Responsible for more than $1.83 billion in assets under management (AUM), Carnegie Investment Counsel provides financial planning and portfolio management services to a variety of clients. It also works with corporate retirement plan sponsors.
This financial advisor firm is based in Pepper Pike, Ohio. It also manages branches out of Cincinnati, Ohio; Cleveland, Ohio; Dayton, Ohio; Ft.Myers, Florida; Los Angeles, California; New York, New York; Philadelphia, Pennsylvania; Pittsburgh, Pennsylvania and Toledo, Ohio.
Carnegie Investment Counsel Background
Carnegie Investment Counsel became a registered investment advisor (RIA) in 2009. Gary P. Wagner, Richard L. Alt and Arthur G. Merriman III are the current owners. All three still work for the firm and have a collective experience of more than 60 years in the financial services industry.
Carnegie Investment Counsel Client Types and Minimum Account Sizes
Carnegie Investment Counsel provides investment management services and advice to the following types of clients:
- Non-profit organizations
- Pension and profit-sharing plans
- Corporations and other business entities
- Independent trust companies
- Government entities
The firm requires a minimum $250,000 investment. But it may waive or lower the amount at its discretion.
Services Offered by Carnegie Investment Counsel
Carnegie Investment Counsel designs, constructs and regularly monitors investment portfolios tailored to the risk tolerance and financial goals of its clients. In some cases, the firm may direct clients to other investment managers outside Carnegie Investment Counsel.
Upon request, the firm can also provide financial planning advice on the following topics:
- Cash flow projections
- Estate planning
- Employee benefits
- Family business continuation and general business consulting
- Financial planning advice incident to a divorce
Additionally, the firm provides consulting services to employee benefit plans such as 401(k) and pension plans.
Carnegie Investment Counsel Investment Philosophy
Carnegie Investment Counsel’s investment philosophy is mainly driven by the aim for risk-adjusted returns for the long term. When evaluating securities, the firm engages in the following research methods:
Charting analysis - identifies patterns that may help project a favorable climate for buying or selling a certain security
Fundamental analysis - entails the examination of financial statements and other documents outlining the general financial health of companies, industries and the overall economy. The firm uses this method to unearth potential advantages and opportunities in the market.
Technical analysis - involves protecting potential price and volume movement by examining past trends.
Fees Under Carnegie Investment Counsel
Carnegie Investment Counsel charges an annual asset-based fee for its investment advisory services. These fees, which are generally paid quarterly and sometimes in arrears, follow the schedule, below:
|Assets Managed||Annual Fee|
|Up to $500,000||1.75% or less|
|Over $500,000||1.50% or less|
What to Watch Out For
In some cases, Carnegie Investment Counsel may direct clients to other advisors. These clients would pay fees to these third-party advisors in addition to the advisory fee they pay Carnegie for applicable services. The third-party advisor fees would vary, but may be more expensive than they would be had the client gone directly to the external advisor.
Additionally, Carnegie Investment Counsel stands to earn a double fee when clients invest in the mutual funds that the firm provides investment management services to.
All that said, Carnegie Investment Counsel must uphold a fiduciary duty to always work in the best interests of their clients. This applies to all advice, including third-party advisor and mutual fund recommendations.
Carnegie Investment Counsel has not experienced any disciplinary events in the past 10vyears that would be material to a client or prospective client’s evaluation of its advisory business. For the latest details, view its Form ADV.
Tips for Finding the Right Financial Advisor
- Ask candidates about their credentials. Certified financial planners (CFPs) have a fiduciary duty to provide financial planning advice solely in the best interest of their clients. According to the CFP Board, which issues the designation, only 20% of financial advisors have it.
- Use our advisor matching tool. It customizes your search, recommending up to three local advisors based on your needs and preferences.
All information was accurate as of the writing of this article.