Spence Asset Management (Las Cruces)

Name: Spence Asset Management
Address: 3529 Foothills Road, Las Cruces, NM, 88011
Telephone: 575-556-8500

Spence Asset Management is a large advisory firm based in Las Cruces. It manages $235.98 million of regulatory assets for 1,008 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of New Mexico and Texas.

Spence Asset Management provides financial planning services, portfolio management for individuals and small businesses, and portfolio management for businesses and institutional clients. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Spence Asset Management: assets under management

The assets under management (AUM) of Spence Asset Management is $235.98 million. The firm's AUM has grown by 606% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $218.23 million in discretionary accounts and $17.76 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $218.66 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.78 million.

Investments

The firm invests in exchange traded securities the most. They account for 63% of the total AUM. The second-largest asset type is state and local bonds, which make up 21% of the firm’s portfolio. Investments in cash and cash equivalents form 11% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Spence Asset Management 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 James William Spence serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of James William Spence is high net worth individuals with 248 clients and $139.26 million of assets under management. Among the 7 most similar advisory firms, Spence Asset Management has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $235.98 million for 814 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.

Spence Asset Management doesn't advise any private funds.

Careers at Spence Asset Management

The company employs 7 people that are either part- or full-time employees. 86 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There are 2 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.

James William Spence has been acting as President since 1 Jan 2010. Sheila Christine Walton joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Kristi K Spence	Shareholder	1 Feb 1993	Other	5570739
James William Spence	Chief compliance officer	1 Feb 1993	75% - 100%	1189299
James William Spence	President	1 Nov 2000	75% - 100%	1189299
James Kenneth Stinnett	Vice president	1 Nov 2000	Other	1069244
Eric Marshall Walton	Vice president	1 Dec 2005	Other	4415201
Sheila Christine Walton	Treasurer	1 Dec 2005	Other	2754786
James William Spence	Director	1 Jan 2010	25% - 50%	1189299
Eric Marshall Walton	President	1 Jan 2010	25% - 50%	4415201
Sheila Christine Walton	Vice-president/treasurer	1 Jan 2010	25% - 50%	2754786
Sheila Christine Walton	Chief compliance officer	1 Sep 2010	25% - 50%	2754786

Based in Las Cruces

The principal office where Spence Asset Management performs its advisory services is located at 3529 Foothills Road, Las Cruces, NM 88011, 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 575-556-8500 or by fax 575-556-8510. The normal business hours are 7:30am-4:30 pm on Monday - Friday. You can find more information about the New York firm at spenceassetmanagement.com.