Avestar Capital, LLC (New York)

Name: Avestar Capital, LLC
Address: 400 Madison Avenue, New York, NY, 10017
Telephone: 212-706-4140

Avestar Capital, LLC is a large advisory firm based in New York. It manages $304.9 million of regulatory assets for 542 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of California, Florida, Louisiana, and 4 other states.

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

Avestar Capital: assets under management

The assets under management (AUM) of Avestar Capital, LLC is $304.9 million. The firm's AUM has grown by 104% since the beginning of its operation, and $73.49 million of the total AUM is attributable to clients outside of the United States.

The firm manages $256.48 million in discretionary accounts and $48.42 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $482.11 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $4.84 million.

Investments

The firm invests in exchange traded securities the most. They account for 50% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 21% of the firm’s portfolio. Investments in investment and business development companies form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Avestar Capital, LLC for their services and products based on a percentage of assets under management, fixed fees, and commissions. 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 Avestar Capital serves?

The firm provides services to charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Avestar Capital is high net worth individuals with 87 clients and $304.41 million of assets under management. Among the 9 most similar advisory firms, Avestar Capital has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $304.9 million for 92 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 17% of the firm’s clients are foreign persons or businesses.

Avestar Capital also advises several private funds. Namely, two hedge funds and one other private fund. The minimum investment commitment required of non-related persons is $100,000 for each fund.

Careers at Avestar Capital, LLC

The company employs 13 people that are either part- or full-time employees. 46 percent of the employees work as investment advisers or researchers. 6 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 compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Avestar Capital, LLC is owned by Xerxes Soli Mullan. Kishore Hiranand Mirchandani joined the executive team most recently as the Chief Financial Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Xerxes Soli Mullan	Owner/managing member	1 Mar 2017	75% - 100%	4579996
Tonya Nicole Smoake	Chief compliance officer	1 Mar 2017	Other	4985049
Avestar Capital Holdings Llc	Owner	1 Jan 2019	75% - 100%	62-6847980
Kishore Hiranand Mirchandani	Chief financial officer	1 Aug 2019	Other	4068616

Indirect Owners

The SEC currently registers 1 indirect owner.

Name	Entity	Date acquired	Ownership	Employer ID
Xerxes Soli Mullan	Owner	1 Jan 2019	50% - 75%	4579996

Based in New York

The principal office where Avestar Capital, LLC performs its advisory services is located at 400 Madison Avenue, New York, NY 10017, which is also the mailing address of the firm. An additional office of the firm is in San Mateo, CA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 212-706-4140 or by fax 917-795-8588. The normal business hours are 9:00 am - 6:00 am on Monday - Friday. You can find more information about the New York firm at avestarcapital.com/.