Headquartered in Richmond, Virginia, Cary Street Partners is a fee-only firm with more than $1.94 billion in assets under management (AUM). Its 30-advisor team offers a variety of services to approximately 500 institutional and individual clients.
Cary Street Partners Background
Cary Street Partners was founded in 2003 as a subsidiary of Luxon Financial LLC, which also owns Luxon Asset Management LLC. In addition to Luxon Asset, Cary Street Partners 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.
Cary Street Partners Client Types and Minimum Account Sizes
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.
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 may waive this requirement at its discretion. 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 seeks to achieve 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.
Cary Street Partners Fees
Cary Street Partners provides its fee schedule in 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.
Learn more about what advisors typically cost here.
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 reported one disclosure on its Form ADV. It dates to 2000, when the firm and one of its advisory affiliates were found to be in violation of related supervisory requirements. The case was resolved with the firm's censure and a fine of $350,000, and the affiliate, Mark Gambill, received a $25,000 fine. Another representative, James Losty, was fined $50,000.
Also worth noting: Cary Street Partners may enter into agreements with other investment advisors. When the firm recommends them, it earns a portion of the investment advisory fee paid by clients. The firm may also earn compensation for referring clients to other investment managers. These pose potential conflicts of interest. However, as a fiduciary, the firm is legally required to put clients' interests before its own.
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.
All information is accurate as of the writing of this article.
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