Virginia Investment Advisory, Inc.
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
About
Virginia Investment Advisory serves individuals, trusts, estates, retirement plans, charitable organizations, and businesses, including both high‑net‑worth and non‑HNW individual clients. The firm provides wealth management and component financial planning, investment management consulting, and portfolio/asset management and can implement strategies directly or through third‑party programs and sub‑advisors.
The firm organizes client work around a four‑step wealth management process—discovery, assessment, implementation, and monitoring—aimed at aligning financial planning with clients’ goals. Investment practice emphasizes strategic asset allocation, diversification, and a conservative, long‑term orientation, with both discretionary and non‑discretionary account management and regular performance monitoring.
The brochure discloses recent material personnel changes, including a resignation, the retirement of a long‑time staff member who handled client service, and the return of a staff member with additional trust‑company experience. Distinctive features for a firm of this size include the president’s active insurance licensure and the firm’s routine periodic client reporting and communications; one advisory representative also maintains a separate broker‑dealer registration while the brochure states there is no affiliation between the firms.
Client services
Expertise
Fee options
Component financial plans typically range from $800 to $2,400; up to half collected at engagement, balance at completion
$0 - $1,000,000: 1.00% (100 basis points) $1,000,001 - $5,000,000: 0.50% (50 basis points) $5,000,001+: 0.40% (40 basis points) $0 - $250,000: 0.75% (75 basis points) $250,001 - $500,000: 0.60% (60 basis points) $500,001 - $1,000,000: 0.48% (48 basis points) $1,000,001 - $3,000,000: 0.36% (36 basis points) $3,000,001+: 0.30% (30 basis points) $0 - $500,000: 1.50% (150 basis points) $500,001 - $1,000,000: 1.25% (125 basis points) $1,000,001 - $2,000,000: 1.00% (100 basis points) $2,000,001+: 0.75% (75 basis points) $0 - $500,000: 1.00% (100 basis points) $500,001 - $1,000,000: 0.75% (75 basis points) $1,000,001 - $2,000,000: 0.65% (65 basis points) $2,000,001+: 0.50% (50 basis points) $0 - $250,000: 0.75% (75 basis points) $250,001 - $499,999: 0.60% (60 basis points) $500,000 - $1,999,999: 0.50% (50 basis points) $2,000,000 - $2,999,999: 0.40% (40 basis points) $3,000,000+: 0.30% (30 basis points)
$400 per hour for consulting and financial planning services
Retainer consulting fees charged at 0.30% of asset value annually, payable quarterly, with a minimum of $12,000 per annum
Account minimum: $100,000 for mutual fund-based portfolios; $250,000 for individual stock and bond portfolios (exceptions may be made as a courtesy) Minimum fee: Minimum retainer fee of $12,000 per annum for retainer based consulting Fee-only: Fees typically range from $800 to $3,200 on a project basis; hourly rate of $400; retainer fee of 0.30% of asset value with $12,000 minimum per annum
Main office
See office3410 Cutshaw Avenue
Richmond VA 23230
Advisors at this office
1
Offices (2)
Most active in
Florida · North Carolina · Virginia
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.
Forms ADV
Advisors at this firm
Craig S
Series 63, Series 65
Richmond, VA
Virginia Investment Advisory, Inc.
Craig Smelley is a financial advisor with Virginia Investment Advisory, Inc. He holds Series 63 and Series 65 licenses and has 43 years of industry experience. He has been associated with American Portfolios Financial Services, Inc. since 2004 and with Virginia Investment Advisory since 1995. Smelley is also a licensed insurance agent. Virginia Investment Advisory provides wealth management and advisory services to individuals, trusts, estates, retirement plans, charitable organizations, and businesses. The firm emphasizes a goal-driven process focused on asset allocation, diversification, and risk management, utilizing fundamental, technical, and chart analysis alongside access to third-party manager networks and fund platforms.
Stephen P
ChFC®, Series 63, Series 66
Charlottesville, VA
Virginia Investment Advisory, Inc.
Stephen Purdy is a ChFC® credentialed financial advisor with 28 years of industry experience, currently serving at Virginia Investment Advisory, Inc. He previously worked at Osaic Wealth, Inc. and American Portfolios Financial Services, Inc. Outside of his advisory role, Purdy is a personnel committee member at Olivet Presbyterian Church and president of an insurance agency specializing in fixed and property & casualty insurance. Virginia Investment Advisory provides wealth management and advisory services to individuals, trusts, estates, retirement plans, charitable organizations, and businesses. The firm emphasizes a goal-driven process featuring asset allocation, diversification, and risk management through fundamental and technical analysis, offering both discretionary and non-discretionary portfolio management.
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