Fort Pitt Capital Group, LLC (Pittsburgh)

Fort Pitt Capital Group, LLC is a large advisory firm based in Pittsburgh. It manages $2.47 billion of regulatory assets for 5,622 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of Arizona, California, Colorado, and 25 other states.

Fort Pitt Capital Group provides financial planning services, portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for businesses and institutional clients, pension consulting services, and educational seminars and workshops. It prepares financial plans for approximately 2,000 clients. On top of advisory services, the firm doesn't engage in other business activities.

Fort Pitt Capital Group: assets under management

The assets under management (AUM) of Fort Pitt Capital Group, LLC is $2.47 billion. The firm's AUM has grown by 28% since the beginning of its operation, and $1.53 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.47 billion in discretionary accounts and $3.52 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $440.24 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $207.19 thousand.

Fort Pitt Capital Group has custody of $710.78 million in cash and securities for 694 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 48% of the total AUM. The second-largest asset type is investment and business development companies, which make up 39% of the firm’s portfolio. Investments in cash and cash equivalents form 7% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Fort Pitt Capital Group, 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 Charles Adam Smith serves?

The firm provides services to individuals, insurance companies, 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 Charles Adam Smith is individuals with 1,971 clients and $1.72 billion of assets under management. Among the 10 most similar advisory firms, Fort Pitt Capital Group has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $2.47 billion for 2,243 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.

Fort Pitt Capital Group doesn't advise any private funds.

Careers at Fort Pitt Capital Group, LLC

The company employs 38 people that are either part- or full-time employees. 50 percent of the employees work as investment advisers or researchers. 16 employees are registered as investment adviser representatives with the state securities authorities.

There are 16 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.

Charles Adam Smith has been acting as President since 1 Aug 2015. Focus Financial Partners Inc. joined the executive team most recently as the Member.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Llc Focus Financial Partners	Member (manager)	1 Aug 2015	75% - 100%	16-1728260
Michael Nmn Blehar	Managing director	1 Aug 2015	Other	1822198
Theodore Maylon Bovard	Chief compliance officer & managing director	1 Aug 2015	Other	1776235
Charles Adam Smith	Director	1 Aug 2015	Other	4361894
John Todd Douds	Director	1 Aug 2015	Other	6068368
Llc Focus Operating	Member/manager	1 Oct 2015	75% - 100%	20-8161914
Mary Jean Giconi	Chief compliance officer	1 Mar 2018	Other	4245897

Indirect Owners

The SEC currently registers 7 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Focus Financial Partners Llc	Member	1 Jan 2007	75% - 100%	16-1728260
Lp Cp Falcon Aiv	Member	1 Oct 2013	25% - 50%	36-4767158
L.P. Trident Vi Parallel Fund	Member	1 Apr 2017	75% - 100%	98-1132009
Trident Ffp Blocker Llc	Limited partner	1 May 2017	25% - 50%	82-1662776
L.P. Trident Vi	Limited partner	1 May 2017	25% - 50%	98-1131820
L.P. Trident Ffp	Member	1 Jul 2017	25% - 50%	82-1662703
Focus Financial Partners Inc.	Member	1 Jul 2018	75% - 100%	47-4780811

Based in Pittsburgh

The principal office where Fort Pitt Capital Group, LLC performs its advisory services is located at 680 Andersen Drive, Pittsburgh, PA 15220, which is also the mailing address of the firm. An additional office of the firm is in Bonita Springs, FL. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 412-921-1822 or by fax 412-921-2402. The normal business hours are 8:30 am - 5:00 pm on Monday - Friday.