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Carnegie Investment Counsel Review

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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.

For five years running (2016 to 2020), Carnegie Investment Counsel was a Financial Times "Top 300 Registered Investment Advisor." It's also on SmartAsset's top advisor list for Pepper Pike, Ohio, where the firm is headquartered, as well as the state of Ohio.

Carnegie Investment Counsel provides financial planning and portfolio management services. In addition to Pepper Pike, the fee-only firm has offices in Cincinnati and Toledo, Ohio; Ft. Myers, Florida; Los Angeles, California; New York, New York; and Philadelphia and Pittsburgh, Pennsylvania. 

Carnegie Investment Counsel Background

Carnegie Investment Counsel became a registered investment advisor (RIA) in 2009. Gary P. Wagner and Richard L. Alt are the principal owners. The firm is the successor to Carnegie Capital Management Corp., which dates back to 1974. 

Carnegie Investment Counsel Client Types and Minimum Account Sizes

Carnegie Investment Counsel provides investment management services and advice to the following types of clients: 

  • Individuals with and without a high net worth
  • Nonprofit organizations
  • Pension and profit-sharing plans
  • Corporations and other business entities
  • Independent trust companies
  • Government entities
  • Investment advisors

The firm requires a minimum $500,000 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: 

  • Investments
  • Retirement
  • Cash flow projections
  • Estate planning
  • Insurance
  • Education
  • 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 Investing Philosophy

The firm aims 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: 

Carnegie Investment Counsel Investment Fees
AUM Annual Fees
Up to $500,000 1.75% or less
Over $500,000 1.50% or less

Here's a breakdown of what you may expect to pay as a client of Carnegie:

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at Carnegie Investment Counsel*
Your Assets Carnegie Investment Counsel Annual Fee Amount
$250K $4,375 or less
$500K $8,750 or less
$750K $11,250 or less
$1MM $15,000 or less

Fees for stand-alone financial planning or special projects are negotiable. Generally, they are charged on an hourly basis that will not exceed $300 per hour or as a flat fee that won't exceed $1,200.

What to Watch Out For

Carnegie Investment Counsel has no disclosures of legal or disciplinary actions on its latest Form ADV.

Opening an Account With Carnegie Investment Counsel

Prospective clients can schedule a phone consultation by calling (800) 321-2322. For an advisor to call you, submit your email on the firm's website.

All information was accurate as of the writing of this article.

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.
  • 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.

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