LM Advisors provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions. The firm advises 1 private fund.
LM Advisors reports 585 clients. They include 295 high-net-worth individuals, 245 individual clients and 21 insurance companies. Of its assets, 99.5% ($2.86B across 1,461 accounts) are managed with discretion; $14.4M across 5 accounts are not. Of its clients, 72% are outside the U.S. It advised 1 client without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 42% | 3% |
| High-net-worth individuals | 50% | 81% |
| Pooled investment vehicles | <1% | 3% |
| Pension and profit-sharing plans | 3% | <1% |
| Charitable organizations | <1% | <1% |
| Other client typesInsurance companies | 4% | 12% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 245 | $94.3M | 3.3% | $385K |
| High-net-worth individuals | 295 | $2.33B | 81.1% | $7.91M |
| Pooled investment vehicles | 1 | $76.7M | 2.7% | $76.7M |
| Pension and profit-sharing plans | 20 | $27M | 0.9% | $1.35M |
| Charitable organizations | Fewer than 5 | $9.35M | 0.3% | $3.12M |
| Insurance companies | 21 | $336M | 11.7% | $16M |
| Total | 585 | $2.88B | 100% | — |
- Clients
- 245
- Regulatory AUM
- $94.3M
- AUM share
- 3.3%
- Avg. per client
- $385K
- Clients
- 295
- Regulatory AUM
- $2.33B
- AUM share
- 81.1%
- Avg. per client
- $7.91M
- Clients
- 1
- Regulatory AUM
- $76.7M
- AUM share
- 2.7%
- Avg. per client
- $76.7M
- Clients
- 20
- Regulatory AUM
- $27M
- AUM share
- 0.9%
- Avg. per client
- $1.35M
- Clients
- Fewer than 5
- Regulatory AUM
- $9.35M
- AUM share
- 0.3%
- Avg. per client
- $3.12M
- Clients
- 21
- Regulatory AUM
- $336M
- AUM share
- 11.7%
- Avg. per client
- $16M
Total
- Clients
- 585
- Regulatory AUM
- $2.88B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 72%
- Clients advised without assets under management last fiscal year
- 1
- Private funds advised
- 1
LM Advisors charges 0.50%–1.00% a year for its Investment Supervisory Services. The fee is billed in arrears and is negotiable.
Fee details and sources
Leonardo Simpser owns 50% to 75% of LM Advisors. The leadership team of LM Advisors includes Chief Compliance Officer Jonathan Chatfield. It has 22 employees, 8 of them in advisory roles.
Leadership
- Jonathan ChatfieldChief Compliance Officer
Luis MaizelManaging Member- Leonardo SimpserManaging Member
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
- Alberto Assad
- Yoel Bank
- Jonathan Lesley Chatfield
- Luis Maizel
- Leonardo Simpser
Staff
- 22 employees
- 8 in advisory functions
- 5 state-registered reps
- 4 soliciting firms
- Owns 75% or more of LM Advisors LLC
Jfkapital S.a.
Control person · since October 2016
- Owns 75% or more of Jfkapital S.a.
Josef Frymerman
Control person · since August 2016
- Owns 50% to 75% of LM Advisors LLC
Leonardo Simpser
Control person · since January 2011
- Owns 50% to 75% of LM Advisors LLC
Goodbank Irrevocable Trust
Control person · since May 2011
- Owns 75% or more of Goodbank Irrevocable Trust
Yoel Bank
Control person · since May 2011
- Owns 25% to 50% of LM Advisors LLC
Laikabf Irrevocable Trust
Control person · since April 2017
- Owns 75% or more of Laikabf Irrevocable Trust
Uriel Bank
Control person · since April 2017
- Owns 10% to 25% of LM Advisors LLC
Youthbet Capital
since April 2016
- Owns 10% to 25% of LM Advisors LLC
Maiz Trust
since April 2019
- Owns 50% to 75% of Maiz Trust
Luis Maizel
Control person · since October 1989
- Owns 50% to 75% of Maiz Trust
Sally Maizel
Control person · since October 1989
LM Advisors’ regulatory assets grew from $2.02B (March 2021) to $2.88B (March 2026); clients rose from 393 to 585 and employees from 20 to 22.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $2.88B | 585 | 22 | 2 |
| March 2025 | $2.3B | 475 | 21 | 2 |
| March 2024 | $2.12B | 434 | 21 | 2 |
| March 2023 | $2.01B | 439 | 20 | 2 |
| June 2022 | $2.21B | 423 | 19 | 2 |
| March 2021 | $2.02B | 393 | 20 | 2 |
Besides its headquarters, LM Advisors has 1 office, with 2 listed addresses in the U.S. and abroad.
California · 1 listed address
- 750 B Street, Suite 3020, San DiegoHQ
International offices
- AVENIDA PASEO PALMAS 555-505, MEXICO CITY, 11000, Mexico
Other business names
LM Advisors has reported 1 other business name to the SEC.
- Lma Wealth Management
Contact and registration details
- Legal name
- LM Advisors LLC
- Headquarters
- 750 B Street, Suite 3020, San Diego, CA 92101-8192
- Website
- lmadvisors.com
- Phone
- 619-814-1400
- SEC file
- 801-72170
- Founded
- 1984
- Structure
- Delaware LLC
- Fiscal year end
- December
LM Advisors uses Morgan Stanley ($1.62B) as custodian for its separately managed accounts. LM Advisors does not have custody of client assets.
- Morgan StanleyMorgan Stanley Smith Barney LLC · New York, NY · $1.62B100%
At year end, LM Advisors’ separately managed accounts were largely in bonds (49%) and stocks (37%). Its reported 13F holdings for the quarter ended 30 June 2026 total $866K across 224 positions; the largest are Invesco Qqq TR Unit Ser 1 (8.1%), Vanguard Index Fds S&P 500 ETF Shs (7.6%) and State Str SPDR S&P 500 ETF T TR Unit (7.1%).
What the accounts hold
- Stocks37%
- Funds10%
- Bonds49%
- Investment grade corporate bonds31%
- U.S. government and agency bonds10%
- High-yield corporate bonds6%
- Sovereign bonds2%
- Cash1%
- Other4%
- Derivatives3%
- Offshore funds and private credit1%
Reported 13F holdings
- $866K
- Reported 13F value
- 224
- Positions
- 51.2%
- In the 10 largest
- −86.3%
- Value vs. prior quarter
- Invesco Qqq TR Unit Ser 1ETF8.1%
- Vanguard Index Fds S&P 500 ETF ShsETF7.6%
- State Str SPDR S&P 500 ETF T TR UnitETF7.1%
- Amazon Com Inc.6.7%
- Alphabet Inc. Cap Stk CL C · CL C5.5%
- Invesco Exch Trd Slf Idx FD Rusl 1000 DynmETF4.5%
- Apple Inc.3.4%
- Berkshire Hathaway Inc. Del CL B New · CL B3.0%
- Vanguard Specialized Funds Div App ETFETF2.7%
- State Str SPDR Dow Jones Ind UT Ser 1ETF2.5%
Together, the ten largest are 51.2% of reported value.
How many clients does LM Advisors have?
LM Advisors has 585 clients and manages $2.88 billion for them, as of March 2026. They include 295 high-net-worth individuals, 245 individual clients and 21 insurance companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 30 March 2026
What services does LM Advisors offer?
LM Advisors provides portfolio management for individuals and small businesses, portfolio management for pooled vehicles, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does LM Advisors charge?
LM Advisors charges 0.50%–1.00% a year for its Investment Supervisory Services. The fee is billed in arrears and is negotiable.
Which custodians does LM Advisors use?
LM Advisors’ separately managed account assets are held at Morgan Stanley Smith Barney LLC (New York, NY), with $1.62B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 30 March 2026
How many financial advisors does LM Advisors have?
LM Advisors has 5 investment adviser representatives registered with state securities authorities, out of 22 employees, and 8 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does LM Advisors invest in?
At the end of its last fiscal year, LM Advisors’ separately managed accounts held 37% exchange-traded equities, 31% investment grade corporate bonds, 10% U.S. government and agency bonds, 10% registered funds (mutual funds, ETFs, BDCs), 6% high-yield corporate bonds, 3% derivatives, 2% sovereign bonds, 1% cash and equivalents and 1% other. The 1% other category is described as: Offshore Funds and Private Credit. It advises 1 private fund.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns LM Advisors?
LM Advisors is owned through trusts and a holding company by Josef Frymerman, Luis and Sally Maizel, Uriel Bank, and Yoel Bank. Its direct owners are Leonardo Simpser (50% to 75%), Youthbet Capital (10% to 25%), Maiz Trust (10% to 25%), Jfkapital S.a. (75% or more), Goodbank Irrevocable Trust (50% to 75%) and Laikabf Irrevocable Trust (25% to 50%).
Source: Form ADV Part 1A, Schedules A and B, filed 30 March 2026
How does LM Advisors get paid?
LM Advisors is paid through a percentage of assets under management, fixed fees and other compensation. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is LM Advisors registered with the SEC?
Yes, LM Advisors has been registered with the SEC as an investment adviser since 25 April 2011. Its CRD number is 153940 and its SEC file number is 801-72170.
Source: Form ADV Part 1A, Item 1, filed 30 March 2026; IAPD firm record
How do I contact LM Advisors?
LM Advisors’ main office is at 750 B Street, Suite 3020, San Diego, CA 92101-8192. Its phone number is 619-814-1400. Its website is lmadvisors.com.