What Heritage Financial Services does

Heritage Financial Services, LLC is an independent, privately held wealth management and financial consulting firm headquartered in Pittsford, New York, with a satellite office in Southwestern Florida. Founded in 2003 by Stewart R. Moscov and Steven J. Kane and tracing industry roots to 1968, the firm advises more than $750 million of client assets as of March 31, 2026, operating through a seven-person team of credentialed advisors and support staff. The firm targets individuals and families — particularly multigenerational households — as well as business owners, employer-sponsored retirement plans, and charitable organizations. Its service catalog spans ten integrated planning modules covering retirement, accumulation/investment, taxation, estate, business, education, risk management, insurance, socially responsible investing, and employee benefits/retirement plan services, delivered through personalized consultative engagements and a complimentary initial consultation.

The firm operates on a fee-based advisory model rather than commissions, generating revenue primarily through advisory fees via its affiliation with Commonwealth Financial Network, a Registered Investment Adviser/broker-dealer, with separate fixed insurance revenue and complimentary consultations as discovery tools. Its technology stack is fully third-party: Commonwealth provides portfolio management, market research and operational backbone; RightCapital powers long-term financial planning scenarios; Investor360 provides client account access; and a broad set of retirement plan administrator portals (ADP, Nationwide, Empower, Paychex, Fidelity, Vanguard) support the employee benefits practice. Content marketing runs through FMG Suite. Go-to-market is sales-led and relationship-based; the firm states it has grown exclusively through word of mouth and client referrals since founding.

Strategic positioning emphasizes independence (no proprietary product alliances), multigenerational planning continuity, and credentialed expertise (CFP, CFA, MBA, AIF, CPFA, CLU, ChFC, FPQP among the team). The firm is wholly privately held by its founding and subsequent partners, including the founder's son Joshua Moscov and Director of Investments William Dostman III, has received no external venture or private equity capital, and operates from a single regional footprint scaled mainly through family-relationship referrals rather than geographic or channel expansion.

Name

Heritage Financial Services

Legal name

Heritage Financial Services, LLC

Website

https://hfsplan.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

Heritage Financial Services is an independent wealth management and financial planning firm in Western New York with a Southwestern Florida satellite, serving multigenerational families, business owners, charitable organizations, and employer retirement plans through fee-based advisory services and Commonwealth Financial Network.

Ownership category

akta.pro rank

Product category

Wealth Management and Financial Advisory

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive Financial Planning (FSAEAAAA)

akta.pro secondary industries

Estate & Legacy Planning Advisory (FSAEAAAG), Retirement & Distribution Planning RIAs (401(k)/IRA/Pension Rollovers) (FSAAACAE)

Keywords

• Wealth management services
• Financial planning advisory
• Retirement plan consulting
• Investment management services
• Estate and tax planning

Headquarters

HQ city

Pittsford

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Advisory Fees: The firm charges advisory fees for investment management and financial planning services, operating on a fee-based model through its affiliation with Commonwealth Financial Network. Being truly independent without proprietary alliances allows them to search the marketplace for best available solutions.
2. Insurance Products: Fixed insurance products and services are offered separately through Heritage Financial Services, distinct from the Commonwealth platform.
3. Financial Planning Consultation: The firm offers consultation without charge to determine where their services may be needed, serving as a discovery tool for their paid advisory services.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Heritage Financial Services is an independent wealth management and financial consulting firm that provides comprehensive, personalized financial planning and investment management to individuals, families, businesses, and employer retirement plans. Its core services span retirement planning, accumulation/investment management, tax planning, estate planning, business planning, education planning, risk management and insurance, socially responsible investing, and employee benefits/retirement plan consulting. Advisory services are delivered on a fee-based model in affiliation with Commonwealth Financial Network.

Product overview

Heritage Financial Services is an independent wealth management and financial consulting firm offering a unified financial planning platform. The core offering consists of integrated planning modules covering Personal Planning, Retirement Planning, Accumulation, Taxation, Estate Planning, Business Planning, Education Planning, Risk Management, Insurance, Socially Responsible Investing (ESG), and Employee Benefits Services. The firm also provides client access through third-party platforms (Investor360, RightCapital) and supports retirement plan administration through multiple provider portals (ADP, Nationwide, Empower, Paychex, Fidelity, Vanguard). With $750 million in assets under advisement as of March 2026, the firm focuses on multigenerational family planning for clients in Western New York and Southwestern Florida.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Financial Planning Comprehensive, modular financial planning service covering retirement planning, accumulation, taxation, estate planning, business planning, education planning, risk management, insurance, and socially responsible investing for individuals and families in Western New York and Southwestern Florida.
• Employee Benefits and Retirement Plan Services Employer-sponsored retirement plan services for businesses, including fiduciary management, investment expertise, participant services, vendor search, and plan design for 401(k), pension, and other qualified plans.
• Investment Management Advisory Fee-based investment advisory services accessing a wide universe of investment options including stocks, bonds, mutual funds, ETFs, managed accounts, alternative investments, and retirement plans through Commonwealth Financial Network.
• Fixed Insurance Products Life, long-term care, and disability insurance offerings provided separately through Heritage Financial Services and not offered through Commonwealth Financial Network.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Partnerships

Two partnerships are on record, tiered core.

• Commonwealth Financial NetworkcoreChannel Partner/ Reseller/ Distributor · 1 January 1979Heritage Financial Services is affiliated with Commonwealth Financial Network as a Registered Investment Adviser-broker/dealer. Commonwealth provides technology platform, market research, financial planning expertise, and access to a wide universe of investment options. As of December 31, 2024, Commonwealth oversees total account assets of $344 billion.
• National Financial Services LLC (Fidelity)coreImplementation/ SI/ Consulting PartnerFidelity Investments provides clearing, custody, and other brokerage services to Commonwealth Financial Network through National Financial Services LLC (NFS). NFS is subject to SEC, NYSE, FINRA rules and provides SIPC protection plus excess of SIPC coverage.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Edelman Financial Engines: Large hybrid RIA combining advisor-led wealth management with a digital advice platform, serving individuals, employer retirement plans, and institutional clients. Overlaps with Heritage in retirement plan services and comprehensive planning at far greater scale.
• Commonwealth Financial Network: Heritage's RIA/broker-dealer partner, but viewed independently as a large hybrid RIA platform with $344B+ in assets, serving thousands of independent advisor practices. Provides the infrastructure backbone Heritage relies on and represents the broader RIA-broker-dealer competitive context.
• Mariner Wealth Advisors: Large national RIA consolidator offering comprehensive wealth advisory, tax, estate, retirement plan, and family-office services. Same end-to-end service model as Heritage but with hundreds of advisors, national footprint, and active M&A strategy.
• Creative Planning: One of the largest independent RIAs in the U.S., offering comprehensive financial planning, investment management, tax, and estate services to households and businesses. Operates the same holistic-planning model as Heritage at much greater scale, and is acquisitive.

Direct peers

• Foster Group: Fiduciary, fee-only RIA providing comprehensive financial planning and investment management to households and retirement plan sponsors. Similar independence, comprehensive planning modules, and retirement plan practice to Heritage.
• Ropes Wealth Advisors: Independent, fee-based wealth management firm serving high-net-worth individuals, families, and institutions with holistic planning and investment advisory. Similar in scale, multi-family-office service model, and reliance on broker-dealer infrastructure.
• Waldron Private Wealth: Boutique independent RIA of broadly similar AUM scale serving high-net-worth individuals and families with holistic financial planning, investment management, and multigenerational advice. Comparable in size, target client, and personalized service orientation.
• Buckingham Strategic Wealth: Independent RIA of similar size and model, providing comprehensive financial planning and investment management to households and small businesses through a fee-based advisory model with no proprietary product ties. Closely comparable to Heritage in client segment, service mix, and growth orientation.
• Savant Wealth Management: Independent, fee-only RIA offering comprehensive wealth management, tax, and estate planning to individuals and businesses, with a similar mix of personal planning modules and retirement plan services. Comparable in service breadth, though larger and more acquisitive.

Emerging players

• Facet Wealth: Digital-first financial planning firm pairing clients with CFP professionals on a flat-fee subscription basis. Emerges as a partial disruptor to traditional boutique RIAs like Heritage by targeting affluent clients with a more transparent, technology-enabled delivery model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/heritagefinancialservices
• LinkedInlinkedin.com/company/hfsplan

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

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 Heritage Financial Services