{
  "crd_number": 115562,
  "slug": "cef-advisors-richmond-va-115562",
  "primary_business_name": "CEF ADVISORS",
  "legal_name": "CLOSED-END FUND ADVISORS INC.",
  "dbas": [],
  "city": "Richmond",
  "state": "VA",
  "country": "United States",
  "cbsa_code": "40060",
  "metro": {
    "cbsa_code": "40060",
    "common_name": "Richmond",
    "msa_name": "Richmond, VA",
    "path": "/advisors/va/richmond"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2018-07-26",
  "years_registered": 8,
  "period": "2026-10-01",
  "filing_date": "2026-09-30",
  "carried_forward": false,
  "raum_total": 186323115.0,
  "raum_discretionary": 112456229.0,
  "raum_non_discretionary": 73866886.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 6,
  "advisory_employees": 2,
  "client_count_bucket": null,
  "clients_by_type": {
    "other": {
      "raum": 0.0,
      "count": 0
    },
    "charitable": {
      "raum": 0.0,
      "count": 0
    },
    "individuals": {
      "raum": 11267381.0,
      "count": 43
    },
    "banking_thrift": {
      "raum": 0.0,
      "count": 0
    },
    "state_municipal": {
      "raum": 0.0,
      "count": 0
    },
    "insurance_companies": {
      "raum": 0.0,
      "count": 0
    },
    "investment_companies": {
      "raum": 73038491.0,
      "count": 1
    },
    "pension_profit_sharing": {
      "raum": 0.0,
      "count": 0
    },
    "other_investment_advisers": {
      "raum": 0.0,
      "count": 0
    },
    "high_net_worth_individuals": {
      "raum": 102017243.0,
      "count": 50
    },
    "pooled_investment_vehicles": {
      "raum": 0.0,
      "count": 0
    },
    "corporations_other_businesses": {
      "raum": 0.0,
      "count": 0
    },
    "business_development_companies": {
      "raum": 0.0,
      "count": 0
    },
    "sovereign_wealth_foreign_official": {
      "raum": 0.0,
      "count": 0
    }
  },
  "compensation_types": [
    "fixed",
    "hourly",
    "percentage_of_aum",
    "subscription"
  ],
  "advisory_activities": [
    "other",
    "periodicals_newsletters",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies",
    "security_ratings_pricing"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "GA",
    "LA",
    "MI",
    "NC",
    "NY",
    "TX",
    "VA"
  ],
  "websites": [
    "https://cefdata.com",
    "https://facebook.com/CEFADVISORS",
    "https://linkedin.com/COMPANY/CLOSED-END-FUND-ADVISORS",
    "https://x.com/CEFADVISORS"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/115562",
  "city_as_filed": "RICHMOND",
  "url": "https://advisorcensus.com/firm/cef-advisors-richmond-va-115562",
  "display_name": "CEF Advisors",
  "summary": "CEF Advisors is an SEC-registered investment advisory firm in Richmond, VA, registered since 2018, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated September 30, 2026.",
  "citation": "AdvisorCensus. CEF Advisors (CRD 115562): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Hourly charges",
    "Subscription fees (for a newsletter or periodical)",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Publication of periodicals or newsletters",
    "Security ratings or pricing services",
    "Other"
  ],
  "quick_answers": [
    {
      "q": "How is CEF Advisors compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), CEF Advisors reports these compensation arrangements: a percentage of assets under its management; hourly charges; subscription fees (for a newsletter or periodical); fixed fees (other than subscription fees)."
    },
    {
      "q": "Where is CEF Advisors located?",
      "a": "CEF Advisors' principal office is in Richmond, VA, according to its Form ADV."
    },
    {
      "q": "Is CEF Advisors registered with the SEC or a state?",
      "a": "CEF Advisors is an SEC-registered investment advisory firm, registered since 2018. Status as filed: Approved. CRD 115562."
    },
    {
      "q": "How much does CEF Advisors manage?",
      "a": "CEF Advisors reports $186,323,115 in regulatory assets under management in its Form ADV filing dated September 30, 2026 (60% discretionary)."
    },
    {
      "q": "How have CEF Advisors' assets and staff changed since 2021?",
      "a": "In the Form ADV data for CEF Advisors: Regulatory assets under management: $131,479,463 in the October 2021 data and $186,323,115 in the October 2026 data, up 42%. Total employees: 6 in October 2021 and 6 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does CEF Advisors serve?",
      "a": "By number of clients on Form ADV Item 5.D: high net worth individuals (50); individuals (other than high net worth individuals) (43); investment companies (1)."
    },
    {
      "q": "Which custodians does CEF Advisors use?",
      "a": "CEF Advisors' most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab & Co., Inc. as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does CEF Advisors report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/115562"
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 131479463.0,
      "total_employees": 6,
      "filing_date": "2021-08-06"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 171037580.0,
      "total_employees": 5,
      "filing_date": "2022-08-08"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 144392450.0,
      "total_employees": 4,
      "filing_date": "2023-09-22"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 159039289.0,
      "total_employees": 4,
      "filing_date": "2024-09-10"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 186613242.0,
      "total_employees": 5,
      "filing_date": "2025-04-07"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 186323115.0,
      "total_employees": 6,
      "filing_date": "2026-09-30"
    }
  ],
  "recent_changes": [],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "Charles Schwab & Co., Inc.",
      "name_as_filed": "CHARLES SCHWAB & CO., INC.",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/cef-advisors-richmond-va-115562.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 43,
      "fewer_than_5": false,
      "raum": 11267381.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 50,
      "fewer_than_5": false,
      "raum": 102017243.0
    },
    {
      "type": "banking_thrift",
      "label": "Banking or thrift institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 73038491.0
    },
    {
      "type": "business_development_companies",
      "label": "Business development companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other_investment_advisers",
      "label": "Other investment advisers",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "sovereign_wealth_foreign_official",
      "label": "Sovereign wealth funds and foreign official institutions",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 0,
      "fewer_than_5": false,
      "raum": 0.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/115562",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}