Shum Financial Group, Inc. (Alameda)

Name: Shum Financial Group, Inc.
Address: 1402 Park Street, Suite E, Alameda, CA, 94501
Telephone: 510-748-7462

Shum Financial Group, Inc. is a large advisory firm based in Alameda. It manages $159.49 million of regulatory assets for 705 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of California, Hawaii, and Texas.

Shum Financial Group provides financial planning services, portfolio management for individuals and small businesses, selection of other advisers, and variable annuity and variable life management. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Shum Financial Group: assets under management

The assets under management (AUM) of Shum Financial Group, Inc. is $159.49 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 23% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $159.49 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $226.23 thousand each.

Shum Financial Group has custody of $125.74 million in cash and securities for 193 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 53% of the total AUM. The second-largest asset type is exchange traded securities, which make up 27% of the firm’s portfolio. Investments in state and local bonds form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Shum Financial Group, Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. 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 Cliff Wingyin Shum serves?

The firm provides services to individuals, charitable organizations, and high net worth individuals. The largest group of clients of Cliff Wingyin Shum is high net worth individuals with 63 clients and $98.42 million of assets under management. Among the 8 most similar advisory firms, Shum Financial Group has the 4th lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $159.49 million for 341 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.

Shum Financial Group doesn't advise any private funds.

Careers at Shum Financial Group, Inc.

The company employs 3 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 3 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.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Cliff Wingyin Shum	President/chief compliance officer	1 Oct 2016	75% - 100%	2973780

Based in Alameda

The principal office where Shum Financial Group, Inc. performs its advisory services is located at 1402 Park Street, Suite E, Alameda, CA 94501, 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 510-748-7462 or by fax 510-769-4990. The normal business hours are 8:30am - 5:00pm on Monday - Friday. You can find more information about the New York firm at shumfinancial.com.