First Light Asset Management, LLC

CRD#168899
Investment Advisor Firm

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Overview

First Light Asset Management, LLC is a financial advisor firm located in Minneapolis, Minnesota. The firm has $771.1 million in assets under management over 906 client accounts, making it one of the larger financial advisory firms in the nation by assets under management (AUM). It has a small group of 13 employees, of which six are financial advisors. First Light Asset Management, LLC is not a registered broker-dealer, meaning it is not able to buy and sell securities for its customers' and own accounts and instead must go through a broker-dealer company to do so. Securities are defined as exchangable fiscal assets like bonds, equities and options.

First Light Asset Management, LLC oversees all of the company's client assets on a discretionary basis. Discretionary management means that buy and sell choices are made by a portfolio manager without requiring client authorization. The company's typical account size is $851,106. An average advisor at First Light Asset Management, LLC oversees around 151 client accounts.

First Light Asset Management, LLC's central office is located at 3300 Edinborough Way, Minneapolis, Minnesota 55435. First Light Asset Management, LLC is legally registered to serve investors across 16 U.S. states and territories.

Assets Under Management

$771.1 million

Number of Advisors

6

Fee Structure

Asset-based, Performance-based

Disclosures

No

Office Location

3300 Edinborough Way
Minneapolis, MN 55435

First Light Asset Management, LLC by the Numbers

Total Assets Under Management

$771.1 million

National Average: $3.3 billion
Total Number of Employees

13

National Average: 4,943
Total Number of Accounts

906

National Average: 2,522
Average Account Size

$851.1 thousand

National Average: $1.3 million

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Fee Structure

Fees for financial management usually are based on which services the firm provides the client. However, fees billed by the company most likely include the following fee types: asset-based or performance-based. Wrap fee programs, or the practice of bundling services for a single fee, are offered by the company.

Available

  • Offered by 75% 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 17% of firms

    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.

Unavailable

  • Find one of the 37% 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 3% 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 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 40% 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 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 company works with a number of different investors. The company provides services to retail investors, high net worth investors, pooled investment vehicles, pension plans, charitable organizations and corporations. Out of its 906 accounts, First Light Asset Management, LLC's largest client group by number of accounts is high net worth investors, but it also serves 693 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 in AUM 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). Just 1% of the company's clients are represented by non-U.S. persons.

  • High-Net-Worth Individuals* - 76.49%
  • Other Individuals - 17.88%
  • Corporations - 4.75%
  • Charitable Organizations - 0.88%

* 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

First Light Asset Management, LLC does not have any disclosures.

Please visit its Form ADV for more details.

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This content was compiled from the SEC and FINRA