Preston Wealth Advisors, LLC. (Reston)

Name: Preston Wealth Advisors, LLC.
Address: 1886 Metro Center Drive, Reston, VA, 20190
Telephone: 703-757-0419

Preston Wealth Advisors, LLC. is a large advisory firm based in Reston. It manages $114.37 million of regulatory assets for 5,236 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of California, District of Columbia, Florida, and 10 other states.

Preston Wealth Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, pension consulting services, market timing services, and educational seminars and workshops. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Preston Wealth Advisors: assets under management

The assets under management (AUM) of Preston Wealth Advisors, LLC. is $114.37 million. The firm's AUM has grown by 13% since the beginning of its operation, and $411.13 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $100.72 million in discretionary accounts and $13.65 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $19.58 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $146.79 thousand.

Preston Wealth Advisors has custody of $4.31 million in cash and securities for 1 client in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 95% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 3% of the firm’s portfolio. Investments in investment grade corporate bonds form 1% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Preston Wealth Advisors, LLC. 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 Preston Wealth Advisors serves?

The firm provides services to individuals and other investment advisers. The largest group of clients of Preston Wealth Advisors is individuals with 270 clients and $86.46 million of assets under management. Among the 9 most similar advisory firms, Preston Wealth Advisors has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $114.37 million for 279 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Preston Wealth Advisors also advises several private funds. Namely, one private equity fund. The minimum investment commitment required of non-related persons is $250,000 for each fund.

Careers at Preston Wealth Advisors, LLC.

The company employs 5 people that are either part- or full-time employees. 80 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There are 3 people 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
Theodore James Doremus	Ceo, cco, managing partner	1 Oct 2012	50% - 75%	4269424
Gregory Dean Mattingly	Cfo, partner	1 Jan 2013	25% - 50%	4907986
Aaron Andrew Berman	Senior vice president	1 May 2014	Other	3086639
Rena Amal Jabbour	Vice president	1 Jul 2014	Other	4680182
Allison Baum Beinecke	Coo	1 Dec 2015	Other	5142961

Based in Reston

The principal office where Preston Wealth Advisors, LLC. performs its advisory services is located at 1886 Metro Center Drive, Reston, VA 20190 The mailing address of the firm is 1886 Metro Center Drive, Reston, VA 22190. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 703-757-0419 or by fax 703-757-0430. The normal business hours are 9:00-4:30 on Monday - Friday. You can find more information about the New York firm at prestonwealthadvisors.com.