Novak & Powell Financial Services, Inc. (St. Petersburg)

Name: Novak & Powell Financial Services, Inc.
Address: 146 Second St N, St. Petersburg, FL, 33701
Telephone: 727-451-3440

Novak & Powell Financial Services, Inc. is a large advisory firm based in St. Petersburg. It manages $154.77 million of regulatory assets for 635 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Colorado, Florida, Georgia, and 6 other states.

Novak & Powell Financial Services provides portfolio management for individuals and small businesses. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Novak & Powell Financial Services: assets under management

The assets under management (AUM) of Novak & Powell Financial Services, Inc. is $154.77 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 33% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $154.77 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $243.73 thousand each.

Investments

The firm invests in exchange traded securities the most. They account for 61% of the total AUM. The second-largest asset type is investment and business development companies, which make up 23% 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 Novak & Powell Financial Services, Inc. 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 Novak & Powell Financial Services serves?

The only and largest group of clients of Novak & Powell Financial Services is individuals with 250 clients and $154.77 million of assets under management. Among the 11 most similar advisory firms, Novak & Powell Financial Services has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $154.77 million for 250 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.

Novak & Powell Financial Services doesn't advise any private funds.

Careers at Novak & Powell Financial Services, Inc.

The company employs 5 people that are either part- or full-time employees. 100 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
David William Novak	Principal, chief compliance officer	1 Sep 2013	50% - 75%	2811131
Joshua D Powell	Principal	1 Sep 2013	50% - 75%	4225150

Based in St. Petersburg

The principal office where Novak & Powell Financial Services, Inc. performs its advisory services is located at 146 Second St N, St. Petersburg, FL 33701, which is also the mailing address of the firm. An additional office of the firm is in Boulder, CO. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 727-451-3440 or by fax 866-232-7698. The normal business hours are 9am to 5pm on Monday - Friday. You can find more information about the New York firm at novakpowell.com.