Owners

The SEC currently registers 4 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Ltd Inter Atlantic Advisors Ii	General partner	1 Aug 2005	Other	43-2083060
Andrew S Lerner	Director	1 Aug 2005	25% - 50%	1735498
Evan Scott Rapoport	Member	1 Mar 2008	25% - 50%	2722067
Lp Inter Atlantic Fund Ii	Member	1 Mar 2009	25% - 50%	98-0478188

Based in West Palm Beach

The principal office where Hedgecovest LLC performs its advisory services is located at 105 S. Narcissus Avenue, West Palm Beach, FL 33401, 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 561-835-8690 or by fax 561-828-3181. The normal business hours are 8:30am - 5:30pm on Monday - Friday. You can find more information about the New York firm at hedgecovest.com.