First Financial Services, LLC
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Client AUMClient assets under management
$100,073,070
Clients
88
Advisors
3
of 5 employees
About
Cove Street Capital provides discretionary portfolio management and related advisory services to a mix of individual, high net worth, institutional and pooled-vehicle clients, and also offers advisory services to a separately organized private Partners Fund. The firm additionally supplies non‑discretionary security rankings to an unaffiliated investment manager for a fee and serves a range of client types that include insurance companies, pension plans, foundations and family offices.
The firm follows a bottom‑up, fundamental value investment approach across distinct sleeves—Classic Value small cap, Microcap Opportunities and a Strategic Value strategy—that emphasizes intrinsic value analysis, weekly quantitative screens and concentrated portfolios. Strategies are explicitly concentrated (typical small‑cap portfolios hold roughly 25–35 names; microcap work targets top‑10 concentrations north of 50%) and may include active board engagement and capital‑structure flexibility when appropriate.
Notable distinctions in the brochure include Cove Street’s ownership role in CSC Partners and its position as general partner to a Partners Fund that uses performance allocations, high‑water marks and lock‑up provisions, arrangements that create side‑by‑side allocation considerations disclosed in the ADV. The firm also documents the use of soft‑dollar benefits and the paid provision of ranked research to an external manager—operational features and potential conflicts that are less common among similarly sized supported firms.
Client services
Expertise
Fee options
0.40% to 1.25%
Firm also reported receiving commissions.
Performance-based fees may be negotiated for eligible client accounts and for investors in the Partners Fund, including a 30% performance allocation on profits exceeding a 5% hurdle rate for Class A interests and a 15% performance allocation for Class B interests.
Account minimum: $5,000,000 Fee-only: Annual portfolio management fees ranging from 0.40% to 1.25% of assets under management, payable monthly or quarterly.
Main office
1509 Mart Drive, Suite B
Little Rock AR 72202
Advisors at this office
3
Most active in
Arkansas · Nebraska · Oklahoma · Texas
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is active or affiliated with:
Insurance agent
They sell insurance products and may earn commissions on those sales.
Is not active or affiliated with:
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Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Advisors at this firm
Stephen S
Series 63, Series 66
Little Rock, AR
First Financial Services, LLC
Stephen Sanders is a financial advisor at First Financial Services, LLC in Little Rock, AR, with 29 years of industry experience. He holds Series 63 and Series 66 designations and has previously worked at M.S. Howells & Co and Cambridge Investment Research Advisors. Outside of his advisory role, he serves as co-trustee of a family trust and manages a farm operation. First Financial Services is a supported firm with three advisors.
Thomas S
Series 63, Series 65
Little Rock, AR
First Financial Services, LLC
Thomas Sanders is a financial advisor with First Financial Services, LLC in Little Rock, AR, holding Series 63 and Series 65 licenses and bringing 29 years of industry experience. His prior positions include roles at M.S. Howells & Co., Cambridge Investment Research, and Sowell Financial Services. Outside of advising, he serves on the board of a nonprofit organization and is involved in administrative activities supporting a family art business. Cove Street Capital provides discretionary portfolio management and advisory services to individual, high-net-worth, institutional, and pooled-vehicle clients, employing a bottom-up, fundamental value investment approach across focused small-cap, microcap, and strategic value strategies.
Donald B
ChFC®, Series 63, Series 65
Little Rock, AR
First Financial Services, LLC
Donald Baker is a financial advisor at First Financial Services, LLC in Little Rock, AR, holding the ChFC® designation with over 50 years of industry experience. His prior work includes roles at M.S. Howells & Co., Sowell Financial Services, and Cambridge Investment Research Advisors. Outside of advisory services, he has been involved in the automotive wholesale industry through B Fair Auto Wholesalers LLC. First Financial Services is a supported firm with a small advisory team.
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