Blackdiamond Wealth Management, Inc. (New York)

Name: Blackdiamond Wealth Management, Inc.
Address: 575 Fifth Avenue, New York, NY, 10017
Telephone: (212) 784-6999

Blackdiamond Wealth Management, Inc. is a mid-sized advisory firm based in New York. It manages $52.71 million of regulatory assets for 260 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of California, Connecticut, Delaware, and 5 other states.

Blackdiamond Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, and selection of other advisers. It prepares financial plans for less than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Blackdiamond Wealth Management: assets under management

The assets under management (AUM) of Blackdiamond Wealth Management, Inc. is $52.71 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 20% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $52.71 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $202.74 thousand each.

Investments

The firm invests in investment and business development companies the most. They account for 50% of the total AUM. The second-largest asset type is exchange traded securities, which make up 26% of the firm’s portfolio. Investments in state and local bonds form 16% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Blackdiamond Wealth Management, Inc. 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 Blackdiamond Wealth Management serves?

The firm provides services to individuals, high net worth individuals, and corporations or other businesses. The largest group of clients of Blackdiamond Wealth Management is high net worth individuals with 37 clients and $37.88 million of assets under management. Among the 2 most similar advisory firms, Blackdiamond Wealth Management has the lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $52.71 million for 135 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.

Blackdiamond Wealth Management doesn't advise any private funds.

Careers at Blackdiamond Wealth Management, Inc.

The company employs 6 people that are either part- or full-time employees. 67 percent of the employees work as investment advisers or researchers. 4 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
Sean Merideth Hollitz	Managing partner	1 Apr 2017	Other	4085021
Llc Soup2nuts Holdings	Owner	1 Jan 2018	75% - 100%	82-4022994
Scott Michael Ungar	Chief compliance officer	1 Jan 2018	Other	5199319

Indirect Owners

The SEC currently registers 3 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Scott Michael Ungar	Member and chief compliance officer	1 Dec 2017	25% - 50%	5199319
Laurence Edward Greenwald	Managing member	1 Dec 2017	25% - 50%	1034663
Sean Merideth Hollitz	Managing member	1 Jan 2018	25% - 50%	4085021

Based in New York

The principal office where Blackdiamond Wealth Management, Inc. performs its advisory services is located at 575 Fifth Avenue, New York, NY 10017, 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 (212) 784-6999 or by fax (917) 565-8509. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at blackdiamondwealth.com and its LinkedIn profile.