1919 Investment Counsel, LLC (Baltimore)

Name: 1919 Investment Counsel, LLC
Address: One South Street, Baltimore, MD, 21202
Telephone: 410-454-2171

1919 Investment Counsel, LLC is a large advisory firm based in Baltimore. It manages $11.81 billion of regulatory assets for 5,337 client accounts. It has been registered with the SEC as an adviser since 2014 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 46 other states.

1919 Investment Counsel provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for businesses and institutional clients, selection of other advisers, and nondiscretionary investment advice and certain family office services. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

1919 Investment Counsel: assets under management

The assets under management (AUM) of 1919 Investment Counsel, LLC is $11.81 billion. The firm's AUM has grown by 49% since the beginning of its operation, and $255.48 million of the total AUM is attributable to clients outside of the United States.

The firm manages $11.65 billion in discretionary accounts and $154.38 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $2.19 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $5.94 million.

1919 Investment Counsel has custody of $5.68 billion in cash and securities for 2,151 clients in total and its related person acts as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 53% of the total AUM. The second-largest asset type is state and local bonds, which make up 15% 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 1919 Investment Counsel, LLC for their services and products based on a percentage of assets under management 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 Paul Joseph Benziger serves?

The firm provides services to individuals, investment companies, charitable organizations, high net worth individuals, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Paul Joseph Benziger is high net worth individuals with 1,617 clients and $6.75 billion of assets under management. Among the 6 most similar advisory firms, 1919 Investment Counsel has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $11.81 billion for 4,742 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.

1919 Investment Counsel doesn't advise any private funds.

Careers at 1919 Investment Counsel, LLC

The company employs 121 people that are either part- or full-time employees. 46 percent of the employees work as investment advisers or researchers. 31 employees are registered as investment adviser representatives with the state securities authorities.

There are 18 people 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.

Paul Joseph Benziger has been acting as President since 1 Jan 2005. Christopher P Hayes joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Harry Omealia	President and chief executive officer	1 Jan 2005	Other	3178194
Paul Joseph Benziger	Director	1 Jan 2005	Other	1235190
Charles Coleman King	Director	1 Jan 2005	Other	1360425
N.A. 1919 Investment Counsel & Trust Company	Sole member	1 Apr 2006	75% - 100%	52-2194681
Legg Mason Investment Counsel	Sole member	1 Apr 2006	75% - 100%	110630
Jeffrey Allen Nattans	Director	1 Mar 2009	Other	2786221
Patrick A Green	Chief administrative officer	1 May 2009	Other	5796236
Michael Patrick Scanlon	Chief compliance officer	1 Dec 2011	Other	3117555
Margaret Mary Pasquarella	Chief financial officer	1 Oct 2014	Other	1945650
Stifel Financial Corp.	Sole member	1 Jan 2016	75% - 100%	43-1273600
Brian Paul Gallagher	Director of strategic initiatives and corporate projects	1 Apr 2018	Other	2821623
Brian Paul Gallagher	Chief administrative officer	1 Mar 2019	Other	2821623
Elizabeth Anne Watkins	Chief compliance officer	1 Apr 2019	Other	2272542
Christopher P Hayes	Chief compliance officer	1 Aug 2019	Other	6815756

Indirect Owners

The SEC currently registers 2 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Inc. Legg Mason	Sole shareholder	1 May 1999	75% - 100%	52-1200960
Stifel Financial Corp.	Sole shareholder	1 Nov 2014	75% - 100%	43-1273600

Based in Baltimore

The principal office where 1919 Investment Counsel, LLC performs its advisory services is located at One South Street, Baltimore, MD 21202, which is also the mailing address of the firm. An additional office of the firm is in Birmingham, AL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 410-454-2171 or by fax 410-454-3154. 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 1919ic.com.