David Lerner Associates, Inc.

What David Lerner Associates, Inc. does

David Lerner Associates, Inc. is a privately-held securities broker/dealer founded in 1976 by David Lerner and headquartered in Syosset, New York. The firm provides personalized investment advisory and financial planning services to individual investors and pre-retirees across the tri-state New York area and Florida through five branch offices and a network of licensed Investment Counselors who meet clients face-to-face in their homes or at branch locations. DLA also serves small business owners with retirement plan vehicles (SEP, SIMPLE IRA, Defined Benefit) and manages more than $4 billion in client assets.

The firm's core product portfolio centers on the proprietary Spirit of America mutual fund family — six funds (Real Estate Income and Growth, Income, Municipal Tax Free Bond, Utilities, Value, Energy) launched beginning in 1998 and distributed exclusively through DLA. Complementary offerings include retirement planning (Traditional/Roth IRAs, 401(k) rollovers), college savings (529 plans, Coverdell ESAs), fixed/variable/indexed/buffered annuities, and life insurance (whole, universal, variable life) delivered through carrier partnerships with Allianz, Mass Mutual, Nationwide, and Prudential. Client account access is provided through the Investor-Connect online portal.

DLA generates revenue primarily through transaction-based fees: commissions on securities transactions, advisory fees on managed assets, distribution fees on the proprietary Spirit of America funds, and commissions on third-party annuity and insurance products. Customer acquisition is driven by free investment seminars held throughout the tri-state NY area and Florida, multi-decade radio presence by founder David Lerner, the monthly 'Dollars & Sense' newsletter, and community engagement such as the annual Long Island Police Appreciation Run. The firm is family/founder-owned, FINRA and SIPC member, and operates exclusively in the U.S. retail market.

Name

David Lerner Associates, Inc.

Legal name

David Lerner Associates, Inc.

Website

https://davidlerner.com

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

David Lerner Associates is a privately-held securities broker/dealer founded in 1976 that provides investment advisory, retirement planning, and insurance products to individual investors and pre-retirees across the tri-state New York area and Florida through licensed Investment Counselors and five branch offices.

Ownership category

akta.pro rank

Product category

Retail Brokerage & Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Insurance Agencies and Brokerages (52421)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Full-Service Brokerage (Wirehouse/Universal) (FSAEACAA)

akta.pro secondary industries

Broker-Dealer Affiliated Wealth Advisory (FSAEABAB), Private Banking & UHNW Wealth Advisory (FSAEABAC)

Keywords

• Retail brokerage services
• Investment advisory
• Retirement planning
• Mutual fund management
• Wealth preservation

Headquarters

HQ city

Syosset

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure

Revenue model

1. Securities Broker/Dealer Services: David Lerner Associates is a privately-held securities broker/dealer managing more than $4 billion in client assets. Revenue is generated through commissions and fees on securities transactions, investment advisory services, and the management/sale of proprietary mutual funds.
2. Annuities and Insurance Products: The firm partners with major insurance companies (Allianz, Mass Mutual, Nationwide, Prudential) to offer annuity and life insurance products, earning commissions on these insurance products sold to clients.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

David Lerner Associates is a privately-held securities broker/dealer founded in 1976 that delivers personalized investment counseling and financial planning services to individual investors. The firm distributes a proprietary family of six Spirit of America mutual funds alongside retirement plans (IRAs, 401(k)s, SEP/SIMPLE), college savings (529s, Coverdell ESAs), annuities, and life insurance, primarily across the tri-state New York region and Florida. With more than $4 billion in client assets, services are delivered through licensed Investment Counselors via face-to-face meetings at five branch offices or in clients' homes, supported by the Investor-Connect online portal.

Product overview

David Lerner Associates is a privately-held securities broker/dealer founded in 1976, offering a comprehensive suite of investment and financial planning services. The company's product portfolio centers on the Spirit of America Mutual Funds family (six proprietary funds: Real Estate Income and Growth Fund, Income Fund, Municipal Tax Free Bond Fund, Utilities Fund, Value Fund, and Energy Fund), complemented by personalized investment counseling, retirement planning (IRAs, 401(k), Roth IRAs, SEP/SIMPLE plans), college and education savings (529 plans, Coverdell ESAs), annuity products, and life insurance. All services are delivered through licensed Investment Counselors via face-to-face consultations at five branch offices or in clients' homes, with client account access provided through the Investor-Connect online portal.

Differentiator

Problem solved

Functional benefit

Brands

• Spirit of America Investment Funds: A family of mutual funds created exclusively for clients of David Lerner Associates, Inc. Includes Real Estate Income and Growth Fund (SOAAX), Income Fund (SOAIX), Municipal Tax Free Bond Fund (SOAMX), Utilities Fund (SOAUX), Value Fund (SOAVX), and Energy Fund (SOAEX).

Products and services

• Spirit of America Real Estate Income and Growth Fund (SOAAX) A mutual fund that invests primarily in real estate investment trusts (REITs) with successful track records, investing at least 80% of total assets in equity REITs and real estate industry company securities, targeting stocks priced low relative to underlying value. Distributed exclusively to David Lerner Associates clients.
• Spirit of America Income Fund (SOAIX)

Quantifiable outcome

• $4 billion+ in client assets managed

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• AllianzcoreOthersInsurance and annuity product provider. David Lerner Associates partners with Allianz to offer various insurance products specific to client needs including life insurance policies and annuity products.
• Mass MutualcoreOthersInsurance provider. David Lerner Associates partners with Mass Mutual to offer life insurance products as part of comprehensive financial planning services.
• NationwidecoreOthersInsurance and annuity provider. David Lerner Associates offers annuity products from Nationwide as part of retirement planning and income solutions for clients.
• PrudentialcoreOthersInsurance and annuity provider. David Lerner Associates partners with Prudential to offer annuity products for retirement income and life insurance for family protection.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Edward Jones: Large independent broker-dealer with a face-to-face, branch-based advisory model serving mass-affluent and pre-retiree investors in communities across the US. Closely comparable GTM (limited-branch local offices, advisor-led planning) and product mix to David Lerner Associates.
• Cambridge Investment Research: Large independent broker-dealer supporting financial advisors with retirement, advisory, and insurance product platforms. Comparable mid-sized independent broker-dealer profile to DLA, though with a primarily independent contractor model.
• Waddell & Reed Financial: Diversified wealth management and asset management firm that operated a captive advisor channel selling proprietary mutual funds and financial planning services. Highly comparable historical profile to DLA (proprietary funds + captive advisors + face-to-face distribution), though recently merged with Macquarie.
• Kestra Financial: Independent broker-dealer offering advisory, retirement, and insurance solutions through independent financial advisors. Comparable mid-sized independent broker-dealer profile with overlapping target customer (mass-affluent, pre-retiree).

Broad incumbents

• Ameriprise Financial: Diversified wealth and asset management firm with a large captive advisor channel offering retirement planning, advisory, annuities, and proprietary funds. Comparable across product breadth and target demographic (mass-affluent to HNW pre-retirees), though much larger scale than DLA.
• Raymond James Financial: Diversified financial services holding company with an independent contractor advisor channel, in-house asset management, and proprietary mutual funds. Highly comparable business model mix to DLA (broker-dealer plus proprietary fund family plus advisory), but at significantly greater scale.
• LPL Financial: Largest independent broker-dealer in the US, supporting thousands of independent financial advisors with advisory, brokerage, and proprietary product platforms. Comparable role as a broker-dealer host platform, though operates an independent contractor model rather than employee advisors like DLA.
• Stifel Financial: Full-service broker-dealer and wealth manager with proprietary asset management products and a strong advisor-led retail wealth segment. Overlaps with DLA in broker-dealer, advisory, retirement, and proprietary fund offerings.
• Cetera Financial Group: Independent broker-dealer network supporting thousands of advisors with wealth management, retirement, and insurance product platforms. Comparable as a mid-to-large independent broker-dealer host for retirement-focused advisors.
• Northwestern Mutual: Mutual insurance and financial services company with a captive advisor force emphasizing whole life insurance, retirement planning, and wealth management. Comparable emphasis on face-to-face advisory, retirement income products, and insurance-anchored product mix.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/davidlernerassociates
• LinkedInlinkedin.com/company/david-lerner-associates-inc-
• Xx.com/dla_news

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about David Lerner Associates, Inc.