Opal Wealth Advisors, LLC (Jericho)

Name: Opal Wealth Advisors, LLC
Address: 2 Jericho Plaza, Jericho, NY, 11753
Telephone: 516-388-7980

Opal Wealth Advisors, LLC is a large advisory firm based in Jericho. It manages $356.66 million of regulatory assets for 690 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of California, Connecticut, Florida, and 5 other states.

Opal Wealth 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 doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Opal Wealth Advisors: assets under management

The assets under management (AUM) of Opal Wealth Advisors, LLC is $356.66 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 0% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $356.66 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $516.9 thousand each.

Opal Wealth Advisors has custody of $254.12 thousand in cash and securities for 1 client 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 65% of the total AUM. The second-largest asset type is state and local bonds, which make up 13% 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 Opal Wealth Advisors, LLC 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 Opal Wealth Advisors serves?

The firm provides services to individuals, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Opal Wealth Advisors is individuals with 102 clients and $308.65 million of assets under management. Among the 8 most similar advisory firms, Opal Wealth Advisors has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $356.66 million for 246 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.

Opal Wealth Advisors doesn't advise any private funds.

Careers at Opal Wealth Advisors, LLC

The company employs 8 people that are either part- or full-time employees. 50 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 compensates employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Lee A Korn	Managing member and principal	1 Jan 2019	25% - 50%	2944142
Jesse James Giordano	Managing member and principal	1 Jan 2019	25% - 50%	4763193
Joseph Nino Filosa	Managing member and principal	1 Jan 2019	Other	4768130
Katherine Mary Dean	Chief compliance officer and managing director of operations	1 Jan 2019	Other	3147217

Based in Jericho

The principal office where Opal Wealth Advisors, LLC performs its advisory services is located at 2 Jericho Plaza, Jericho, NY 11753, 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 516-388-7980 or by fax 516-388-7968. The normal business hours are 8:30am - 5:00pm on Monday - Friday. You can find more information about the New York firm at opalwealthadvisors.com and its LinkedIn profile.