Brightwater Advisory, LLC (Tampa)

Name: Brightwater Advisory, LLC
Address: 4613 W. North A St., Tampa, FL, 33609
Telephone: 813-251-6310

Brightwater Advisory, LLC is a large advisory firm based in Tampa. It manages $183.23 million of regulatory assets for 577 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Florida, North Carolina, Texas, and Virginia.

Brightwater Advisory provides financial planning services and portfolio management for individuals and small businesses. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Brightwater Advisory: assets under management

The assets under management (AUM) of Brightwater Advisory, LLC is $183.23 million. The firm's AUM has grown by 11% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $177.11 million in discretionary accounts and $6.12 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $331.04 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $145.66 thousand.

Brightwater Advisory has custody of $100.61 million in cash and securities for 165 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 49% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 28% of the firm’s portfolio. Investments in exchange traded securities form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Brightwater Advisory, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Brightwater Advisory serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Brightwater Advisory is high net worth individuals with 56 clients and $136.29 million of assets under management. Among the 11 most similar advisory firms, Brightwater Advisory has the 5th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $177.05 million for 223 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.

Brightwater Advisory doesn't advise any private funds.

Careers at Brightwater Advisory, LLC

The company employs 4 people that are either part- or full-time employees. 25 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
Kathleen Nelson Maddux	Member, chief financial officer	1 May 2014	50% - 75%	6297197
David Carlen Maddux	Managing member, chief executive officer, chief compliance officer, and chief investment officer	1 May 2014	50% - 75%	3100686
Kathleen N. Maddux	Member, chief financial officer	1 May 2014	50% - 75%	6297197
Robert Bruce Garey	Chief compliance officer and investment adviser representative	1 Apr 2017	Other	1230628

Based in Tampa

The principal office where Brightwater Advisory, LLC performs its advisory services is located at 4613 W. North A St., Tampa, FL 33609, 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 813-251-6310 or by fax 813-336-1524. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at tampaasset.com.