First Ascent Asset Management, LLC (Denver)

Name: First Ascent Asset Management, LLC
Address: 1512 Larimer St., Denver, CO, 80202
Telephone: 720-465-7888

First Ascent Asset Management, LLC is a large advisory firm based in Denver. It manages $152.12 million of regulatory assets for 826 client accounts. It has been registered with the SEC as an adviser since 2018 and has operated in the jurisdictions of Alabama, Arizona, California, and 17 other states.

First Ascent Asset Management provides portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, educational seminars and workshops, and sub-advisory services. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

First Ascent Asset Management: assets under management

The assets under management (AUM) of First Ascent Asset Management, LLC is $152.12 million. The firm's AUM has grown by 52% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $107.6 million in discretionary accounts and $44.52 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $203.4 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $149.9 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 90% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 5% of the firm’s portfolio. Investments in exchange traded securities form 3% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay First Ascent Asset Management, 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 First Ascent Asset Management serves?

The firm provides services to individuals, other investment advisers, and high net worth individuals. The largest group of clients of First Ascent Asset Management is individuals with 600 clients and $96.75 million of assets under management. Among the 8 most similar advisory firms, First Ascent Asset Management has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $143.98 million for 817 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.

First Ascent Asset Management doesn't advise any private funds.

Careers at First Ascent Asset Management, LLC

The company employs 8 people that are either part- or full-time employees. 38 percent of the employees work as investment advisers or researchers. 5 employees are registered as investment adviser representatives with the state securities authorities.

There are 92 people 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.

Patrick James Krulik has served as the Chief Investment Officer since 1 May 2016 and Scott Andrew Mackillop is the Chief Executive Officer of First Ascent Asset Management, LLC family office. Richard Harold Patterson joined the executive team most recently as the Member Class B.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Scott Andrew Mackillop	Chief executive officer	1 Aug 2015	25% - 50%	2239819
Karen Louise Garcia	Chief operating officer and chief compliance officer	1 Mar 2016	Other	1797312
Patrick James Krulik	Chief investment officer	1 May 2016	Other	6247706
Craig K Wagener	Llc member	1 May 2016	Other	6659295
Emmett Joseph Daly	Llc member	1 Apr 2017	Other	1703260
Richard Harold Patterson	Member class b	1 Nov 2018	Other	1854779
William Richard Fitzgerald	Member class b	1 Nov 2018	Other	1857580

Based in Denver

The principal office where First Ascent Asset Management, LLC performs its advisory services is located at 1512 Larimer St., Denver, CO 80202, 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 720-465-7888 or by fax 303-547-1530. The normal business hours are 8:00 - 5:00 on Monday - Friday. You can find more information about the New York firm at firstascentam.com.