Cornerstone Professional Advisor Services, LLC

CRD#115122
Investment Advisor Firm

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Learn more about Cornerstone Professional Advisor Services, LLC

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

    • Overview

    Cornerstone Professional Advisor Services, LLC operates as a financial advisor firm based in Garden City, New York. The firm controls $75.7 million in assets across 436 accounts. The company has a small group, including 18 financial advisors. Cornerstone Professional Advisor Services, LLC is not a registered broker-dealer, meaning the firm cannot buy and sell securities for its own accounts as well as its clients' and instead has to go through a broker-dealer firm to do so. Securities are defined as tradable financial assets like stocks, bonds and options.

    Cornerstone Professional Advisor Services, LLC oversees 427 of its client assets on a discretionary basis. Discretionary management is a structure in which transaction choices for the client's account are made by a portfolio manager without needing client consent. The company also oversees nine non-discretionary accounts with a total of $6.6 million in AUM. The advisory firm's typical account size is $173,544. The typical financial advisor at Cornerstone Professional Advisor Services, LLC manages about 24 client accounts, making it one of the more personalized financial advisor firms in the country.

    Cornerstone Professional Advisor Services, LLC's main office is at 9 Endo Blvd., Garden City, New York 11530. It is registered to serve customers across a few states, including Florida, Mississippi, New Jersey, New York and Texas.

    Assets Under Management

    $75.7 million

    Number of Advisors

    18

    Disclosures

    No

    Office Location

    9 Endo Blvd.
    Garden City, NY 11530

    Cornerstone Professional Advisor Services, LLC by the Numbers

    Total Assets Under Management

    $75.7 million

    National Average: $8.6 billion
    Total Number of Employees

    19

    National Average: 64
    Total Number of Accounts

    436

    National Average: 375,227
    Average Account Size

    $173.5 thousand

    National Average: $23.0 thousand
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    Products and Services

    Cornerstone Professional Advisor Services, LLC provides a number of financial services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients and selection of other advisers. However, the firm did not provide any of its customers with financial planning services in the last fiscal year. It is involved in selling products or offering services different than investment advisory services to its customers. The firm is also affiliated with a number of other service providers in the financial services industry, including with an accountant or accounting firm.

    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

    • Offered by 20% of firms

      Selection of Other Advisors

      This is the firm's assistance with choosing other advisors to work with who may have different specialties.

    • Find a firm that offers this service

      Publication of Periodicals

      This is the publication of various financial education materials.

    • Find a firm that offers this service

      Educational Seminars/Workshops

      This is the hosting of seminars or workshops to educate investors on financial concepts.

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    Fee Structure

    Fees charged by financial advisors usually depend on which service is provided. Fee types billed by Cornerstone Professional Advisor Services, LLC can consist of the following fee types: asset-based or other. The firm does not participate in a wrap fee program, in which the company offers a bundle of services 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.

    • Offered by 10% of firms

      Other

      Show Explanation

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

    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.

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    Types of Clients

    It provides services to retail investors, high net worth investors and pension plans. Out of its 436 customers, Cornerstone Professional Advisor Services, LLC's biggest client type by number of accounts is retail investors, but it also manages money for six 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 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 firm's accounts reside abroad.

    • High-Net-Worth Individuals* - 1.79%
    • Other Individuals - 95.54%
    • Corporations - 2.68%
    • Charitable Organizations - 0%

    * 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

    Cornerstone Professional Advisor Services, LLC does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Cornerstone Professional Advisor Services, LLC

    Holly Lundberg
    New York, NY
    Alfonso Figliolia
    Garden City, NY
    David Kelly
    Southlake, TX
    Michael Welger
    Freehold, NJ
    Wilkins Montgomery
    Jackson, MS
    James Bivins
    Jackson, MS

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