Foresight Wealth Management, LLC (Draper)

Name: Foresight Wealth Management, LLC
Address: 11550 South 700 East, Draper, UT, 84020
Telephone: 801-462-2200

Foresight Wealth Management, LLC is a large advisory firm based in Draper. It manages $413.85 million of regulatory assets for 2,039 client accounts. It has been registered with the SEC as an adviser since 2006 and has operated in the jurisdictions of Arizona, California, Colorado, and 10 other states.

Foresight Wealth Management 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 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Foresight Wealth Management: assets under management

The assets under management (AUM) of Foresight Wealth Management, LLC is $413.85 million. The firm's AUM has grown by 666% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $384.2 million in discretionary accounts and $29.65 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $212.5 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $128.36 thousand.

Foresight Wealth Management has custody of $87.5 million in cash and securities for 302 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 61% of the total AUM. The second-largest asset type is pooled investment vehicles, which make up 11% of the firm’s portfolio. Investments in exchange traded securities form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Foresight Wealth Management, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Foresight Wealth Management 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 Foresight Wealth Management is high net worth individuals with 143 clients and $157.78 million of assets under management. Among the 8 most similar advisory firms, Foresight Wealth Management has the 3rd lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $413.85 million for 922 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.

Foresight Wealth Management doesn't advise any private funds.

Careers at Foresight Wealth Management, LLC

The company employs 18 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 15 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
Keith Micheal Blankemeyer	Chief compliance officer	1 Mar 2006	50% - 75%	5115459
Terry Buchanan	Secretary	1 Mar 2006	25% - 50%	5133312
Adam Edward Nugent	Managing member/chief compliance officer	1 Jun 2010	75% - 100%	4549399
Matthew James Pendleton	Chief compliance officer	1 Apr 2017	Other	4905346

Based in Draper

The principal office where Foresight Wealth Management, LLC performs its advisory services is located at 11550 South 700 East, Draper, UT 84020, which is also the mailing address of the firm. An additional office of the firm is in Hauppauge, NY. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 801-462-2200 or by fax 801-907-7887. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at foresightmgt.com.