Hbk Sorce Advisory LLC (Erie)

Name: Hbk Sorce Advisory LLC
Address: Zuck Road Office Park, Erie, PA, 16506
Telephone: 814-836-5776

Hbk Sorce Advisory LLC is a large advisory firm based in Erie. It manages $3.45 billion of regulatory assets for 11,932 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of Arizona, California, Colorado, and 26 other states.

Hbk Sorce Advisory provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and publication of newsletters. It prepares financial plans for approximately 1,000 clients. On top of advisory services, the firm doesn't engage in other business activities.

Hbk Sorce Advisory: assets under management

The assets under management (AUM) of Hbk Sorce Advisory LLC is $3.45 billion. The firm's AUM has grown by 1168% since the beginning of its operation, and $1 million of the total AUM is attributable to clients outside of the United States.

The firm manages $3.35 billion in discretionary accounts and $96.51 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $289.17 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $282.19 thousand.

Hbk Sorce Advisory has custody of $186.94 million in cash and securities for 587 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 70% of the total AUM. The second-largest asset type is state and local bonds, which make up 11% of the firm’s portfolio. Investments in investment grade corporate bonds form 8% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Hbk Sorce Advisory LLC 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 Christopher Mark Allegretti serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Christopher Mark Allegretti is high net worth individuals with 820 clients and $2.27 billion of assets under management. Among the 11 most similar advisory firms, Hbk Sorce Advisory has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $3.45 billion for 4,151 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.

Hbk Sorce Advisory doesn't advise any private funds.

Careers at Hbk Sorce Advisory LLC

The company employs 71 people that are either part- or full-time employees. 96 percent of the employees work as investment advisers or researchers. 71 employees are registered as investment adviser representatives with the state securities authorities.

There are 5 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.

Christopher Mark Allegretti has been acting as President since 1 Mar 2001. Brian William Mallette joined the executive team most recently as the Member.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Hbk Sorce Financial Llc	Parent company	1 Jun 2000	75% - 100%	34-1925718
Phillip Lyle Wilson	President	1 Jun 2000	Other	4174683
Phillip Lyle Wilson	Treasurer	1 Mar 2001	Other	4174683
Christopher Mark Allegretti	Chairman	1 Mar 2001	Other	4272280
Christopher Neal Sorce	Member	1 Mar 2001	Other	820111
Gregory Joseph Sorce	Member	1 Mar 2001	Other	1062285
Raymond Dean Piccirillo	Member	1 Mar 2001	Other	2087302
Christopher Mark Allegretti	Chairman and treasurer	1 May 2001	Other	4272280
Christopher Neal Sorce	Managing principal	1 May 2001	Other	820111
Gregory Joseph Sorce	Secretary and managing principal	1 May 2001	Other	1062285
Raymond Dean Piccirillo	Chief operating officer	1 May 2001	Other	2087302
Barry Fordyce Holes	Director	1 Sep 2002	Other	4323455
Phillip Lyle Wilson	President/cco	1 Jul 2004	Other	4174683
Richard Charles Morrow	Member	1 Mar 2006	Other	4297229
Stephen Carl Schramm	Member	1 Mar 2006	Other	4528357
Raymond Dean Piccirillo	Member	1 Mar 2006	Other	2087302
Scott Allan Cross	Chief operating officer; member (09/2009	1 Sep 2006	Other	3155528
Dan E Baer	Member	1 Sep 2009	Other	4556250
Scott Allan Cross	Member	1 Sep 2009	Other	3155528
Michael Gustave Wassmann	Chief compliance officer	1 Aug 2011	Other	5621134
Brian Scott Sommers	Director of asset management	1 May 2014	Other	1487020
Gerald William Hall	Member	1 Apr 2016	Other	2566131
James Anthony Arcoraci	Member	1 Apr 2016	Other	2583312
Steven Michael Rinn	Member	1 Sep 2016	Other	4560632
David Darwish	Member	1 Sep 2016	Other	2747994
Brian Scott Sommers	Chief investment officer, member	1 Sep 2017	Other	1487020
Quinto Fabio Ambrosetti	Member	1 Sep 2017	Other	5320033
Matthew James Costigan	Member	1 Sep 2017	Other	5433658
Ryan H Furtwangler	Member	1 Sep 2017	Other	4679131
William Francis Casey	Member	1 Sep 2017	Other	2240707
Augustine Anton Repetto	Member	1 Sep 2017	Other	2682833
Ryan Henry Furtwangler	Member	1 Sep 2017	Other	4679131
Brian William Mallette	Member	1 Sep 2018	Other	5558454
Thomas J Taranto	Member	1 Sep 2018	Other	5471153
Brittany Lauren Taylor	Member	1 Sep 2018	Other	4599159

Indirect Owners

The SEC currently registers 5 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Hbk Professional Llc	Owner	1 Sep 1999	75% - 100%	34-0699717
Hbk Sorce Holdings Llc	Owner	1 Mar 2001	75% - 100%	34-1925718
Barth & King Financial Holdings Llc Hill	Owner	1 Mar 2001	75% - 100%	34-1954020
Barth & King Financial Holdings Llc Hill	Owner	1 Jan 2009	50% - 75%	34-1954020
Hbk Sorce Holdings Llc	Owner	1 Jan 2009	75% - 100%	36-4646656

Based in Erie

The principal office where Hbk Sorce Advisory LLC performs its advisory services is located at Zuck Road Office Park, Erie, PA 16506, which is also the mailing address of the firm. An additional office of the firm is in Ft. Pierce, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 814-836-5776 or by fax 814-836-5779. The normal business hours are 8:30a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at hbksorce.com.