Novick & Company Financial Group, LLC (New Canaan)

Novick & Company Financial Group, LLC is a large advisory firm based in New Canaan. It manages $137.8 million of regulatory assets for 388 client accounts. It has been registered with the SEC as an adviser since 2009 and has operated in the jurisdictions of Connecticut, New Jersey, New York, and Pennsylvania.

Novick & Company Financial Group provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, selection of other advisers, and educational seminars and workshops. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Novick & Company Financial Group: assets under management

The assets under management (AUM) of Novick & Company Financial Group, LLC is $137.8 million. The firm's AUM has grown by 40% since the beginning of its operation, and $1.06 million of the total AUM is attributable to clients outside of the United States.

The firm manages $137.38 million in discretionary accounts and $419 thousand in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $357.76 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $104.75 thousand.

Novick & Company Financial Group has custody of $14.79 million in cash and securities for 10 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 80% of the total AUM. The second-largest asset type is exchange traded securities, which make up 20% of the firm’s portfolio.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Novick & Company Financial Group, 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 Novick & Company Financial Group serves?

The firm provides services to individuals, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Novick & Company Financial Group is high net worth individuals with 95 clients and $69 million of assets under management. Among the 8 most similar advisory firms, Novick & Company Financial Group has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $137.8 million for 183 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.

Novick & Company Financial Group doesn't advise any private funds.

Careers at Novick & Company Financial Group, LLC

The company employs 5 people that are either part- or full-time employees. 40 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.

Novick & Company Financial Group, LLC is owned by Lisa Ann Novick. Andrea Marie Pellicone joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Lisa Ann Novick	Owner	1 Feb 2005	50% - 75%	2253200
Steven Scott Novick	Managing member & chief compliance officer	1 Feb 2005	50% - 75%	2187676
Steven Scott Novick	Managing member & chief compliance officer	1 Jun 2009	75% - 100%	2187676
Joseph Matthew Pirrone	Chief compliance officer	1 Jun 2009	Other	2896120
Andrea Marie Pellicone	Chief compliance officer	1 Oct 2010	Other	3118879

Based in New Canaan

The principal office where Novick & Company Financial Group, LLC performs its advisory services is located at 50 Locust Avenue, New Canaan, CT 06840, 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 203-801-0622 or by fax 203-594-1313. The normal business hours are 8:00am - 5:00pm on Monday - Friday.