Heritage Investors Management Corp (Bethesda)

Heritage Investors Management Corp is a large advisory firm based in Bethesda. It manages $2.32 billion of regulatory assets for 1,216 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Colorado, District of Columbia, and 12 other states.

Heritage Investors Management Corp 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 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Heritage Investors Management Corp: assets under management

The assets under management (AUM) of Heritage Investors Management Corp is $2.32 billion. The firm's AUM has grown by 236% since the beginning of its operation, and $13.25 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.3 billion in discretionary accounts and $18.5 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.91 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $2.06 million.

Heritage Investors Management Corp has custody of $2.32 billion in cash and securities for 601 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 60% of the total AUM. The second-largest asset type is state and local bonds, which make up 28% of the firm’s portfolio. Investments in investment and business development companies form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Heritage Investors Management Corp for their services and products based on a percentage of assets under management, hourly charges, 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 Michael Stewart Cornfeld serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Michael Stewart Cornfeld is high net worth individuals with 467 clients and $1.88 billion of assets under management. Among the 8 most similar advisory firms, Heritage Investors Management Corp has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.32 billion for 671 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.

Heritage Investors Management Corp doesn't advise any private funds.

Careers at Heritage Investors Management Corp

The company employs 16 people that are either part- or full-time employees. 44 percent of the employees work as investment advisers or researchers. 7 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.

Michael Stewart Cornfeld has been acting as President since 1 Sep 1985. Sarah Lynn Cornfeld 2012 Trust joined the executive team most recently as the Shareholder.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Ralph Lee Cohen	Director	1 Jan 1975	Other	1783203
Michael Stewart Cornfeld	President/chief compliance officer	1 Sep 1985	75% - 100%	1783964
Derek Robert Stone	Vice president	1 Jul 1992	Other	1783956
Gayl A. Tjornehoj	Vice president & secretary	1 Jul 1992	Other	4391029
Gayl Alice Tjornehoj	Vice president & secretary	1 Jul 1992	Other	4391029
Lon Scott Babby	Director & secretary	1 Jun 1993	Other	2397947
Kenneth James Long	Vice president	1 Dec 2002	Other	2687493
Jean Marie Kennedy	Vice president	1 Jul 2007	Other	2464613
Michael Demayo	Vice president	1 Jan 2012	Other	4743352
Janet Lynn Cornfeld	Trustee of cornfeld family 2012 trust	1 Dec 2012	Other	6931477
Michael Stewart Cornfeld	Trustee of sarah cornfeld 2012 trust, jennifer schenker 2012 trust, melissa lynn cornfeld 2012 trust	1 Dec 2012	Other	1783964
Andrew Marc Schenker	Director of research	1 Nov 2016	Other	5563017
Sarah Lynn Cornfeld 2012 Trust	Shareholder	1 Mar 2018	Other	46-6424545
Jennifer Schenker 2012 Trust	Shareholder	1 Mar 2018	Other	46-6426922
Melissa Lynn Cornfeld 2012 Trust	Shareholder	1 Mar 2018	Other	46-6420941
Cornfeld Family 2012 Trust	Shareholder	1 Mar 2018	Other	46-6419771

Based in Bethesda

The principal office where Heritage Investors Management Corp performs its advisory services is located at 7101 Wisconsin Avenue, Bethesda, MD 20814 4878, 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 301-951-0440 or by fax 301-951-4954. The normal business hours are 9 a.m. to 5 p.m. on Monday - Friday.