Laraway Financial Advisors, Inc. (St. Cloud)

Name: Laraway Financial Advisors, Inc.
Address: 1219 33 Rd Street South, St. Cloud, MN, 56301
Telephone: 320-253-2490

Laraway Financial Advisors, Inc. is a large advisory firm based in St. Cloud. It manages $247.85 million of regulatory assets for 1,571 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of Minnesota, Texas, and Wisconsin.

Laraway Financial Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Laraway Financial Advisors: assets under management

The assets under management (AUM) of Laraway Financial Advisors, Inc. is $247.85 million. The firm's AUM has grown by 514% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $192.73 million in discretionary accounts and $55.12 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $250.63 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $68.73 thousand.

Laraway Financial Advisors has custody of $66.71 million in cash and securities for 216 clients 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 69% of the total AUM. The second-largest asset type is exchange traded securities, which make up 15% of the firm’s portfolio. Investments in cash and cash equivalents form 11% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Laraway Financial Advisors, Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Laraway Financial Advisors serves?

The firm provides services to individuals, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Laraway Financial Advisors is high net worth individuals with 93 clients and $119.92 million of assets under management. Among the 9 most similar advisory firms, Laraway Financial Advisors has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $246.5 million for 795 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.

Laraway Financial Advisors doesn't advise any private funds.

Careers at Laraway Financial Advisors, Inc.

The company employs 12 people that are either part- or full-time employees. 83 percent of the employees work as investment advisers or researchers. 10 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
Steven Allan Laraway	President, director, ceo, cfo	1 Nov 2000	75% - 100%	2250246
Steven Allan Laraway	President, director, ceo, cfo	1 Nov 2001	75% - 100%	2250246
Michele Rae Soldner	Chief compliance officer	1 Apr 2004	Other	3114123
Timothy Vincent O'connor	Chief compliance officer	1 Dec 2006	Other	5274369
Julie Ann Zimmerman	Chief compliance officer	1 Mar 2013	Other	5600508
James Francis Schmitz	Investment adviser representative/partner	1 Oct 2013	Other	5543666
Kimberly Marie Foster	Chief compliance officer	1 Jun 2014	Other	3134613
Christopher L Wayne	Investment adviser representative/partner	1 Jan 2016	Other	4534014

Based in St. Cloud

The principal office where Laraway Financial Advisors, Inc. performs its advisory services is located at 1219 33 Rd Street South, St. Cloud, MN 56301, which is also the mailing address of the firm. An additional office of the firm is in Cold Spring, MN. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 320-253-2490 or by fax 320-259-0557. The normal business hours are 8:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at shermockfinancial.com.