Precipio Wealth Management LLC (Mclean)

Name: Precipio Wealth Management LLC
Address: 8180 Greensboro Drive, Mclean, VA, 22102
Telephone: 703.773.2474

Precipio Wealth Management LLC is a large advisory firm based in Mclean. It manages $183.43 million of regulatory assets for 526 client accounts. It has been registered with the SEC as an adviser since 2013 and has operated in the jurisdictions of District of Columbia, Florida, Georgia, and 5 other states.

Precipio Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Precipio Wealth Management: assets under management

The assets under management (AUM) of Precipio Wealth Management LLC is $183.43 million. The firm's AUM has grown by 43% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $178.69 million in discretionary accounts and $4.74 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $344.31 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $676.83 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 45% of the total AUM. The second-largest asset type is exchange traded securities, which make up 23% of the firm’s portfolio. Investments in state and local bonds form 13% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Precipio Wealth Management 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 Precipio Wealth Management 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 Precipio Wealth Management is high net worth individuals with 54 clients and $146.39 million of assets under management. Among the 11 most similar advisory firms, Precipio Wealth Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $178.85 million for 105 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.

Precipio Wealth Management doesn't advise any private funds.

Careers at Precipio Wealth Management LLC

The company employs 4 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 2 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person 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
Edgar Lee Parrish	Managing member	1 Aug 2009	50% - 75%	601959
Katherine Maclachlan Parrish	Chief compliance officer & member	1 Aug 2009	50% - 75%	1071986

Based in Mclean

The principal office where Precipio Wealth Management LLC performs its advisory services is located at 8180 Greensboro Drive, Mclean, VA 22102, which is also the mailing address of the firm. An additional office of the firm is in Palm Beach, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 703.773.2474 or by fax 703.665.7522. The normal business hours are 9:00am. to 5:00pm on Monday - Friday. You can find more information about the New York firm at precipiowealth.com.