Altfest L J & Co Inc (New York)

Name: Altfest L J & Co Inc
Address: 445 Park Avenue, New York, NY, 10022
Telephone: 212-406-0850

Altfest L J & Co Inc is a large advisory firm based in New York. It manages $1.21 billion of regulatory assets for 2,805 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of California, Connecticut, Florida, and 11 other states.

Altfest L J & provides financial planning services, portfolio management for individuals and small businesses, and publication of newsletters. It prepares financial plans for approximately 560 clients. On top of advisory services, the firm doesn't engage in other business activities.

Altfest L J &: assets under management

The assets under management (AUM) of Altfest L J & Co Inc is $1.21 billion. The firm's AUM has grown by 834% since the beginning of its operation, and $4 million of the total AUM is attributable to clients outside of the United States.

The firm manages $1.2 billion in discretionary accounts and $10 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $439.56 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $133.33 thousand.

Altfest L J & has custody of $134.09 million in cash and securities for 101 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 66% of the total AUM. The second-largest asset type is non-exchange traded securities, which make up 10% of the firm’s portfolio. Investments in exchange traded securities form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Altfest L J & Co Inc for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Lewis Jay Altfest serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and pooled investment vehicles. The largest group of clients of Lewis Jay Altfest is high net worth individuals with 355 clients and $890 million of assets under management. Among the 12 most similar advisory firms, Altfest L J & has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $1.21 billion for 599 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Altfest L J & also advises several private funds. Namely, one hedge fund. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Altfest L J & Co Inc

The company employs 37 people that are either part- or full-time employees. 43 percent of the employees work as investment advisers or researchers. Only one employee is registered as an investment adviser representative with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Lewis Jay Altfest has been acting as President since 1 Jan 1985. Andrew Gamer Altfest joined the executive team most recently as the President.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Lewis Jay Altfest	President	1 Jan 1985	Other	4029
Karen Altfest	Executive vice president client relations	1 Jan 1986	Other	4667780
Karen Caplan Altfest	Executive vice president client relations	1 Jan 1986	Other	4667780
Prakash Aswani	Chief compliance officer	1 Oct 2004	Other	4864874
John Valentini	Chief compliance officer	1 May 2010	Other	5794933
John Nmn Valentini	Chief operations officer and chief compliance officer	1 May 2010	Other	5794933
Andrew Altfest	Executive vice president	1 Dec 2012	Other	6316746
Altfest 2012 Family Trust	Owner	1 Dec 2012	75% - 100%	46-6524185
Andrew Gamer Altfest	President	1 Mar 2019	Other	6316746

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Lewis Jay Altfest	President	1 Dec 2012	75% - 100%	4029

Based in New York

The principal office where Altfest L J & Co Inc performs its advisory services is located at 445 Park Avenue, New York, NY 10022, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-406-0850 or by fax 212-406-0867. The normal business hours are 8:30 a.m.-6:00 p.m. on Monday - Friday. You can find more information about the New York firm at altfest.com.