Burkett Financial Services, LLC (Rock Hill)


Burkett Financial Services, LLC is a large advisory firm based in Rock Hill. It manages $242.52 million of regulatory assets for 1,440 client accounts. It has been registered with the SEC as an adviser since 2007 and has operated in the jurisdictions of Florida, Georgia, North Carolina, South Carolina, and Texas.

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

Burkett Financial Services: assets under management

The assets under management (AUM) of Burkett Financial Services, LLC is $242.52 million. The firm's AUM has grown by 301% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $229.83 million in discretionary accounts and $12.69 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $160.83 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $1.15 million.
Burkett Financial Services has custody of $12.34 million in cash and securities for 30 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 70% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 10% 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 Burkett Financial Services, LLC 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 Burkett Financial Services serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Burkett Financial Services is high net worth individuals with 67 clients and $154.8 million of assets under management. Among the 10 most similar advisory firms, Burkett Financial Services has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $242.52 million for 277 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.

Burkett Financial Services doesn't advise any private funds.

Careers at Burkett Financial Services, LLC

The company employs 6 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 5 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
Donald Herbert Burkett Member 1 Jan 2001 25% - 50% 5259720
Ronald Hubert Burkett Member 1 Jan 2001 25% - 50% 5259722
Harvey Charlie Heise Member 1 Jan 2001 Other 5259741
Phillip Kevin Smiley Chief compliance officer 1 Jan 2001 25% - 50% 4120309
Max Lee Cummings Member 1 Jan 2001 Other 5259725
Jr Larry Dupre Montague Member 1 Oct 2006 Other 5259740

Based in Rock Hill

The principal office where Burkett Financial Services, LLC performs its advisory services is located at 128 East Main Street, Rock Hill, SC 29730, which is also the mailing address of the firm. An additional office of the firm is in West Columbia, SC. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 803-980-3232 or by fax 803-325-1665. The normal business hours are 8:30 am to 5:30 pm on Monday - Friday. You can find more information about the New York firm at burkettfs.com.