Kovack Advisors, Inc. (Ft. Lauderdale)

Name: Kovack Advisors, Inc.
Address: 6451 N. Federal Hwy, Ft. Lauderdale, FL, 33308
Telephone: 954-782-4771

Kovack Advisors, Inc. is a large advisory firm based in Ft. Lauderdale. It manages $2.26 billion of regulatory assets for 12,066 client accounts. It has been registered with the SEC as an adviser since 2007 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.

Kovack Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Kovack Advisors: assets under management

The assets under management (AUM) of Kovack Advisors, Inc. is $2.26 billion. The firm's AUM has grown by 2060% since the beginning of its operation, and $164.77 million of the total AUM is attributable to clients outside of the United States.

The firm manages $1.6 billion in discretionary accounts and $663.95 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $272.44 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $107.04 thousand.

Kovack Advisors has custody of $81.53 million in cash and securities for 234 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 41% of the total AUM. The second-largest asset type is exchange traded securities, which make up 39% of the firm’s portfolio. Investments in cash and cash equivalents form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Kovack Advisors, 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 Brian John Kovack 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 Brian John Kovack is individuals with 5,592 clients and $1.15 billion of assets under management. Among the 11 most similar advisory firms, Kovack Advisors has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $2.26 billion for 6,332 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.

Kovack Advisors doesn't advise any private funds.

Careers at Kovack Advisors, Inc.

The company employs 290 people that are either part- or full-time employees. 90 percent of the employees work as investment advisers or researchers. 262 employees are registered as investment adviser representatives 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 doesn’t compensate employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Brian John Kovack has been acting as President since 1 Aug 2000. James Chris Mills joined the executive team most recently as the Executive Vice President/Cco.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Ronald John Kovack	Chief executive officer	1 Apr 1997	50% - 75%	602923
Brian John Kovack	President	1 Aug 2000	25% - 50%	2809477
James Chris Mills	Executive vice president	1 Jun 2003	Other	3015276
Brian John Kovack	President	1 Mar 2004	Other	2809477
George Randy Cupples	Chief compliance officer	1 Nov 2004	Other	4029475
Patrick James Castelli	Senior vice president	1 Sep 2005	Other	1711822
Michael David Bewley	Chief operating officer	1 Feb 2009	Other	2908381
Melinda Sue Wolfe	Chief compliance officer	1 Mar 2009	Other	1627593
Clinton Dale Stearns	Chief compliance officer	1 Mar 2009	Other	4133201
Ronald John Kovack	Chairman	1 Feb 2010	Other	602923
Llc Kovack Financial	Owner	1 Dec 2010	75% - 100%	90-0613053
Susanne Vaishvila Rosenfeldt	Vice president/chief compliance officer	1 Apr 2017	Other	1072439
James Chris Mills	Executive vice president/cco	1 Apr 2019	Other	3015276

Indirect Owners

The SEC currently registers 2 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Brian John Kovack	President	1 Sep 2010	25% - 50%	2809477
Ronald John Kovack	Managing member	1 Sep 2010	50% - 75%	602923

Based in Ft. Lauderdale

The principal office where Kovack Advisors, Inc. performs its advisory services is located at 6451 N. Federal Hwy, Ft. Lauderdale, FL 33308, which is also the mailing address of the firm. An additional office of the firm is in Moultrie, GA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 954-782-4771 or by fax 954-943-7331. The normal business hours are 9 a.m to 5 p.m. est on Monday - Friday. You can find more information about the New York firm at kovackadvisors.com.