Cary Street Partners is a fee-only firm headquartered in Richmond, Virginia. The financial advisor firm offers a variety of services to institutional and individual clients, and it currently has more than $1.6 billion in assets under management (AUM). The firm has more than 5,000 clients and more than 30 advisors.
Cary Street Partners Background
Cary Street Partners was founded in 2003 as a subsidiary of Luxon Financial LLC. Luxon Financial LLC also owns Luxon Asset Management LLC, and Cary Street Partners also has an arrangement with an unaffiliated independent advisor, Asset Dedication, LLC. Cary Street advisors may offer Asset Dedication-related investment programs and strategies if they’re suitable to a client’s investment objectives.
What Types of Clients Does Cary Street Partners Accept?
Cary Street Partners provides advisory services to individuals, estates or non-profit organizations, pension or profit sharing plans, trusts, educational institutions, corporations, business entities, government entities and banks or thrift institutions.
Cary Street Partners Minimum Account Sizes
For retirement planning services, the firm does not have a minimum account size, but there may be a minimum fee of up to $4,000. The firm retains the authority to waive this value. For all other investment advisory services, prospective or current clients can request the minimum account size.
Services Offered by Cary Street Partners
Cary Street Partners offers a range of services and products, including:
- Portfolio Management
- Portfolio diversification
- Risk management
- Portfolio monitoring evaluation
- Investment policy statement development
- Manager search and recommendation
- Investment products
- Mutual funds
- Fixed income and alternative investments
- Structured notes
- Financial planning
- Hourly financial consultation
- Specific financial planning
- Comprehensive financial planning
- Pension Consulting
- Profit sharing
- Non-qualified deferred compensation
- Estate and life insurance strategies
- Whole life policies
- Term policies
- Universal life and indexed universal life policies
- Long-term care
- Third-party money managers
- Educational seminars and workshops
Cary Street Partners prides itself on adapting to positive change and seeking new industry opportunities. The firm strives to perpetuate this aim through merging its interests with those of its clients, employees, owners and business partners. Additionally, Cary Street Partners says it works to construct portfolios that complement each client’s individual risk tolerance and investment objectives.
Fees Under Cary Street Partners
Cary Street Partners charges fees for its services, and the firm lists these in the fee schedule of its investment advisory agreement. Fees for financial planning services and retirement planning services are negotiable.
Fees for the Cary Street Partners FA Directed Program are also negotiable, but clients will have to account for transactional fees with their account(s). The transaction costs vary, but the firm provides clients with a full transaction fee schedule. For the referral of third-party advisors or money managers, Cary Street Partners charges an asset-based fee on the accounts under management. However, this fee is negotiable.
Cary Street Partners Awards and Recognition
Cary Street Partners was named as one of the Financial Times Top 300 Registered Investment Advisors for 2018. The list recognizes the top financial advisors across the U.S., and the Financial Times considers a number of factors before finalizing the list. These include AUM, years in existence, AUM growth rate, online accessibility, industry credentials and compliance records.
What to Watch Out For
Cary Street Partners may enter into agreements with other investment advisors. For investment advisors the firm recommends, it earns a portion of the investment advisory fee paid by clients. The firm may also pay solicitors to secure clients for its investment services, and it may also earn compensation for referring clients to other investment managers. However, such agreements are fully disclosed to clients.
Cary Street Partners does have one small disclosure where, in 2000, the firm and one of its advisory affiliates were found to be in violation of related supervisory requirements. The case was resolved through acceptance, waiver and consent. The firm was also censured and fined $350,000, and the affiliate, Mark Gambill, received a $25,000 fine. Another representative, James Losty, was also fined $50,000.
Opening an Account With Cary Street Partners
You’ll have a few options when looking to open an account with Cary Street Partners. You can contact certain representatives listed on the firm’s website, or you can reach out to the firm’s main office at (804) 340-8100. You can also visit any of the firm’s physical locations to speak with an advisor.
Where is Cary Street Partners Located?
Cary Street Partners is headquartered in Richmond, VA at 901 East Byrd Street. Along with its additional offices in Virginia, the firm also has offices in North Carolina, Tennessee, Texas and New Jersey.
Tips for Finding a Financial Advisor
- When searching for the ideal financial advisor, it’s important that you first map out your your savings goals, as well as the specific areas of finance you need assistance with. Whether it’s estate planning, retirement planning or investing, a financial advisor can provide a strategic plan toward helping you meet your destination.
- If you’re having trouble narrowing down your results, SmartAsset’s financial advisor matching tool will pair you with up to three local advisors suitable to your savings goals. You’ll just need to complete a short questionnaire about your financial situation.
All information was accurate as of the writing of this article.