History of Professional Advisory Services, Inc.

Stability and Tradition

In 1977, with four green notebooks on a kitchen table, $600,000 in assets, and a vision to create a better investment experience, Kenneth M. Ligon II and Ronald J. Jaffe, M.D. founded Professional Advisory Services, Inc. (PASI). Built on a foundation of integrity and personalized service, PASI has grown to become one of the largest independent money management firms in Florida with clients in 30 states and assets under management in excess of $1 billion at 2020 year-end. Today, PASl remains a family-run business with the second generation of Ligons and Jaffes at the helm continuing the traditions upon which the firm was built. Learn More Here Financial Management

A Note from the Founders

Kenneth M. Ligon II (left) and Ronald J. Jaffe MD (right)Kenneth M. Ligon II (left) and Ronald J. Jaffe MD (right)

"Professional Advisory Services was founded with a goal of creating an investment management company that would treat clients the way we would want to be treated. The growth of the company, almost exclusively by word of mouth, is testimony to the satisfaction of our clients, who have become the company's strongest advocates. PASI's disciplined investment approach has withstood the test of time, building wealth for clients while managing risk and reducing portfolio volatility. Our independent structure avoids conflicts of interest, while our team of experienced and dedicated employees provides an outstanding level of service. PASI continues to be the clear alternative to trust departments, brokerage houses, and mutual fund companies."

Our Services

As a private, independent firm focused solely on the business of investment management, PASI has clear advantages over trust departments, brokerage houses, and mutual fund companies.

Personalized Service:

Investment management is our business, and achievement of competitive risk-adjusted returns is essential. Client service, however, is what really sets PASI apart from others in our industry. Our size and independence make this focus possible. Portfolio managers limit the number of relationships to enhance personalized service. Annual meetings are encouraged as an opportunity to review your investment structure and returns, assess your financial situation, and answer your questions. A member of our team is always available to talk to you.

Dedication: Over the years, PASI has created a culture that fosters the loyalty of its employees, who average over ten years with the firm. Our staff includes our eight-member portfolio management team and five support personnel.

Investment Philosophy

PASI invests client funds in two primary asset classes - high quality stocks and investment grade bonds. The allocation of funds to each asset class is tailored to the individual client's risk tolerance and financial situation. The mix is modified only when dictated by a change in client circumstances or major economic shift. We also believe in the power of simplicity and thus do not recommend investments in partnerships, hedge funds, currencies, precious metals, commodities, insurance products, or derivatives.

Equities: PASI invests in high-quality large capitalization growth stocks, with a mix of small and mid-capitalization companies. We favor companies that are leaders in their industries, trading at attractive valuations, with a history of consistent earnings growth, increasing dividends, and a strong balance sheet.

Fixed Income: PASI purchases only investment grade bonds. Typically, the bond portfolio is laddered over a five-year range and held to maturity. This conservative approach ensures stability, security, and a steady income stream. When appropriate we purchase tax-free municipal bonds.

Custody: BNY Mellon N.A., the world's largest custodian of financial assets, houses the majority of PASI client assets. BNY Mellon also provides account statements, trade clearance and settlement, corporate action processing, income collection, and tax reporting.

Expenses: We work strictly on a fee for service basis, calculated on dollars under management. Our fee begins at 1% annually, with a declining rate structure beyond the first $500,000. As a fee-based adviser, our interests are completely aligned with yours - the growth of your assets and the attainment of your financial goals. Click here To More Information fund manager