Hughes Financial Services, LLC (Herndon)

Name: Hughes Financial Services, LLC
Address: 2201 Cooperative Way, Herndon, VA, 20171
Telephone: 703-669-3660

Hughes Financial Services, LLC is a large advisory firm based in Herndon. It manages $225.6 million of regulatory assets for 1,967 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of District of Columbia, Florida, Maryland, and 6 other states.

Hughes Financial Services provides portfolio management for individuals and small businesses and portfolio management for businesses and institutional 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.

Hughes Financial Services: assets under management

The assets under management (AUM) of Hughes Financial Services, LLC is $225.6 million. The firm's AUM has grown by 73% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $218.29 million in discretionary accounts and $7.31 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $199.36 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $8.38 thousand.

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 10% of the firm’s portfolio. Investments in cash and cash equivalents form 4% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Hughes Financial Services, 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 Hughes Financial Services serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Hughes Financial Services is individuals with 384 clients and $117.65 million of assets under management. Among the 9 most similar advisory firms, Hughes Financial Services has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $225.6 million for 448 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.

Hughes Financial Services doesn't advise any private funds.

Careers at Hughes Financial Services, LLC

The company employs 9 people that are either part- or full-time employees. 56 percent of the employees work as investment advisers or researchers. 7 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
Daniel Scott Hughes	Managing member	1 May 2009	50% - 75%	2564983
Paul Thomas Hughes	Managing member/chief compliance officer	1 May 2009	50% - 75%	1061716
Patrick Thomas Hughes	Managing member	1 Jun 2016	Other	6370393
Jo Ann Cizek Weinhardt	Chief compliance officer	1 Oct 2017	Other	2426870

Based in Herndon

The principal office where Hughes Financial Services, LLC performs its advisory services is located at 2201 Cooperative Way, Herndon, VA 20171, 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 703-669-3660 or by fax 703-880-4905. The normal business hours are 8:30 a.m. - 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at h4fs.com.