Steeloaks Investment Advisers, Inc. (Weirton)

Name: Steeloaks Investment Advisers, Inc.
Address: 135 Palm Drive, Weirton, WV, 26062
Telephone: 304-723-6700

Steeloaks Investment Advisers, Inc. is a large advisory firm based in Weirton. It manages $164 million of regulatory assets for 252 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of Ohio, Pennsylvania, and West Virginia.

Steeloaks Investment Advisers provides portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, and consulting, institutional research & analysis. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Steeloaks Investment Advisers: assets under management

The assets under management (AUM) of Steeloaks Investment Advisers, Inc. is $164 million. The firm's AUM has gone down by -8% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $161 million in discretionary accounts and $3 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $646.59 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1 million.

Investments

The firm invests in exchange traded securities the most. They account for 70% of the total AUM. The second-largest asset type is investment grade corporate bonds, which make up 15% of the firm’s portfolio. Investments in government bonds form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Steeloaks Investment Advisers, Inc. for their services and products based on a percentage of assets under management 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 Michael Allen Payne serves?

The firm provides services to individuals, corporations or other businesses, and state or municipal government entities. The largest group of clients of Michael Allen Payne is state or municipal government entities with 6 clients and $63 million of assets under management. Among the 8 most similar advisory firms, Steeloaks Investment Advisers has the highest percentage of state or municipal government entities out of all clients.

The amount of regulatory assets under management is $104 million for 214 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Steeloaks Investment Advisers doesn't advise any private funds.

Careers at Steeloaks Investment Advisers, Inc.

The company employs 3 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 3 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Michael Allen Payne has been acting as President since 1 Feb 2005. Sara M Payne joined the executive team most recently as the Secretary.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Donald John Kendrick	Chairman / chief executive officer	1 Jan 1997	75% - 100%	2277793
Kathy S Kendrick	Secretary	1 Sep 1997	Other	2258856
Michael Allen Payne	President/coo/chief compliance officer	1 Feb 2005	Other	3165948
Michael Joseph Orecchio	Assistant vice president	1 Feb 2005	Other	4417754
Sara M Payne	Secretary	1 Oct 2010	Other	2258856

Based in Weirton

The principal office where Steeloaks Investment Advisers, Inc. performs its advisory services is located at 135 Palm Drive, Weirton, WV 26062, 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 304-723-6700 or by fax 304-723-5999. The normal business hours are 9:00 a.m - 4:30 p.m. on Monday - Friday. You can find more information about the New York firm at steeloaks.com.