Covington Capital Management

CRD#132161
Investment Advisor Firm

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Overview

Covington Capital Management operates as an advisory company based in Los Angeles, California. Covington Capital Management controls $3.1 billion in total assets across 1,308 customer accounts, placing it among the biggest firms in the nation by assets under management (AUM). The company has a small team of 20 employees, including 10 financial advisors. Covington Capital Management does not act as a registered broker-dealer, signifying that the company cannot buy and sell securities for its accounts and those of its clients and instead has to go through a broker-dealer company to do so. Securities are defined as exchangable financial assets such as bonds, stocks and options.

Covington Capital Management administers the majority of the company's client assets on a discretionary basis. Discretionary management means that transaction judgments for the client's account are made by a portfolio manager without needing to seek the customer's consent. The firm also has 11 non-discretionary accounts with a total of $28.2 million in assets under management. The firm's typical account size is $2.4 million. The typical advisor at Covington Capital Management manages about 131 client accounts.

The firm's main office is at 601 South Figueroa Street, Los Angeles, California 90017-5726. The firm is legally allowed to provide services to customers across 7 states, including California, Florida, Louisiana, New York, Oklahoma, Texas and Washington.

Assets Under Management

$3.1 billion

Number of Advisors

10

Disclosures

No

Office Location

601 South Figueroa Street
Los Angeles, CA 90017-5726

Covington Capital Management by the Numbers

Total Assets Under Management

$3.1 billion

National Average: $3.7 billion
Total Number of Employees

20

National Average: 29
Total Number of Accounts

1,308

National Average: 2,073
Average Account Size

$2.4 million

National Average: $1.8 million

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Fee Structure

Financial advisory fees typically are based on which service is provided. However, fees charged by the firm most likely are comprised of any combination of the following fee structures: asset-based or fixed. The firm does not participate in a wrap fee program, in which the firm offers a service bundle for a single fee.

Available

  • Offered by 74% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 40% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 35% of firms that offer this fee type

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Find one of the 2% of firms that offer this fee type

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Find one of the 17% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Find one of the 1% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 12% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

The firm works with retail investors, high net worth investors, charitable organizations and corporations. Out of its 1,308 clients, Covington Capital Management's largest client group by number of accounts is high net worth investors, but it also manages money for 417 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an individual who has at least $750,000 under management or a net worth of at least $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's accounts are represented by non-U.S. persons.

  • High-Net-Worth Individuals* - 85.1%
  • Other Individuals - 5.92%
  • Corporations - 1.43%
  • Charitable Organizations - 7.55%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Covington Capital Management does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Covington Capital Management

Ricardo Azarloza
Los Angeles, CA

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This content was compiled from the SEC and FINRA