Spence Asset Management

CRD#106802
Investment Advisor Firm

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Learn more about Spence Asset Management

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • Overview

    Spence Asset Management is a financial advisor company located in Las Cruces, New Mexico. Spence Asset Management has $482.9 million in assets under management across 1,590 accounts, placing it among the bigger financial advisory firms in the United States by assets under management (AUM). The company has a small group, including 7 financial advisors. Spence Asset Management is not a registered broker-dealer, meaning the advisor is not able to buy and sell securities for its customers' and own accounts and instead is required to go through a broker-dealer firm to do so. Securities are defined as tradable financial investments such as bonds, options and stocks.

    Spence Asset Management oversees more than half of the company's client assets in a discretionary manner. Discretionary management signifies that transaction decisions for the client's account are made by an investment advisor without needing the customer's consent. The company also manages four non-discretionary accounts totaling $5.8 million in AUM. Spence Asset Management supervises an average of $303,721 for each client account. The average advisor at Spence Asset Management manages about 227 client accounts.

    The company's headquarters is at 3529 Foothills Road, Las Cruces, New Mexico 88011. The firm is legally permitted to serve clients across 8 states, including Arizona, California, Colorado, Maryland, Michigan, New Mexico, Texas and Washington.

    Assets Under Management

    $482.9 million

    Number of Advisors

    7

    Disclosures

    No

    Office Location

    3529 Foothills Road
    Las Cruces, NM 88011

    Spence Asset Management by the Numbers

    Total Assets Under Management

    $482.9 million

    National Average: $8.6 billion
    Total Number of Employees

    7

    National Average: 64
    Total Number of Accounts

    1,590

    National Average: 375,227
    Average Account Size

    $303.7 thousand

    National Average: $23.0 thousand
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    Products and Services

    Spence Asset Management offers multiple services, which can consist of financial planning services, portfolio management for individuals and small businesses and portfolio management for institutional clients. In the prior fiscal year, Spence Asset Management provided financial planning services to 26-50 of its clients. Spence Asset Management does not sell products or offer services other than investment advice to its investment advisory accounts.

    Core Advisor Services

    • Offered by 31% of firms

      Financial Planning Services

      This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

    • Offered by 46% of firms

      Portfolio Management

      This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

    • Find a firm that offers this service

      Market Timing Services

      This is the practice of attempting to make short-term profits on investments by buying low and selling high.

    Other Services

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    Fee Structure

    Fees charged by financial advisors are based on which service is provided. However, fees charged by the firm typically consist of the following fee structure: asset-based. 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 69% 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.

    Unavailable

    • Find one of the 21% 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 1% 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 26% 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 0% 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 32% of firms that offer this fee type

      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.

    • Find one of the 10% 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

    Spence Asset Management does business with a broad range of clients. It caters to retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities and corporations. Out of its 1,590 accounts, Spence Asset Management's largest client by number of accounts is retail investors, although it also caters to 184 high-net-worth individuals. A high-net-worth individual is defined by the SEC as someone who has at least $750,000 in AUM or a net worth of more than $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 people from outside of the U.S.

    • High-Net-Worth Individuals* - 20.91%
    • Other Individuals - 65%
    • Corporations - 12.73%
    • Charitable Organizations - 1.36%

    * 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

    Spence Asset Management does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Spence Asset Management

    Patrick Grooms
    Las Cruces, NM
    Scott Lieberwirth
    Las Cruces, NM
    Jonathan Stirling
    Denver, CO
    Marco Rodriguez
    Las Cruces, NM
    Eric Walton
    Las Cruces, NM

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    The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact profile-compliance@smartasset.com.

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