Cranbrook Wealth Management, LLC (Bloomfield Hills)

Name: Cranbrook Wealth Management, LLC
Address: 36330 Woodward Avenue, Bloomfield Hills, MI, 48304
Telephone: 248-362-0900

Cranbrook Wealth Management, LLC is a large advisory firm based in Bloomfield Hills. It manages $672.15 million of regulatory assets for 1,164 client accounts. It has been registered with the SEC as an adviser since 2006 and has operated in the jurisdictions of California, Florida, Michigan, and Texas.

Cranbrook Wealth Management provides financial planning services, portfolio management for individuals and small businesses, and pension consulting services. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Cranbrook Wealth Management: assets under management

The assets under management (AUM) of Cranbrook Wealth Management, LLC is $672.15 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 974% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $672.15 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $577.45 thousand each.

Cranbrook Wealth Management has custody of $165.99 million in cash and securities for 39 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 55% of the total AUM. The second-largest asset type is exchange traded securities, which make up 39% of the firm’s portfolio. Investments in cash and cash equivalents form 6% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cranbrook Wealth 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 Cranbrook Wealth Management serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Cranbrook Wealth Management is high net worth individuals with 158 clients and $611.55 million of assets under management. Among the 10 most similar advisory firms, Cranbrook Wealth Management has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $651.55 million for 232 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.

Cranbrook Wealth Management doesn't advise any private funds.

Careers at Cranbrook Wealth Management, LLC

The company employs 5 people that are either part- or full-time employees. 80 percent of the employees work as investment advisers or researchers. 4 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 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.

Jr. Daniel Joseph Foley joined the executive team most recently as the Chief Operations Officer.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Richard Edward Balamucki	Member / owner / president	1 Jun 2004	75% - 100%	847418
Kathi Ann Bartley	Chief compliance officer	1 Jan 2006	Other	3087314
Jr. Daniel Joseph Foley	Chief operations officer	1 Oct 2007	Other	5666973
Casey James Bear	Chief executive officer	1 Nov 2009	Other	4869348
Casey James Bear	Chief compliance officer	1 Jan 2010	Other	4869348

Based in Bloomfield Hills

The principal office where Cranbrook Wealth Management, LLC performs its advisory services is located at 36330 Woodward Avenue, Bloomfield Hills, MI 48304, 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 248-362-0900 or by fax 248-362-3230. The normal business hours are 8:30 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at cranbrookwealth.com.