Covington Investment Advisors, Inc. (Ligonier)

Name: Covington Investment Advisors, Inc.
Address: 301 East Main Street, Ligonier, PA, 15658
Telephone: 724-238-0151

Covington Investment Advisors, Inc. is a large advisory firm based in Ligonier. It manages $350.79 million of regulatory assets for 367 client accounts. It has been registered with the SEC as an adviser since 2003 and has operated in the jurisdictions of Florida, Pennsylvania, and Texas.

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

Covington Investment Advisors: assets under management

The assets under management (AUM) of Covington Investment Advisors, Inc. is $350.79 million. The firm's AUM has grown by 804% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $340.94 million in discretionary accounts and $9.84 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $960.41 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $820.14 thousand.

Covington Investment Advisors has custody of $7.37 million in cash and securities for 18 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 76% of the total AUM. The second-largest asset type is investment and business development companies, which make up 17% of the firm’s portfolio. Investments in investment grade corporate bonds form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Covington Investment Advisors, Inc. for their services and products based on a percentage of assets under management and hourly charges. 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 Patrick R. Wallace 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 Patrick R. Wallace is high net worth individuals with 53 clients and $162.77 million of assets under management. Among the 7 most similar advisory firms, Covington Investment Advisors has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $350.79 million for 131 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.

Covington Investment Advisors doesn't advise any private funds.

Careers at Covington Investment Advisors, Inc.

The company employs 7 people that are either part- or full-time employees. 43 percent of the employees work as investment advisers or researchers. 2 employees are registered as investment adviser representatives 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.

Patrick R. Wallace has been acting as President since 1 May 2003. Sarah E. Rovedatti joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Patrick R. Wallace	President	1 May 2003	75% - 100%	4667283
Daniel P Messmer	Chief compliance officer	1 Jan 2012	Other	6043714
Dtd The Patrick R. Wallace Revocable Trust	Owner	1 Aug 2016	75% - 100%	20-5480594
Sarah E. Rovedatti	Chief compliance officer	1 Jan 2018	Other	5539234

Based in Ligonier

The principal office where Covington Investment Advisors, Inc. performs its advisory services is located at 301 East Main Street, Ligonier, PA 15658, 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 724-238-0151 or by fax 724-238-0148. The normal business hours are 8:30 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at covingtoninvestment.com.