Socha Financial Group, LLC (Corning)

Name: Socha Financial Group, LLC
Address: 181 East Second Street, Corning, NY, 14830
Telephone: 607-962-0605

Socha Financial Group, LLC is a large advisory firm based in Corning. It manages $230.55 million of regulatory assets for 707 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of California, Florida, Kentucky, and 11 other states.

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

Socha Financial Group: assets under management

The assets under management (AUM) of Socha Financial Group, LLC is $230.55 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 0% since the beginning of its operation, and $2.24 million of the total AUM is attributable to clients outside of the United States.

The firm manages $230.55 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $326.1 thousand each.

Socha Financial Group has custody of $2.97 million in cash and securities for 7 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 79% of the total AUM. The second-largest asset type is non-exchange traded securities, which make up 8% of the firm’s portfolio. Investments in exchange traded securities form 8% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Socha Financial Group, LLC 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 Socha Financial Group serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Socha Financial Group is individuals with 623 clients and $137.46 million of assets under management. Among the 11 most similar advisory firms, Socha Financial Group has the 3rd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $230.55 million for 707 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.

Socha Financial Group doesn't advise any private funds.

Careers at Socha Financial Group, LLC

The company employs 6 people that are either part- or full-time employees. 83 percent of the employees work as investment advisers or researchers. 4 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
Michael Eric Socha	Member	1 Jan 2019	25% - 50%	5402692
Michelle Socha Vang	Chief compliance officer, member	1 Jan 2019	25% - 50%	6827201
Nina Graham Socha	Member	1 Jan 2019	Other	5350145
Jolie Mccarthy	Member	1 Jan 2019	Other	6171720

Based in Corning

The principal office where Socha Financial Group, LLC performs its advisory services is located at 181 East Second Street, Corning, NY 14830, 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 607-962-0605 or by fax 607-962-0933. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at nsocha.com.