{
  "crd_number": 314154,
  "slug": "prospect-financial-services-llc-melville-ny-314154",
  "primary_business_name": "PROSPECT FINANCIAL SERVICES LLC",
  "legal_name": "PROSPECT FINANCIAL SERVICES LLC",
  "dbas": [],
  "city": "Melville",
  "state": "NY",
  "country": "United States",
  "cbsa_code": "35620",
  "metro": {
    "cbsa_code": "35620",
    "common_name": "New York",
    "msa_name": "New York-Newark-Jersey City, NY-NJ",
    "path": "/advisors/ny/new-york"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2021-08-30",
  "years_registered": 5,
  "period": "2026-10-01",
  "filing_date": "2026-03-09",
  "carried_forward": false,
  "raum_total": 430992588.0,
  "raum_discretionary": 430992588.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "100m_500m",
  "raum_band_label": "$100 million to $500 million",
  "total_employees": 12,
  "advisory_employees": 9,
  "client_count_bucket": null,
  "clients_by_type": {
    "individuals": {
      "raum": 120159156.0,
      "count": 446
    },
    "pension_profit_sharing": {
      "raum": 98802017.0,
      "count": 77
    },
    "high_net_worth_individuals": {
      "raum": 209773374.0,
      "count": 74
    },
    "corporations_other_businesses": {
      "raum": 2258041.0,
      "count": 16
    }
  },
  "compensation_types": [
    "fixed",
    "percentage_of_aum"
  ],
  "advisory_activities": [
    "financial_planning",
    "pension_consulting",
    "portfolio_management_individuals",
    "selection_of_other_advisers"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [
    "CA",
    "CT",
    "FL",
    "NC",
    "NJ",
    "NY",
    "SC",
    "TN",
    "TX",
    "VA"
  ],
  "websites": [
    "https://profinserv.net"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/314154",
  "city_as_filed": "MELVILLE",
  "url": "https://advisorcensus.com/firm/prospect-financial-services-llc-melville-ny-314154",
  "display_name": "Prospect Financial Services LLC",
  "summary": "Prospect Financial Services LLC is an SEC-registered investment advisory firm in Melville, NY, registered since 2021, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 9, 2026.",
  "citation": "AdvisorCensus. Prospect Financial Services LLC (CRD 314154): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Fixed fees (other than subscription fees)"
  ],
  "advisory_activity_labels": [
    "Financial planning services",
    "Portfolio management for individuals and/or small businesses",
    "Pension consulting services",
    "Selection of other advisers (including private fund managers)"
  ],
  "quick_answers": [
    {
      "q": "How is Prospect Financial Services LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Prospect Financial Services LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees)."
    },
    {
      "q": "How much does Prospect Financial Services LLC charge?",
      "a": "Its Form ADV Part 2A brochure dated March 9, 2026 states: Asset-based fee: up to 2.5% of assets a year (the maximum the brochure states); Flat fee: $2,000 to $10,000 (financial planning services on a standalone basis). Fees can differ by service and may be negotiable; the brochure is the complete statement."
    },
    {
      "q": "Where is Prospect Financial Services LLC located?",
      "a": "Prospect Financial Services LLC's principal office is in Melville, NY, according to its Form ADV."
    },
    {
      "q": "Is Prospect Financial Services LLC registered with the SEC or a state?",
      "a": "Prospect Financial Services LLC is an SEC-registered investment advisory firm, registered since 2021. Status as filed: Approved. CRD 314154."
    },
    {
      "q": "How much does Prospect Financial Services LLC manage?",
      "a": "Prospect Financial Services LLC reports $430,992,588 in regulatory assets under management in its Form ADV filing dated March 9, 2026 (100% discretionary)."
    },
    {
      "q": "How have Prospect Financial Services LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Prospect Financial Services LLC: Regulatory assets under management: $0 in the October 2021 data and $430,992,588 in the October 2026 data. Total employees: 9 in October 2021 and 12 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Prospect Financial Services LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: individuals (other than high net worth individuals) (446); pension and profit sharing plans (but not the plan participants or government pension plans) (77); high net worth individuals (74)."
    },
    {
      "q": "Which custodians does Prospect Financial Services LLC use?",
      "a": "Prospect Financial Services LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists LPL Financial LLC as a custodian holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Prospect Financial Services LLC 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/314154"
    },
    {
      "q": "Does Prospect Financial Services LLC state an account minimum?",
      "a": "Its Form ADV Part 2A brochure dated March 9, 2026 says: \"Prospect Financial generally does not impose a minimum relationship size.\""
    },
    {
      "q": "What changed in Prospect Financial Services LLC's recent Form ADV filings?",
      "a": "In the April 2026 filing data: Employees performing advisory functions went from 8 to 9."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 0.0,
      "total_employees": 9,
      "filing_date": "2021-07-29"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 226281999.0,
      "total_employees": 9,
      "filing_date": "2022-09-01"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 228707659.0,
      "total_employees": 11,
      "filing_date": "2023-08-08"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 300770103.0,
      "total_employees": 11,
      "filing_date": "2024-04-19"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 418143884.0,
      "total_employees": 12,
      "filing_date": "2025-01-31"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 430992588.0,
      "total_employees": 12,
      "filing_date": "2026-03-09"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 8 to 9."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in LA."
      ]
    }
  ],
  "fees_from_brochure": {
    "source": "Form ADV Part 2A brochure dated March 9, 2026",
    "provided_by_the_firm": false,
    "tiers": [],
    "flat_rate": null,
    "stated_range": null,
    "stated_maximum": "2.5% of assets a year",
    "account_minimum": "None",
    "account_minimum_may_be_waived": false,
    "minimum_annual_fee": null,
    "planning_fees": [
      "Flat fee: $2,000 to $10,000 (financial planning services on a standalone basis)"
    ],
    "figures": [
      {
        "label": "Asset-based fee",
        "statements": [
          "Asset-based fee: up to 2.5% of assets a year (the maximum the brochure states)"
        ],
        "quotes": [
          "Wealth management fees are based on the market value of assets under management at the end of the prior calendar quarter. Wealth management fees range up to 2.50% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor.",
          "Prospect Financial also offers financial planning services on a standalone basis for a fixed engagement fee ranging from $2,000 to $10,000 per engagement.",
          "Retirement plan advisory fees are paid quarterly or monthly (“Billing Period”), in advance or arrears, pursuant to the terms of the retirement plan advisory agreement. Retirement plan advisory fees range up to 1.00% annually."
        ]
      },
      {
        "label": "Account minimum",
        "statements": [
          "Account minimum: None"
        ],
        "quotes": [
          "Prospect Financial generally does not impose a minimum relationship size."
        ]
      },
      {
        "label": "Planning fee",
        "statements": [
          "Flat fee: $2,000 to $10,000 (financial planning services on a standalone basis)"
        ],
        "quotes": [
          "Prospect Financial also offers financial planning services on a standalone basis for a fixed engagement fee ranging from $2,000 to $10,000 per engagement."
        ]
      }
    ],
    "values": {
      "tiers": [],
      "range_pct": null,
      "max_pct": 2.5,
      "account_minimum": 0.0,
      "minimum_annual_fee": null,
      "planning": [
        {
          "kind": "flat",
          "amount": null,
          "min": 2000.0,
          "max": 10000.0,
          "period": "one_time",
          "service": "financial planning services on a standalone basis"
        }
      ]
    },
    "quotes": [
      "Wealth management fees are based on the market value of assets under management at the end of the prior calendar quarter. Wealth management fees range up to 2.50% annually based on several factors, including: the scope and complexity of the services to be provided; the level of assets to be managed; and the overall relationship with the Advisor.",
      "Prospect Financial also offers financial planning services on a standalone basis for a fixed engagement fee ranging from $2,000 to $10,000 per engagement.",
      "Retirement plan advisory fees are paid quarterly or monthly (“Billing Period”), in advance or arrears, pursuant to the terms of the retirement plan advisory agreement. Retirement plan advisory fees range up to 1.00% annually.",
      "Prospect Financial generally does not impose a minimum relationship size.",
      "Prospect Financial also offers financial planning services on a standalone basis for a fixed engagement fee ranging from $2,000 to $10,000 per engagement."
    ],
    "note": "As stated in the firm's brochure; fees can differ by service and may be negotiable."
  },
  "custodians": [
    {
      "name": "LPL Financial LLC",
      "name_as_filed": "LPL FINANCIAL LLC",
      "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/prospect-financial-services-llc-melville-ny-314154.md",
  "clients": [
    {
      "type": "individuals",
      "label": "Individuals (other than high net worth individuals)",
      "count": 446,
      "fewer_than_5": false,
      "raum": 120159156.0
    },
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 74,
      "fewer_than_5": false,
      "raum": 209773374.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 77,
      "fewer_than_5": false,
      "raum": 98802017.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 16,
      "fewer_than_5": false,
      "raum": 2258041.0
    }
  ],
  "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/314154",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}