CMA is an SEC-registered investment adviser with its principal place of business located in New York, New York.
CMA began conducting business in September 1982.
Listed below are the firm’s principal shareholders (i.e., those individuals and/or entities directly or indirectly
controlling 25% or more of the company).
• W. Jameson McFaddden
• David V. Shields
• D. Larus Shields
Our firm offers the following investment advisory services:
Portfolio Management Services
Our firm provides investment supervisory services in the form of continuous advice to a client regarding the
investment of client funds based on the individual needs of the client.
CMA provides discretionary and non-discretionary portfolio management advisory services. Through personal
discussions with clients, goals and objectives based on a client's particular circumstances are established. During
our data-gathering process, we have discussions with the client to obtain the client’s individual objectives, time
horizons, risk tolerance, and liquidity needs. CMA then develops the client’s personal investment guidelines and
creates and manages a portfolio based on those guidelines. Account supervision is guided by the stated objectives
of the client. Clients may impose reasonable restrictions on investing in certain securities, types of securities, or
industry sectors.
In order to ensure that our initial determination of an appropriate portfolio continues to be suitable and that the
client's account continues to be managed in a manner suitable to the client's financial circumstances, we will
maintain client suitability information in the client's file. It is the client’s responsibility to let us know whether there
have been any changes in the client's financial situation and investment objectives and whether the client wishes to
impose investment restrictions or modify existing restrictions.
Our investment recommendations are not limited to any specific product or service offered by a broker dealer or
insurance company. Client portfolio holdings may also include exchange-listed and over-the-counter securities,
option contracts on securities, no-load or load-waived mutual funds, exchange traded funds, unit investment trusts,
corporate debt securities, agency securities, United States governmental securities, (i.e.US Treasuries, GNMA’s
etc.), certificates of deposit, warrants, commercial paper, and municipal securities.
CMA is the sponsor of a wrap-fee program (the “Wrap-Fee Program”), which is a program that provides clients
with advisory and brokerage execution services for one all-inclusive fee (the “Fee”). This means that the cost of
CMA’s investment advisory services, the cost of executing brokerage transactions and custodial fees are “wrapped”
into a single annual fee based on the value of the client’s portfolio. Investments offered through the Wrap-Fee
Program include equity, balanced and fixed income mandates. The Investment Adviser Representative (“IAR”)
continuously manages equity, balanced & fixed-income portfolios, where appropriate, based on the individual needs
of a client. Clients may refer to the CMA wrap-fee program brochure for more information.
CMA may utilize the services of other registered investment advisers (“a sub-adviser”) to manage a client’s entire
portfolio, or a portion thereof. All sub-advisers contracted by CMA must be registered as investment advisers with
the Securities and Exchange Commission. After gathering information about the client’s financial situation and
objectives, CMA may select one or more sub-advisers based on investment style and suitability in order to meet the
client’s financial needs, investment goals, and tolerance for risk and investment objectives. Clients will not sign an
agreement with the sub-adviser; the agreement is between CMA and the sub-adviser. CMA will pay a portion of its
advisory fee to the sub-adviser. Such compensation will differ depending upon the individual agreement CMA has
with each sub-adviser.
We will regularly and continuously monitor the performance of the selected registered investment adviser(s). If we
determine that a particular selected registered investment adviser is not providing sufficient management services
to the client, or are not managing the client's portfolio in a manner consistent with the client's investment objectives,
we will remove the client's assets from that selected registered investment adviser and place the client's assets with
another registered investment adviser at our discretion and without prior consent from the client.
Our firm will conduct appropriate due diligence on all independent third-party managers, making reasonable
inquiries into their performance calculations, policies and procedures, Code of Ethics, and other operational and
compliance matters deemed important to account performance and risk management.
Occasional fundamental and/or technical research reports may be prepared and circulated to clients without charge.
Investment Company Advisory Services
CMA also provides investment advisory services to the Wellington Shields All Cap Fund (WSACX), a registered
open end investment company under the Investment Company Act or 1940.
Amount of Managed Assets
As of 12/31/2023, we were actively managing $ 93,460,440 of client assets on a discretionary basis.