Claris Financial, LLC

CRD#168503
Investment Advisor Firm

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Learn more about Claris Financial, LLC

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

    • Overview

    Claris Financial, LLC operates as a financial advisory company that has its headquarters in Glen Allen, Virginia. The firm manages $206.6 million in assets across 908 client accounts, making it a mid-tier firm in the nation by assets under management (AUM). Claris Financial, LLC has a small group, including 5 financial advisors. Claris Financial, LLC is not a registered broker-dealer, meaning the company cannot buy and sell securities for its clients' and own accounts and instead is required to go through a broker-dealer company to do so. Securities are tradable fiscal investments such as bonds, options and stocks.

    Claris Financial, LLC oversees 803 of its client assets on a discretionary basis. Discretionary management signifies that a portfolio manager has the discretion to make buy and sell decisions without needing client consent. Claris Financial, LLC also has 105 non-discretionary accounts with a total of $20.6 million in assets under management. The advisory firm's average account size is $227,575. The average financial advisor at Claris Financial, LLC oversees around 182 client accounts.

    Claris Financial, LLC's central office is at 4510 Cox Rd., Glen Allen, Virginia 23060. It is registered to provide services to customers throughout 9 states, including Alabama, Illinois, Maryland, New Jersey, New York, North Carolina, Pennsylvania, Texas and Virginia.

    Assets Under Management

    $206.6 million

    Number of Advisors

    5

    Disclosures

    No

    Office Location

    4510 Cox Rd.
    Glen Allen, VA 23060

    Claris Financial, LLC by the Numbers

    Total Assets Under Management

    $206.6 million

    National Average: $8.6 billion
    Total Number of Employees

    8

    National Average: 64
    Total Number of Accounts

    908

    National Average: 375,227
    Average Account Size

    $227.6 thousand

    National Average: $23.0 thousand
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    Products and Services

    Financial services that Claris Financial, LLC provides can include portfolio management for individuals and small businesses and educational seminars. However, it did not provide financial planning services to any of its customers in the prior financial year. It is involved in selling products or offering services aside from investment advice to its clients.

    Core Advisor Services

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      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.

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      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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      Selection of Other Advisors

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

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      Publication of Periodicals

      This is the publication of various financial education materials.

    • Offered by 6% of firms

      Educational Seminars/Workshops

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

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    Fee Structure

    Fees for financial advisory services are based on the financial services offered. Fees billed by the firm typically consist of the following fee structure: asset-based. The company does not participate in a wrap fee program, in which the company offers a bundle of services for a comprehensive 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

    It provides services to retail investors and high net worth investors. Out of its 908 clients, Claris Financial, LLC's largest client group is retail investors, though it also manages money for 111 high-net-worth individuals. A high-net-worth individual is defined by the SEC as someone who has at least $750,000 under management or a net worth of at least $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the firm's accounts are represented by non-U.S. persons.

    • High-Net-Worth Individuals* - 20.71%
    • Other Individuals - 79.29%
    • Corporations - 0%
    • 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

    Claris Financial, LLC does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Claris Financial, LLC

    Daniel Murphy
    Glen Allen, VA
    Aaron Gibbs
    Glen Allen, VA
    Christopher Farver
    Glen Allen, VA
    Ryan Gibbs
    Midlothian, VA
    John Paxton
    Glen Allen, VA

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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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