Solitude Financial Services, Inc. (Palmyra)

Name: Solitude Financial Services, Inc.
Address: 67 Thomas Jefferson Pkwy, Palmyra, VA, 22963
Telephone: (434) 218-2201

Solitude Financial Services, Inc. is a large advisory firm based in Palmyra. It manages $121.2 million of regulatory assets for 1,189 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of Florida, Texas, and Virginia.

Solitude Financial Services provides financial planning services and portfolio management for individuals and small businesses. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Solitude Financial Services: assets under management

The assets under management (AUM) of Solitude Financial Services, Inc. is $121.2 million. The company doesn't manage any assets belonging to foreign clients.

The firm manages $91.2 million in discretionary accounts and $30 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $167.65 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $46.51 thousand.

Solitude Financial Services has custody of $94 million in cash and securities for 84 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 75% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 21% of the firm’s portfolio. Investments in government bonds form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Solitude Financial Services, Inc. for their services and products based on a percentage of assets under management, hourly charges, subscription fees, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Solitude Financial Services serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Solitude Financial Services is high net worth individuals with 56 clients and $95.7 million of assets under management. Among the 13 most similar advisory firms, Solitude Financial Services has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $121.2 million for 84 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.

Solitude Financial Services doesn't advise any private funds.

Careers at Solitude Financial Services, Inc.

The company employs 3 people that are either part- or full-time employees. 33 percent of the employees work as investment advisers or researchers. Only one employee is registered as an investment adviser representative 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.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Gene Michael Kowalski	Financial advisor	1 Jun 2009	75% - 100%	5665299
Lindlee Louise Miles	Chief compliance officer	1 Nov 2014	Other	6461739

Based in Palmyra

The principal office where Solitude Financial Services, Inc. performs its advisory services is located at 67 Thomas Jefferson Pkwy, Palmyra, VA 22963, 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 (434) 218-2201 or by fax 434-591-4570. The normal business hours are 9-5 on Monday - Friday. You can find more information about the New York firm at solitudefinancial.com/.