Provident Trust Company (Waukesha)

Name: Provident Trust Company
Address: N16 W23217 Stone Ridge Drive, Waukesha, WI, 53188 1199
Telephone: 262-521-2300

Provident Trust Company is a large advisory firm based in Waukesha. It manages $3 billion of regulatory assets for 1,170 client accounts. It has been registered with the SEC as an adviser since 2001 and has operated in the jurisdictions of Arizona, California, Florida, and 4 other states.

Provident Trust Company provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for businesses and institutional clients, and selection of other advisers. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Provident Trust Company: assets under management

The assets under management (AUM) of Provident Trust Company is $3 billion. The firm's AUM has grown by 834% since the beginning of its operation, and $38.69 million of the total AUM is attributable to clients outside of the United States.

The firm manages $3 billion in discretionary accounts and $542.21 thousand in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.57 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $180.74 thousand.

Provident Trust Company has custody of $2.38 billion in cash and securities for 926 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 79% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 20% of the firm’s portfolio. Investments in investment and business development companies form 1% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Provident Trust Company 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 James Scott Harkness serves?

The firm provides services to individuals, investment companies, charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of James Scott Harkness is high net worth individuals with 907 clients and $2.48 billion of assets under management. Among the 6 most similar advisory firms, Provident Trust Company has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $3 billion for 1,167 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.

Provident Trust Company doesn't advise any private funds.

Careers at Provident Trust Company

The company employs 13 people that are either part- or full-time employees. 15 percent of the employees work as investment advisers or researchers. 4 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.

James Scott Harkness has been acting as President since 1 Oct 2000. J. Scott And Genevieve Harkness Living Trust Dtd 5/11/15 joined the executive team most recently as the Shareholdder.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
James Scott Harkness	Director/chief executive officer	1 Oct 2000	25% - 50%	4375804
J. Scott Harkness 1999 Trust	Shareholder	1 Oct 2000	25% - 50%	39-6712569
John Paul Onzik	Director	1 Oct 2000	Other	4375819
Eugene Tuhtar Jacobus	Director	1 Oct 2000	Other	4375821
Daniel Douglas Harkness	Trustee, j. scott harkness 1999 trust	1 Oct 2000	25% - 50%	5910524
Dudley James Godfrey	Trustee, j. scott harkness 1999 trust	1 Oct 2000	25% - 50%	1021168
Karim Jacobus Macleod	Trustee, j. scott harkness 1999 trust	1 Oct 2000	25% - 50%	5910536
Marifran Creed	Trustee, j. scott & genevieve harkness 2003 trust	1 Oct 2000	25% - 50%	5910556
Michael Anthony Schelble	President/chief operating officer/director	1 Oct 2000	Other	2353554
Max Edward Grefig	Trust officer/director	1 Oct 2000	Other	2001439
J.S. Harkness 1999 Trust	Shareholder	1 Oct 2000	25% - 50%	39-6712569
J. Scott And Genevieve Harkness 2003 Trust	Shareholder	1 Aug 2003	25% - 50%	20-6004869
J Scott & Genevieve Harkness 2003 Trust	Shareholder	1 Aug 2003	25% - 50%	20-6004869
J. Scott & Genevieve Harkness 2003 Trust	Shareholder	1 Aug 2003	25% - 50%	20-6004869
Michael Anthony Schelble	Vice president/chief compliance officer/chief operating officer/director	1 Jan 2009	Other	2353554
Max Edward Grefig	Vice president/secretary	1 Jan 2009	Other	2001439
Ronald L Lewis	Vice president/director	1 Jan 2009	Other	2040184
Michael A. & Patricia A. Schelble Joint Revocable Trust Agency	Shareholder	1 May 2010	Other	38-7586966
Thomas Nathaniel Tuttle	Vice president/secretary/director	1 Jan 2011	Other	4611041
James Ross Daley	Chief compliance officer	1 Jan 2014	Other	6046719
J. Scott And Genevieve Harkness 2003 Trust Fbo Carey T. Harkness Investment Agency	Shareholder	1 Oct 2014	Other	47-6474440
J. Scott And Genevieve Harkness 2003 Trust Fbo Erin F. Harkness Investment Agency	Shareholder	1 Oct 2014	Other	47-6477012
J. Scott And Genevieve Harkness 2003 Trust Fbo Genevieve Lauren Harkness Investment Agency	Shareholder	1 Oct 2014	Other	47-6480047
J. Scott And Genevieve Harkness Living Trust Dtd 5/11/15	Shareholdder	1 Apr 2017	25% - 50%	xxx-xx-xxxx

Based in Waukesha

The principal office where Provident Trust Company performs its advisory services is located at N16 W23217 Stone Ridge Drive, Waukesha, WI 53188 1199, 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 262-521-2300 or by fax 262-521-2301. The normal business hours are 8:30 a.m. to 5:00 p.m. on Monday - Friday. You can find more information about the New York firm at provtrust.com/.