Hoover Financial Advisors, Inc. (Malvern)

Name: Hoover Financial Advisors, Inc.
Address: 112 Moores Road, Malvern, PA, 19355
Telephone: 610-651-2777

Hoover Financial Advisors, Inc. is a large advisory firm based in Malvern. It manages $826.99 million of regulatory assets for 2,278 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of California, Colorado, Connecticut, and 13 other states.

Hoover Financial Advisors provides financial planning services, portfolio management for individuals and small businesses, pension consulting services, and consulting. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Hoover Financial Advisors: assets under management

The assets under management (AUM) of Hoover Financial Advisors, Inc. is $826.99 million. The firm's AUM has grown by 1% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $740.62 million in discretionary accounts and $86.37 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $361.28 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $378.83 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 63% of the total AUM. The second-largest asset type is exchange traded securities, which make up 13% of the firm’s portfolio. Investments in state and local bonds form 9% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Hoover Financial Advisors, Inc. 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 William Barrett Mullin serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of William Barrett Mullin is high net worth individuals with 221 clients and $637.01 million of assets under management. Among the 8 most similar advisory firms, Hoover Financial Advisors has the 4th lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $826.99 million for 850 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.

Hoover Financial Advisors doesn't advise any private funds.

Careers at Hoover Financial Advisors, Inc.

The company employs 23 people that are either part- or full-time employees. 61 percent of the employees work as investment advisers or researchers. 10 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 compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

William Barrett Mullin has been acting as President since 1 Sep 2017. Kelly Elizabeth Murphy joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Peter Kent Hoover	Chief executive officer	1 Sep 2017	50% - 75%	1025901
William Barrett Mullin	President	1 Sep 2017	25% - 50%	2702894
Kelly Elizabeth Murphy	Chief compliance officer	1 Sep 2017	Other	5204700

Based in Malvern

The principal office where Hoover Financial Advisors, Inc. performs its advisory services is located at 112 Moores Road, Malvern, PA 19355, 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 610-651-2777 or by fax 610-651-2797. The normal business hours are 8:00 to 5:00 on Monday - Friday. You can find more information about the New York firm at hfaplanning.com.