Prospera Financial Services, Inc. (Dallas)

Name: Prospera Financial Services, Inc.
Address: 5429 Lbj Freeway, Dallas, TX, 75240
Telephone: 972-581-3000

Prospera Financial Services, Inc. is a large advisory firm based in Dallas. It manages $2.8 billion of regulatory assets for 9,475 client accounts. It has been registered with the SEC as an adviser since 2005 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 49 other states.

Prospera Financial Services provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, pension consulting services, and selection of other advisers. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Prospera Financial Services: assets under management

The assets under management (AUM) of Prospera Financial Services, Inc. is $2.8 billion. The firm's AUM has grown by 696% since the beginning of its operation, and $634.4 thousand of the total AUM is attributable to clients outside of the United States.

The firm manages $2.29 billion in discretionary accounts and $512.9 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $298.91 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $282.28 thousand.

Prospera Financial Services has custody of $2.76 billion in cash and securities for 6,465 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 92% 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 state and local bonds form 2% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Prospera Financial Services, Inc. for their services and products based on a percentage of assets under management, hourly charges, fixed fees, commissions, and performance-based fees. Commissions are paid and earned by the adviser when a trade or a sales of an investment is made. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Prospera Financial Services serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Prospera Financial Services is individuals with 6,041 clients and $2.11 billion of assets under management. Among the 11 most similar advisory firms, Prospera Financial Services has the 2nd highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $2.71 billion for 6,492 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.

Prospera Financial Services doesn't advise any private funds.

Careers at Prospera Financial Services, Inc.

The company employs 186 people that are either part- or full-time employees. 59 percent of the employees work as investment advisers or researchers. 132 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone 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.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Pfs Holdings	Share holder	1 Nov 1982	75% - 100%	75-2727481
Llc Prospera Holdings	Share holder	1 Nov 1982	75% - 100%	75-2727481
Tim Alan Edwards	Vice president	1 Jun 1995	Other	1569619
Richard Dean Pascuzzi	Secretary & vice president	1 May 1998	Other	711548
Abel Jr Garcia	Chief financial officer	1 Dec 1998	Other	2410254
David Walter Stringer	President & treasurer	1 Mar 2000	Other	1410548
Abel Jr Garcia	Chief compliance officer	1 Sep 2005	Other	2410254
Edward Kern	Chief financial officer	1 Oct 2017	Other	4364143
John Patrick West	Chief operating officer	1 Aug 2018	Other	2633477

Indirect Owners

The SEC currently registers 2 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Tim Alan Edwards	Vice president	1 May 1998	25% - 50%	1569619
David Walter Stringer	President, treasurer, cfo	1 May 1998	25% - 50%	1410548

Based in Dallas

The principal office where Prospera Financial Services, Inc. performs its advisory services is located at 5429 Lbj Freeway, Dallas, TX 75240, which is also the mailing address of the firm. An additional office of the firm is in Alexandria, LA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 972-581-3000 or by fax 972-581-3001. The normal business hours are 8:00am - 4:00pm on Monday - Friday. You can find more information about the New York firm at brianlsmith.com.