Bloom Asset Management, Inc. (Farmington Hills)

Name: Bloom Asset Management, Inc.
Address: 31275 Northwestern Hwy, Farmington Hills, MI, 48334 2531
Telephone: 248-932-5200

Bloom Asset Management, Inc. is a large advisory firm based in Farmington Hills. It manages $1.05 billion of regulatory assets for 1,230 client accounts. It has been registered with the SEC as an adviser since 2004 and has operated in the jurisdictions of Arizona, California, Florida, and 6 other states.

Bloom Asset Management provides portfolio management for individuals and small businesses. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Bloom Asset Management: assets under management

The assets under management (AUM) of Bloom Asset Management, Inc. is $1.05 billion, all of which is managed in discretionary accounts. The firm's AUM has grown by 234% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $1.05 billion in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $849.7 thousand each.

Bloom Asset Management has custody of $61.52 million in cash and securities for 216 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 99% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 1% of the firm’s portfolio.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Bloom Asset Management, Inc. for their services and products based on a percentage of assets under management. 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 Richard J Bloom serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Richard J Bloom is high net worth individuals with 343 clients and $675.49 million of assets under management. Among the 10 most similar advisory firms, Bloom Asset Management has the 5th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $1.05 billion for 1,230 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.

Bloom Asset Management doesn't advise any private funds.

Careers at Bloom Asset Management, Inc.

The company employs 18 people that are either part- or full-time employees. 44 percent of the employees work as investment advisers or researchers. 8 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 don’t receive compensation from other entities for client referrals.

Richard J Bloom has been acting as President since 1 Jan 2005. Kenneth J Bloom joined the executive team most recently as the Vice President, Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Kenneth J Bloom	Shareholder	1 Jan 2004	50% - 75%	4369363
Richard J Bloom	Shareholder	1 Jan 2004	50% - 75%	4369364
Kenneth J Bloom	Vice president, chief compliance officer	1 Jan 2005	50% - 75%	4369363
Richard J Bloom	President	1 Jan 2005	50% - 75%	4369364

Based in Farmington Hills

The principal office where Bloom Asset Management, Inc. performs its advisory services is located at 31275 Northwestern Hwy, Farmington Hills, MI 48334 2531, 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 248-932-5200 or by fax 248-932-5201. The normal business hours are 9am -5pm on Monday - Friday. You can find more information about the New York firm at facebook.com/pages/bloom-asset-management/413863130380?ref_type=bookmark.