Clarfeld Financial Advisors, LLC, which does business simply 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 more than 1,200 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 22 branches, with offices in northern and southern New England, Pennsylvania, Delaware, Florida and the Midwest.
Robert A. Clarfeld, a certified financial planner (CFP) and certified public accountant (CPA), 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's individual clients all have high net worths, but the firm also works with charitable organizations, corporations or other businesses, as well as at least one investment company.
The firm generally requires prospective clients to have at least $1 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 approximately 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, all of which are attributed to the firm's parent company, Citizens Bank N.A.
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.
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