Cumberland Advisors Inc (Sarasota)

Name: Cumberland Advisors Inc
Address: One Sarasota Tower, Sarasota, FL, 34236
Telephone: 800-257-7013

Cumberland Advisors Inc is a large advisory firm based in Sarasota. It manages $3.07 billion of regulatory assets for 2,552 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 44 other states.

Cumberland Advisors provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for businesses and institutional clients, pension consulting services, and consulting services for governmental clients. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Cumberland Advisors: assets under management

The assets under management (AUM) of Cumberland Advisors Inc is $3.07 billion. The firm's AUM has grown by 483% since the beginning of its operation, and $266.4 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $3.07 billion in discretionary accounts and $4.01 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.2 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $801.9 thousand.

Investments

The firm invests in state and local bonds the most. They account for 78% of the total AUM. The second-largest asset type is exchange traded securities, which make up 11% of the firm’s portfolio. Investments in cash and cash equivalents form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cumberland Advisors Inc for their services and products based on a percentage of assets under management, hourly charges, 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 David Raphael Kotok serves?

The firm provides services to individuals, insurance companies, investment companies, charitable organizations, high net worth individuals, banking or thrift institutions, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of David Raphael Kotok is high net worth individuals with 403 clients and $1.72 billion of assets under management. Among the 7 most similar advisory firms, Cumberland Advisors has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $3.07 billion for 2,114 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.

Cumberland Advisors doesn't advise any private funds.

Careers at Cumberland Advisors Inc

The company employs 35 people that are either part- or full-time employees. 43 percent of the employees work as investment advisers or researchers. 15 employees are registered as investment adviser representatives with the state securities authorities.

There are 2 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.

David Raphael Kotok has been acting as President since 1 Feb 1998. Daisy Gloria Lopez joined the executive team most recently as the Executive Vice President, Director, Shareholder.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
David Raphael Kotok	Chairman/director, ceo,cio, chief compliance officer, shareholder	1 Feb 1998	75% - 100%	1079081
Leonard J Stanley	Director	1 Feb 1998	Other	2564540
Matthew Robert Naula	Director	1 Feb 1998	Other	345238
Beck & Co. Llc. Ryan	Parent company	1 Feb 1998	75% - 100%	3248
Beck & Co. Llc Ryan	Parent company	1 Feb 1998	75% - 100%	3248
Inc. Dba Ryan Beck & Co. Ryan Beck & Co.	Parent company	1 Feb 1998	75% - 100%	3248
John Robert Mousseau	Vice president	1 Oct 2000	Other	1331715
Matthew Lee Forester	Vice president	1 Oct 2000	Other	1983004
Daisy Gloria Lopez	Vice president/director	1 Dec 2000	Other	1079082
Robert M Berson	Director/chairman	1 Jan 2002	Other	20337
Peter M Demirali	Vice president	1 Apr 2002	Other	1628536
Peter Demirali	Vice president	1 Apr 2002	Other	1628536
David Emerson Sparks	Director	1 May 2003	Other	1467941
Millennium Bank	Paret company	1 May 2003	75% - 100%	23-2965229
Therese M Pantalione	Vice president/secretary	1 May 2003	Other	1523804
W Michael Guilfoile	Director	1 May 2003	Other	832618
Vincent Philip Small	Director	1 May 2003	Other	4670745
Therese Michele Pantalione	Vice president/secretary	1 May 2003	Other	1523804
William Michael Guilfoile	Director	1 May 2003	Other	832618
Harleysville National Bank & Trust Company	Parent company	1 Apr 2004	75% - 100%	23-0672885
Harleysville National Bank	Parent company	1 Apr 2004	75% - 100%	23-0672885
Demetra Maria Takes	Director	1 Jun 2004	Other	4830481
John William Eisele	Director	1 Oct 2004	Other	76519
Michael B High	Director	1 Oct 2004	Other	4877468
Michael Barley High	Director	1 Oct 2004	Other	4877468
Samuel Antonio Santiago	Vice president	1 Dec 2004	Other	4912082
Donna Lee Sooy	Sr. vice president, shareholder	1 Mar 2005	Other	1926012
Maribel Echevarria	Sr. vice president, shareholder	1 Mar 2005	Other	1573778
Maribel No Middle Name Echevarria	Sr. vice president, shareholder	1 Mar 2005	Other	1573778
Inc. David R. Kotok & Associates	Parent company	1 Jul 2005	75% - 100%	20-2776961
William Witherell	V.p. global economist	1 Nov 2005	Other	5063601
William Hoyt Witherell	Vice president	1 Nov 2005	Other	5063601
Ralph Giraud	Vice president	1 Jan 2006	Other	1020391
Carol Ann Mulcahy	Vice president	1 Oct 2006	Other	1468012
Gary Stephen Klem	Vice president	1 Nov 2006	Other	727502
William Hoyt Witherell	Vice president	1 Aug 2007	Other	5063601
Robert Allen Eisenbeis	Vp/chief monetary economist	1 Jan 2008	Other	5485323
Michael Dennis Mcniven	Vice president	1 Apr 2009	Other	5676699
Therese Michele Pantalione	Managing director/,shareholder	1 Dec 2009	Other	1523804
Phyllis Streit	Managing director, cfo, secretary, shareholder	1 Dec 2009	Other	5753254
Phyllis Ann Streit	Managing director, cfo, secretary, shareholder	1 Dec 2009	Other	5753254
Daisy Gloria Lopez	Managing director/treas	1 Dec 2009	Other	1079082
John Robert Mousseau	Managing director	1 Dec 2009	Other	1331715
Peter Demirali	Managing director	1 Dec 2009	Other	1628536
Samuel Antonio Santiago	Managing director	1 Dec 2009	Other	4912082
Robert Allen Eisenbeis	Vice chairman, shareholder	1 Jan 2011	Other	5485323
Michael Eric Lewitt	Vice preisdent	1 Jan 2012	Other	1706492
Daisy Gloria Lopez	Executive vice president/managing director/treas, shareholder	1 Nov 2012	Other	1079082
John Robert Mousseau	Executive vice president/managing director,shareholder	1 Nov 2012	Other	1331715
Michael Dennis Mcniven	Managing director, shareholder	1 Nov 2012	Other	5676699
Sharon Prizant	Managing director, shareholder	1 Nov 2012	Other	6169468
Michael F Comes	Vice president, shareholder	1 Nov 2012	Other	5765925
Sharon No Middle Name Prizant	Managing director, shareholder	1 Nov 2012	Other	6169468
Nannette Leigh Sabo	Vice president	1 Feb 2013	Other	2208766
Matthew Craig Mcaleer	Sr. vice president	1 Feb 2014	Other	2215933
Kelli Kristin Hill	Vice president	1 Feb 2014	Other	1316798
Robert Rodrigo Malvenda	Vice president	1 Jan 2015	Other	1163722
Matthew Craig Mcaleer	Managing director	1 Jan 2016	Other	2215933
Timothy James Lyle	Chief compliance officer	1 Mar 2018	Other	1111138
David Raphael Kotok	Chairman, director, cio, shareholder	1 Apr 2018	25% - 50%	1079081
Daisy Gloria Lopez	Executive vice president, director, shareholder	1 Apr 2018	Other	1079082
John Robert Mousseau	President, ceo, director, shareholder	1 Apr 2018	Other	1331715
Phyllis Ann Streit	Cfo, secretary, treasurer, director, shareholder	1 Apr 2018	Other	5753254
Michael Dennis Mcniven	Sr. vice president, shareholder	1 Apr 2018	Other	5676699
Matthew Craig Mcaleer	Executive vice president, director, shareholder	1 Apr 2018	Other	2215933
Patricia Mary Healy	Sr vice president, shareholder	1 Apr 2018	Other	1632609
David Emerson Sparks	Director, shareholder	1 Apr 2018	Other	1467941
Lawrence Edward Donato	Director, shareholder	1 Apr 2018	Other	1207236
Jerome Irwin Marcus	Director, shareholder	1 Apr 2018	Other	6962504

Indirect Owners

The SEC currently registers 3 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Harleysville National Corp	Parent company	1 Jun 1982	75% - 100%	23-2210237
Inc. Bankatlantic Bancorp	Parent company	1 Jun 1998	75% - 100%	65-0507804
David Raphael Kotok	Owner	1 May 2005	75% - 100%	1079081

Based in Sarasota

The principal office where Cumberland Advisors Inc performs its advisory services is located at One Sarasota Tower, Sarasota, FL 34236, which is also the mailing address of the firm. An additional office of the firm is in Vineland, NJ. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 800-257-7013 or by fax 941-554-4352. The normal business hours are 8:30am - 5:00pm on Monday - Friday. You can find more information about the New York firm at cumber.com.