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Updated on Friday, September 25, 2020
Choosing a financial advisor can be challenging, given the number of financial advisors in New York. Finding the right advisor is a lot about figuring out the right fit, which means understanding your financial needs and goals and how much youâ€™re willing to spend.
That being said, we understand comparing firms and data points can be difficult, so we compiled the most pertinent information to help guide your decision. To determine the best advisors in New York, we only considered firms that manage individual accounts and offer financial planning services. We then ranked these firms based on assets under management (AUM), which serves as a general metric for the firmâ€™s size, and client-to-advisor ratio, which indicates how much attention you may get as a client.
Our ranking is not indicative of which firm may be best for you, but it can help make the shopping experience easier. Take a look at our list below for the top firms in New York and their key highlights:
For our search, we looked at firms across the state of New York. All of the firms considered are bound by fiduciary duty, registered with the U.S. Securities and Exchange Commission (SEC) and offer individual account management and financial planning services.
The firms that met this criteria were ranked based on their AUM and client-to-advisor ratio. These criteria are weighted equally in our scoring metrics. Firms with a higher AUM and lower client-to-advisor ratios garner higher scores. Our ranking system is designed to help compare firms, but does not indicate which firm may be best for you.
In our reviews, weâ€™ve listed several other key features that will help you determine which financial advisor is most fitting for your investing style and financial needs. It is important to note that we did not include disciplinary disclosures as a metric for our ranking. We have listed any disciplinary disclosures current as of September 25, 2020, but urge you to evaluate these firms on https://adviserinfo.sec.gov/.
Silvercrest Asset Management Group LLC is a registered investment advisor offering asset management and family office services. Founded in 2001, this independent, employee-owned firm is headquartered in New York City, with additional offices located in Boston, Milwaukee, San Diego, Bedminster, N.J., Princeton, N.J., Charlottesville, Va. and Richmond, Va.
Silvercrest caters primarily to the needs of high net worth and ultra-high net worth families. (For reference, the SEC defines a high net worth individual as someone with at least $750,000 under management or a net worth of at least $1.5 million.) The firmâ€™s client base also includes endowments, private charities and other select institutional investors.
The firmâ€™s investment strategy revolves around constructing custom portfolios to meet clientsâ€™ needs while aligning with their risk tolerance. Portfolio managers may apply objectives specific to a clientâ€™s unique needs; the client also has the capability to place restrictions on certain types of investments and limit the managerâ€™s discretionary authority (meaning whether they can make decisions without the clientâ€™s express approval), if they so choose.
Silvercrest Asset Management focuses on three specific areas for portfolio construction: Equity management, fixed income management and outsourced and alternative investments. The firmâ€™s overall investment approach is one thatâ€™s value-based, conservative and designed to drive returns over the long-term.
The Securities and Exchange Commission (SEC) requires registered investment advisors to disclose legal or disciplinary actions on their Form ADV paperwork. This includes any actions against the company, an employee or an affiliate that have occurred in the last 10 years. Silvercrest Asset Management does not disclose any disciplinary actions on its Form ADV, meaning it has a clean record. For more information, visii the firmâ€™s IAPD page.
Headquartered in New York City, Cerity Partners was founded in 2009 by Kurt Miscinski and Howard P. Milstein, and was previously known as HPM Partners. Miscinski is president and CEO of the firm, while Milstein currently serves as chairman, president and CEO of New York Private Bank & Trust. The company is backed by private equity firm, Lightyear Capital.
Cerity Partners serves clients with a minimum of $2 million in investable assets and requires a minimum annual fee of $25,000. The firm provides investment advisory and wealth planning services to individual investors â€” including both those who do and do not meet the SECâ€™s definition of high net worth â€” as well as corporate pension and profit-sharing plans, corporations or other business and charitable organizations.
Cerity Partnersâ€™ geographical footprint extends beyond New York, with offices operating in California, Colorado, Illinois, Michigan, Ohio and Texas as well.
Cerity Partners uses an investment approach based on Modern Portfolio Theory, which focuses on balancing risk with an investorâ€™s desired returns. Assets are managed according to one of five risk profiles: Conservative, moderate, balanced, growth or aggressive.
Cerity Partners uses six primary asset classes to develop client asset allocations: Cash and cash equivalents, global fixed income, global equity, real return, hedge funds and private equity. The firm generally will allocate client assets among third-party managers, but in some cases it may choose individual securities.
Cerity Partners reports no disciplinary actions on its Form ADV. Disclosures include any civil, criminal or regulatory actions involving the firm or its employees or affiliates over the last 10 years. For further information, see the firmâ€™s IAPD page.
Manning & Napier Advisors, LLC was founded in Rochester, N.Y., in 1970 by Bill Manning and Bill Napier. Both men are no longer on the companyâ€™s board of directors: Manning stepped down as chairman in July 2020, while Napier died in 1993. The publicly traded firm is currently headquartered in Fairport, N.Y., with regional offices in Seattle, St. Petersburg, Fla., and Dublin, Ohio.
Manning & Napier Advisors offers numerous solutions to meet different investment and wealth management needs, including family wealth planning and legacy planning, through products such as separately managed accounts and mutual funds. The firm provides its services to individual investors both with and without a high net worth, as well as a range of institutional investors.
Manning & Napier uses three allocation categories for asset management: Equity portfolios, multi-asset class portfolios and fixed-income portfolios.
Equity portfolios are largely focused on value stocks to provide a combination of both income and insulation against volatile markets. Fixed-income portfolios offer clients an opportunity to invest for income on a short-, mid- and long-term basis. Multi-class portfolios, on the other hand, lean more toward growth investments. These products are available in separately managed accounts offered by the firm.
Manning & Napier Advisors does not report any disciplinary disclosures on its Form ADV, meaning it has a record free of any civil, criminal or regulatory actions against either the firm or its employees and affiliates within the last decade. For further information, please visit the firmâ€™s IAPD page.
Rockefeller Capital Management was formed in 2018, though its roots date back to the 1880s when this global family office served the Rockefeller family. The firm is backed by the hedge fund, Viking Global Investors, with the Rockefellers maintaining a minority ownership stake.
Today, Rockefeller Capital Managementâ€™s business revolves around global family office services, strategic advisory services and asset management. The firm serves high net worth and ultra high net worth families, as well as institutional clients. It has six offices in addition to its New York headquarters, located in Boston, Washington, D.C., Saratoga Springs, N.Y., Greenwich, Conn., Conshohocken, Penn. and Mountain View, Calif.
Rockefeller Capital Managementâ€™s investment approach centers around pursuing strategies designed to produce returns that exceed benchmarks through changing market cycles. That includes asset allocations built around equity and fixed income. However, Rockefeller Capital Management also seeks to incorporate environmental, social and governance (ESG) strategies when appropriate to meet clientsâ€™ needs.
Rockefeller Capital Management has no disciplinary actions noted in its Form ADV. This means that the firm has a clean record, without any civil, criminal or regulatory actions against the firm, its employees or its affiliates over the last 10 years. For more information on the firm, visit its IAPD page.
BBR Partners was established in 1999 and is majority-owned by employee partners. The firm has its headquarters in New York, with four additional offices on the East and West Coasts and in the Midwest. BBR Partners caters largely to high net worth individuals and families, though it also serves other client types, as well as corporations and charitable organizations.
Services the firm offers include customized investment management, wealth advisory services and portfolio administration and reporting.
BBR Partners uses a proprietary strategy to construct client portfolios using a holistic, comprehensive approach. This strategy involves allocating assets in equity and fixed income separate accounts, as well as mutual funds, exchange-traded funds, exchange-traded notes and private investment funds.
Socially responsible and values-based investment options are also available. Across all strategies, the firmâ€™s focus is on maximizing after-tax returns.
BBR Partners reports no disciplinary actions on its Form ADV. The SEC requires registered investment advisors to disclose any civil, regulatory or criminal actions against the company, an employee or an affiliate that have occurred in the last 10 years. For more information, visit BBR Partnersâ€™ IAPD page.
Tiedemann Advisors is a privately owned firm founded in 1999 by the late Carl Tiedemann, his son Michael Tiedemann and Craig Smith. Michael Tiedemann serves as the firmâ€™s CEO, while Smith is the current president.
The firm serves individual investors as well as endowments, foundations and non-profit organizations. Though it does not specify an account minimum requirement, all of its individual clients are high net worth individuals, defined by the SEC as those with at least $750,000 under management or a net worth of at least $1.5 million.
Tiedemann Advisors offers financial planning and education services, as well as investment management. The firm has office locations in New York, California, Colorado, Delaware, Florida, Maryland, Oregon, Texas and Washington state.
Tiedeman Advisors provides comprehensive investment management services, with clientsâ€™ asset allocations built around risk tolerance, diversification, valuations and liquidity management. The firm starts its process by researching macroeconomic trends and assessing company valuation, and it then uses a proprietary risk optimization framework to determine optimum client asset allocations.
One of the firmâ€™s core pillars also revolves around investing for impact. Tiedemann Advisors offers three approaches to portfolio-building under this umbrella: Values-aligned strategies, environmental, social and governance strategies and private impact strategies.
The SEC requires registered investment advisors to disclose any disciplinary actions involving the firm, an employee or an affiliate on their Form ADV paperwork. Tiedemann Advisors reports no such actions, meaning it has a clean disciplinary record. For more information, visit Tiedemann Advisorsâ€™ IAPD page.
Summit Rock Advisors was founded in New York in 2007 by Nancy Donohue and David Dechman, who serve as chief investment strategist and chief executive officer, respectively. The firm is owned by its founders and fund managers.
The hedge fund firm serves a select number of American families and charitable institutions from its sole office location in New York City. According to the firmâ€™s brochure, its clients typically have $100 million or more in wealth; the average client size at the firm is currently $330 million.
As a hedge fund, Summit Rock Advisors acts as the investment manager to a number of private funds. These strategies are typically only offered to the firmâ€™s clients and are usually included as investments in client portfolios.
To determine an individualized approach for each client, the firm creates customized portfolios that are tailored to individual clientsâ€™ risk tolerance, time horizon and liquidity needs. In general, the firm is focused on encouraging wealth preservation through returns while reducing volatility and increasing long-term purchasing power.
Summit Rock does not have any disciplinary disclosures. For reference, disclosures refer to any civil, regulatory or criminal events involving the firm, its employees or its affiliates over the last 10 years. The SEC requires all registered investment advisors to disclose these actions on their Form ADV paperwork. To view the firmâ€™s Form ADV and to get more information, visit its IAPD page.
Founded in 2008, Evercore Wealth Management offers investment management services to individual investors, including high net worth individuals, as well as charitable organizations, pooled investment vehicles, insurance and investment companies, banks, corporations and other businesses. Services available include strategic wealth planning and trust and family office management.
Evercore Wealth Management and Evercore Trust Company are part of Evercore, the global independent investment banking advisory firm (NYSE: EVR). Evercore Wealth Management is headquartered in New York, with additional locations in Minneapolis, San Francisco, West Palm Beach, Fla., and Tampa, Fla.
Evercore Wealth Management uses an integrated, goals-based approach to wealth planning. The Evercore team works together to provide a comprehensive strategy that is designed to help clients achieve their financial goals.
Evercoreâ€™s investment approach revolves primarily around the use of equities and bonds to build client portfolios that aim to be both return- and tax-efficient. Investment solutions are determined on a client-by-client basis.
Evercore Wealth Management checked â€śNoâ€ť for all questions pertaining to disciplinary actions on its Form ADV, meaning it has no disclosures to report. The SEC requires all registered investment advisors to disclose any actions against the company, an employee or an affiliate that have occurred in the last 10 years on their Form ADV paperwork. For further information, view the firmâ€™s IAPD page.
TAG Associates is an independent, privately owned wealth management firm. Founded in 1983, the firm offers investment management and family office services to high net worth clients, including entrepreneurs, corporate executives, endowments, foundations and multigenerational families in the and New York area. The firm also has an office in Ketchum, Idaho.
TAG Associates builds client asset allocation strategies based on their financial situation, needs, investment objectives and any restrictions that they choose to impose. The firm mainly uses a non-discretionary strategy in which clients make the final decisions regarding the purchase or sale of investments.
TAG Associatesâ€™ investment philosophy incorporates both active and passive strategies. In addition, alternative investments are a speciality area for the firm: Specifically, TAG Associates utilizes alternative investments to generate returns while minimizing volatility in client portfolios and hedging risk.
TAG Associates has a record free of any disciplinary disclosures. For reference, disclosures include any civil, criminal or regulatory events involving the firm, its employees or its affiliates. The SEC requires all registered investment advisors to disclose any such events over the past 10 years. For more information on TAG Associates, visit the firmâ€™s IAPD page.
Williams Jones Wealth Management, a privately-owned firm, was founded in 1988 by its current chairman and partner, William P. Jones. The firm, which is a member of the Focus Financial Partners group, provides portfolio management and financial planning services primarily to high net worth individuals â€” though its client base also includes individuals who do not meet the definition of high net worth â€” as well as foundations and institutional investors.
The firm operates primarily in New York but also has an office in Palm Beach, Fla.
Williams Jones Wealth Management takes a customized approach to portfolio management. Specifically, the firm evaluates each clientâ€™s overall financial situation and investment objectives and generally emphasizes long-term growth when making decisions regarding asset allocation and management.
The firmâ€™s investment strategy centers on maximizing risk-adjusted returns through equity and bond holdings. Hedge fund strategies are also utilized, though these are outsourced to third parties.
The SEC requires registered investment advisors to disclose legal or disciplinary actions on their Form ADV. This includes any actions against the company, an employee or an affiliate that have occurred in the last 10 years. Williams Jones Wealth Management reports no disciplinary actions on its Form ADV, meaning it has a clean record. For more information on the firm, visit Williams Jones Wealth Managementâ€™s IAPD page.
When discussing your investment plans with your financial advisor, be sure to cover when estate tax applies and how that may affect the amount of wealth you have to pass on to future generations. As of 2020, the basic exclusion amount for New York estate tax is $5,850,000. New York charges no gift tax or inheritance tax, which can be beneficial when making financial gifts during your lifetime and beyond. However, you should also consider how you may be impacted by federal estate and gift tax requirements.
Financial advisor firms can offer different financial services, and itâ€™s important to ask which ones a firm offers before entering into a client relationship. For example, some may specialize in retirement planning, while others also offer services related to estate planning or legacy planning. Some financial advisor firms work exclusively with individuals and families, while others work with institutional investors, nonprofit organizations and business owners.
When comparing financial advisors, itâ€™s important to consider the cost. Financial advisors in New York can base their fees on a percentage of assets under management or charge an hourly or fixed fee. They can also earn money through commissions, performance-based fees, subscription fees or fees negotiated for custom account management services.
When discussing costs with a financial advisor in New York, be sure to ask whether theyâ€™re fee-based or fee-only. A fee-only advisor may have fewer potential conflicts of interest, as they only earn money through the fees their clients pay, whereas fee-based advisors may also earn commissions.
In the state of New York, financial advisory firms with at least $25 million in assets under management must register with the Securities and Exchange Commission (SEC). Firms with six or more clients must also register with the Investment Advisor Registration Depository System. Registered investment advisors (both firms and individual advisors) must keep an up-to-date Form ADV on file with the SEC.