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New investment firm plans quick growth in Melville

Stephen Rooney, vice president of Cabot Lodge Investment

Stephen Rooney, vice president of Cabot Lodge Investment Advisers. Photo Credit: Handout

Cabot Lodge Securities, a national financial services firm, has given more details on its planned entry into the Long Island market. It will open an office in Melville, at One Huntington Quadrangle, on April 2 with a staff of eight to 10 new financial advisers, the company said.

"By the end of the first year, we will have a minimum of 30 FAs," or financial advisers, the company said in an email.

It hopes to expand in coming months.

Cabot Lodge is seeking to advise a range of investors, saying, "we welcome all clients whether they have $10,000 or $10,000,000."

The company is in the midst of hiring a full staff of financial advisers, who will get the chance to become part-owners of the company.

Overall in the New York City metro area it will hire 100 during the next two years for three  offices, in Manhattan and New Jersey and on Long Island. Its Manhattan office, on Wall Street, is already open.

The firm said it has an unusual compensation and cost arrangement -- featuring an ownership stake -- with its financial advisers, or FAs.

"The firm will employ a new structure where FAs are able to own a portion of the business, and will incur no overhead costs to have access to the new suite of alternative investment products," the company said in a Tuesday news release.

The financial advisers' combined stake will consist of 49 percent of the ownership, and as part-owners they will help determine the company's goals and direction, Cabot Lodge said.

The top recruiter for Cabot Lodge is familiar with the territory on Long Island. He's a Stony Brook University graduate, Stephen Rooney, the company's VP for national sales, training and recruiting.

Cabot Lodge describes itself as "a newly formed office of separate jurisdiction of Allied Beacon Partners Inc., and said the three metro offices are the first step of its planned expansion.

"Cabot Lodge believes the old models of brokerage and wealth management no longer provide the best results for clients and has put itself at the forefront of change by building a team of highly successful financial advisers who have a direct ownership stake in the company," it said.

Photo: Stephen Rooney.

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