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Clarfeld Financial Advisors 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.

Clarfeld Financial Advisors, LLC, which does business simplly as Clarfeld, has earned notable recognition throughout its time as an investment advisor. In fact, the firm has been ranked by Barron's among the top 100 registered investment advisor (RIA) firms in the country. Today, Clarfeld continues to specialize in investment management for retail and institutional clients.

Clarfeld is a fee-only firm with a large advisory staff that oversees billions of dollars in client assets under management (AUM). The firm serves nearly 1,100 clients, and it earns its compensation from asset-based fees, fixed fees and hourly fees. 

Clarfeld Financial Advisors Background

Clarfeld has been in business since 1981, but the firm became a registered investment advisor in 1992. The New York-based firm runs several other branches, with offices in Northern and Southern New England, Pennsylvania, Delaware, Florida and the Midwest. 

Robert A. Clarfeld heads the firm’s leadership team as executive chairman. Citizens Bank N.A. is the principal owner of the practice. 

Clarfeld Financial Advisors Client Types and Minimum Account Sizes

Clarfeld serves high-net-worth individuals, families, charitable organizations, senior executives of publicly traded companies, business owners, pension and profit sharing plans, trusts, estates,  and businesses. 

The firm generally requires prospective clients to have at least $3 million to open an account. It may be willing to waive or reduce this requirement, though.

Services Offered by Clarfeld Financial Advisors

Clarfeld’s advisory services include the following:

  • Portfolio management
  • Selection of other advisors (including private fund managers)
  • Investment consulting services 

Clarfeld Financial Advisors Investment Philosophy 

Clarfeld focuses on building suitable long-term asset allocations that meet each client’s lifestyle and cash flow goals, according to its brochure. When evaluating securities and offering investment advice, the firm usually employs fundamental analysis and technical analysis

Clarfeld’s investment strategies also include long-term purchases, short-term purchases, trading, short sales, margin transactions and options. The firm primarily allocates client assets among mutual funds, exchange-traded funds and independent managers, on either a discretionary or nondiscretionary basis

Clarfeld Financial Advisors Fees

Clarfeld offers the following fee schedule for its investment advisory services:

Clarfeld Investment Advisory Services
AUM Annual Fee
First $3,000,000 1.00%
Next $4,000,000 0.75%
Next $3,000,000 0.65%
Next $15,000,000 0.55%
Next $25,000,000 0.35%
Above $50,000,000 0.25%

Here's a breakdown of about what you can expect to pay for advisory services at Clarfeld:

*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 Clarfeld Financial Advisors*
Your Assets Clarfeld Financial Advisors Annual Fee Amount
$500K $5,000
$1MM $10,000
$5MM $45,000
$10MM $79,500

What to Watch Out For

Clarfeld has three regulatory disclosures listed on its Form ADV, the most recent of which occurred in January 2020. Each of the disclosures were based on operational violations. However, all of the disclosures involved Clarfeld’s advisory affiliates.

Clarfeld also does not directly provide wealth management services, so if you are looking for financial planning, you may need to look elsewhere. However, the firm may recommend the services of Clarfeld Citizens Private Wealth, a division of Citizens Bank, N.A. to clients seeking wealth management. 

Opening an Account With Clarfeld Financial Advisors 

You can set up an investment account by either visiting Clarfeld’s offices or by calling the firm at (914) 846-0100.

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

Retirement Planning Tips for Beginners

  • Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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How Long $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
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We 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 metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. 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.