The Advocate Group, LLC (Minnetonka)

Name: The Advocate Group, LLC
Address: 601 Carlson Parkway, Minnetonka, MN, 55305
Telephone: 952-693-2630

The Advocate Group, LLC is a large advisory firm based in Minnetonka. It manages $340.38 million of regulatory assets for 795 client accounts. It has been registered with the SEC as an adviser since 2011 and has operated in the jurisdictions of California, Minnesota, Ohio, and Wisconsin.

The Advocate Group provides financial planning services and portfolio management for individuals and small businesses. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

The Advocate Group: assets under management

The assets under management (AUM) of The Advocate Group, LLC is $340.38 million. The firm's AUM has grown by 542% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $337.64 million in discretionary accounts and $2.74 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $429.57 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $304.06 thousand.

The Advocate Group has custody of $101.02 million in cash and securities for 92 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 71% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 19% of the firm’s portfolio. Investments in investment and business development companies form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay The Advocate Group, LLC for their services and products based on a percentage of assets under management 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 The Advocate Group serves?

The firm provides services to individuals, charitable organizations, and high net worth individuals. The largest group of clients of The Advocate Group is individuals with 244 clients and $164.76 million of assets under management. Among the 10 most similar advisory firms, The Advocate Group has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $340.38 million for 313 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.

The Advocate Group doesn't advise any private funds.

Careers at The Advocate Group, LLC

The company employs 11 people that are either part- or full-time employees. 55 percent of the employees work as investment advisers or researchers. 6 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
Phillip William Barnhill	Member, chief executive officer & chief compliance officer	1 Apr 2011	25% - 50%	1011341
Ricky Lee Lueck	Member & president	1 Apr 2011	25% - 50%	3005127
Michele Ann Perry Barnhill	Member, secretary & operations manager	1 Apr 2011	25% - 50%	4505928
Fang Echo Huang	Member	1 Apr 2011	Other	2979581
David Bernard Van Benschoten	Member, treasurer & chief investment officer	1 Apr 2011	Other	5416576
Ricky Lee Lueck	Member & advisor	1 Nov 2011	25% - 50%	3005127
David Bernard Van Benschoten	Member, treasurer & chief investment officer	1 Nov 2011	25% - 50%	5416576
Shannon Marie O'leary	Chief compliance officer	1 Jun 2013	Other	6106265
Shannon Marie O'leary	Member & chief compliance officer	1 Jan 2014	Other	6106265
Michael Lee Corrigan	Member & advisor	1 Jan 2014	Other	4666812
Elizabeth Ellen Olson	Member	1 Jan 2014	Other	6024203
Sean Patrick Ohagan	Member	1 Jan 2014	Other	5361404
Sean Patrick Ohagan	Member & advisor	1 Jul 2014	Other	5361404
Michael Lee Corrigan	Member, senior wealth advisor, chief compliance officer	1 Mar 2016	Other	4666812
Rebecca A Wachter	Member, director of business operations	1 Feb 2017	Other	6495755
David Bernard Van Benschoten	Member	1 Aug 2017	25% - 50%	5416576
Ricky Lee Lueck	Member, senior wealth advisor	1 Dec 2017	25% - 50%	3005127
Shannon Marie O'leary	Member, chief investment officer, chief compliance officer	1 Dec 2017	Other	6106265
Michael Lee Corrigan	Member, senior wealth advisor	1 Dec 2017	Other	4666812
Sean Patrick Ohagan	Member, wealth advisor	1 Dec 2017	Other	5361404
Rebecca A Wachter	Member, director of business operations	1 Dec 2017	Other	6495755

Based in Minnetonka

The principal office where The Advocate Group, LLC performs its advisory services is located at 601 Carlson Parkway, Minnetonka, MN 55305, 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 952-693-2630 or by fax 952-693-2631. The normal business hours are 8:30 am - 5:30 pm on Monday - Friday. You can find more information about the New York firm at theadvocategroup.com.