First Capital Consulting Inc. (Lake Success)

Name: First Capital Consulting Inc.
Address: 3 Dakota Drive, Lake Success, NY, 11042
Telephone: 516-487-8220

First Capital Consulting Inc. is a large advisory firm based in Lake Success. It manages $1.43 billion of regulatory assets for 2,781 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Connecticut, Florida, and 4 other states.

First Capital Consulting provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, selection of other advisers, and advice on matters not involving securities.. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

First Capital Consulting: assets under management

The assets under management (AUM) of First Capital Consulting Inc. is $1.43 billion. The firm's AUM has grown by 2278% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.26 billion in discretionary accounts and $162.78 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $511.27 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $526.8 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 74% of the total AUM. The second-largest asset type is exchange traded securities, which make up 13% of the firm’s portfolio. Investments in cash and cash equivalents form 7% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay First Capital Consulting Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients First Capital Consulting serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of First Capital Consulting is high net worth individuals with 285 clients and $1.1 billion of assets under management. Among the 9 most similar advisory firms, First Capital Consulting has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $1.43 billion for 647 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.

First Capital Consulting also advises several private funds. Namely, two hedge funds and one other private fund. The minimum investment commitment required of non-related persons is $500,000 for each fund.

Careers at First Capital Consulting Inc.

The company employs 30 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person 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
David Howard Schwartz	Chairman,ceo & cco	1 Apr 1989	Other	1094495
Arthur Jay Lipman	Vice president	1 Apr 1989	50% - 75%	857618
Fred P. Sloan	Vice president	1 Jun 2011	Other	4355498
Inc. Fce Group	Holding company	1 Jun 2011	75% - 100%	45-2519070

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
David Howard Schwartz	Shareholder	1 Jun 2011	50% - 75%	1094495

Based in Lake Success

The principal office where First Capital Consulting Inc. performs its advisory services is located at 3 Dakota Drive, Lake Success, NY 11042, 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 516-487-8220 or by fax 516-342-4321. The normal business hours are 9 a.m. - 5 p.m. on Monday - Friday. You can find more information about the New York firm at fcequities.com.