Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right
Tap on the profile icon to edit
your financial details.

Aperio Group Review

Your Details Done
by Updated

This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Aperio Group is a fee-only financial advisor firm located in Sausalito, California. The firm primarily provides investment management services, with an emphasis on active tax management and portfolio rebalancing. Though most of the firm’s assets under management (AUM) is attributable to high-net-worth individuals, it has a diverse client base.

Aperio Group Background

Aperio Group was founded in 1999. Until January 2016, the firm was owned by its four founders: CEO and chief tax economist Patrick Geddes, chief client development officer Guy Lampard, chief client experience officer Robert Newman and chief marketing and strategy officer Paul Solli. Ownership then transferred to Aperio Holdings, LLC, although Geddes, Lampard, Newman and Solli still held shares.

In February 2021, BlackRock, Inc. acquired Aperio Holdings and other equity interests previously held by Aperio insiders and the firm's majority investor, Golden Gate Capital. Today, the firm is a wholly owned subsidiary of BlackRock, Inc. 

Aperio Group's team includes some chartered financial analysts (CFAs), chartered alternative investment analysts (CAIAs), certified financial planners (CFPs) and certified public accountants (CPAs). Some of the firm’s advisors also have a certificate in investment performance measurement (CIPM).

Aperio Group Client Types and Minimum Account Sizes

Most of the assets under Aperio Group’s management belong to the more than 5,500 high-net-worth individuals the firm serves. However, the firm’s client base extends beyond affluent individuals. Aperio Group also serves non-high-net-worth individuals, trusts, charitable organizations, foundations, endowments, families, registered investment advisors (RIAs), consultants, pension plans, profit-sharing plans, investment companies and wealth management platforms.

Aperio Group does not require a strict minimum account size. However, it typically requires a $3,500 minimum annual fee.

Services Offered by Aperio Group

Aperio Group’s services are mostly centered around different styles and types of investment management. Here is the complete list of services the firm offers:

  • Separate account management
    • Portfolio personalization for:
      • Market exposure
      • Situation-appropriate tax needs
      • Risk tolerance
      • Holding restrictions
  • Active tax management
    • Tax-loss harvesting strategies
  • Socially responsive indexing
  • Factor tilts
  • Constant portfolio supervision

Aperio Group Investment Philosophy

Aperio Group primarily uses index funds and exchange-traded funds (ETFs) in client portfolios, as these investments are inherently diversified because of their national and international scale. Aperio supplements these investments with separately managed accounts (SMAs) that consist entirely of individual stocks. The purpose of these SMAs is to achieve a high level of tax efficiency while taking into consideration clients’ personal needs, such as their level of risk tolerance and liquidity needs.

Aperio Group places a high value on the management and minimization of taxes. The firm has created a comprehensive tax-loss harvesting strategy that it projects could help clients retain an extra 1.70% to 2.20% of their returns over a full decade versus a comparable index fund or ETF. 

Fees Under Aperio Group

Because separate account management is at the core of Aperio Group’s services, most clients will pay the annual management fees found below. Your rate will depend on the index strategy selected for your portfolio, with global strategies being slightly more expensive. There is a minimum annual fee of $3,500.

Like all fees at Aperio, your annual rate will be divvied up into four separate fees that are charged on a quarterly basis throughout the year. The firm bases your quarterly fee on the value of your portfolio on the final day of the last quarter.

Separately Managed Account Fees
Strategy Type Annual Management Fee
Domestic Indexes 0.35%
Foreign/Global 0.40%
U.S. Index Socially Responsible Indexing 0.45%
Foreign/Global Index Socially Responsible Indexing 0.50%

In addition to the above fees, clients may pay other extraneous costs, as is standard at many financial advisor firms. In most situations, these costs will include custodial fees, administrative fees, transaction fees, brokerage fees/commissions and taxes.

What to Watch Out For

Aperio Group has several disclosures of regulatory actions taken against its parent company, BlackRock, Inc., listed on its most recent SEC filings. None of the disclosures were directly related to Aperio Group.

Also, Aperio Group does not provide many of the services that people have come to expect from financial advisor firms, such as financial planning. Instead, its offerings are solely focused around investment management. While this can certainly be helpful, it may not meet everyone’s needs. If you’re looking for a firm to help with planning for your estate, retirement or your child’s college education, Aperio may not be the right firm for you.

Opening an Account With Aperio Group

If you're interested in opening an account with Aperio Group, you can reach the firm over the phone at (415) 339-4300 or fill out a contact form on the firm's website.

Tips for Retirement Planning

  • Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Preparing financially for your retirement is much easier said than done, and not having a definite goal in mind can make things even harder. Instead, try to figure out how much you’ll need to save to cover your retirement needs with our retirement calculator so you’re not planning blindly.

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research