Wilbanks, Smith & Thomas Asset Management, LLC (Norfolk)

Wilbanks, Smith & Thomas Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and pension consulting services. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Wilbanks, Smith & Thomas Asset Management: assets under management

The assets under management (AUM) of Wilbanks, Smith & Thomas Asset Management, LLC is $2.85 billion. The firm's AUM has grown by 162% since the beginning of its operation, and $100.49 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.8 billion in discretionary accounts and $49.34 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $745.69 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.83 million.

Wilbanks, Smith & Thomas Asset Management has custody of $194.86 million in cash and securities for 61 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 52% of the total AUM. The second-largest asset type is investment and business development companies, which make up 24% of the firm’s portfolio. Investments in cash and cash equivalents form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Wilbanks, Smith & Thomas Asset Management, LLC for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Wayne Freeman Wilbanks serves?

The firm provides services to individuals, investment companies, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Wayne Freeman Wilbanks is high net worth individuals with 512 clients and $1.81 billion of assets under management. Among the 6 most similar advisory firms, Wilbanks, Smith & Thomas Asset Management has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.82 billion for 1,899 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.

Wilbanks, Smith & Thomas Asset Management doesn't advise any private funds.

Careers at Wilbanks, Smith & Thomas Asset Management, LLC

The company employs 40 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 17 employees are registered as investment adviser representatives with the state securities authorities.

There are 12 people 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.

Wayne Freeman Wilbanks has been acting as President since 1 Jan 2009. Patrick Daniel Hayes joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 38 indirect owners.

Based in Norfolk

The principal office where Wilbanks, Smith & Thomas Asset Management, LLC performs its advisory services is located at 150 West Main Street, Norfolk, VA 23510, which is also the mailing address of the firm. An additional office of the firm is in Lynchburg, VA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 757-623-3676 or by fax 757-627-2943. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at wstcm.com.

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