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Cary Street Partners Review

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Cary Street Partners Investment Advisory LLC

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
    • Equities 
    • Mutual funds 
    • Options
    • Fixed income and alternative investments 
    • Structured notes
  • Financial planning
    • Hourly financial consultation
    • Specific financial planning
    • Comprehensive financial planning 
  • Pension consulting
    • 401(k)
    • Profit sharing 
    • Non-qualified deferred compensation
  • Estate and life insurance strategies
    • Whole life policies
    • Term policies
    • Universal life and indexed universal life policies 
    • Annuities
    • Long-term care
  • Third-party money managers
  • Educational seminars and workshops

Investment Philosophy

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.

Tips for Finding a Financial Advisor 

  • Don't go it alone. SmartAsset’s free financial advisor matching tool will connect you with up to three local advisors. You’ll just need to complete a short questionnaire about your financial situation.
  • Ask prospective advisors how many times a year they will go over your finances with you. The right answer depends on your needs and expectations. But once or twice a year should be the minimum.

How Many Years $1 Million 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.

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

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

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%. This reflects the typical return on a conservative investment portfolio. 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