Headquartered in New York, Eagle Strategies LLC offers financial planning and investment management in all 50 states and the District of Columbia. It’s a wholly owned subsidiary of New York Life Insurance Company, and many of its advisors are licensed agents or representatives of the insurance company and its subsidiary New York Life Insurance and Annuity Corporation and NYLIFE Securities.
With $8.5 billion in assets under management, Eagle Strategies serves both high-net-worth and non-high-net-worth individuals. It also works with pension and profit-sharing plans; traditional, Roth, SEP and SIMPLE IRAs; trusts; estates; charitable organizations; donor-advised funds; corporations and other business entities. Generally, its financial planning clients have a net worth or income greater than $50,000.
Eagle Strategies Background
Eagle Strategies started as NYLIFE Advisors in 1988. It changed its name to Eagle Strategies, Corp. in 1994 and re-formed as an LLC in 2007.
Greg Webster, president and CEO of Eagle Strategies and a vice president at New York Life Insurance Company, currently leads Eagle Strategies. Previously, he held leadership roles at Financial Services Industry Advisory and Consulting, Headwaters SC Group, HSBC Brokerage and Park Avenue Securities. Webster and eight other NY Life Insurance senior executives have small stakes (between 5% and 10%) in Eagle Strategies.
What Types of Clients Does Eagle Strategies Accept?
The bulk of the firm’s business is with individual clients. Roughly one-quarter of them are high net worth, and three-quarters of them are not. As mentioned earlier, the firm also serves pension and profit-sharing plans; traditional, Roth, SEP and SIMPLE IRAs; trusts; estates; charitable organizations; donor-advised funds; corporations and other business entities.
Eagle Strategies Minimum Account Sizes
Eagle Strategies offers many different advisory programs with optional features, and account minimums vary, depending on the program and features. Here is a sampling of minimums under the firm’s wrap fee programs, called Lifetime Wealth Portfolio Programs, though the firm or sub-managers may waive or change the minimum at their discretion.
|Eagle Strategies Program||Minimum Account Size|
|Fund Advisory Program||$25,000|
|Separately Managed Account Program||$100,000 ($500,000 for Multi-Margin accounts)|
|Representative Directed Program||$25,000 ($500,000 for Multi-Margin accounts)|
|Unified Managed Account Program||$100,000 ($250,000 for Overlay accounts and $500,000 for Multi-Margin accounts)|
Services Offered by Eagle Strategies
Eagle Strategies’ primary business is providing financial planning and investment management services. As mentioned earlier, it offers many different programs and somewhat confusing variations of them. Generally, though, they fall into three categories: wrap fee, non wrap fee and solicitor. It’s also possible to have a brokerage, mutual fund or other securities product account. Additionally, all investment accounts are on a non-discretionary basis, meaning advisors will not make trades without getting a client’s approval first.
Under the wrap fee program, there are four programs, collectively called the Lifetime Wealth Portfolio Programs:
- Fund Advisory
- Separately Managed Account
- Representative Directed
- Unified Managed Account
The Lifetime Wealth Portfolio Programs, in turn, get support from Envestnet Asset Management, Inc. (for platform managerial services), National Financial Services (for custody, clearing and administrative services) and NYLIFE Securities (for brokerage services).
Under the non wrap fee program, Eagle Strategies offers what it calls financial plans, limited financial planning services, financial seminars and fee-based hourly advice.
Finally, with the solicitor program, where Eagle Strategies will connect clients to unaffiliated third-party advisors to provide investment advisory services, there are two programs: one with Brinker Capital Inc. and one with Frontier Asset Management, LLC.
Eagle Strategies Investing Philosophy
Eagle Strategies has no single, overarching investing philosophy as one of its selling points is access to its diverse network of investment services professionals.
Fees Under Eagle Strategies
Fees vary, depending on the program. Generally, the wrap fee programs base their fees on a percentage of billable assets under management, which roughly amount to the value of securities and cash. On top of the Eagle Strategies’ fee, there is the fee of the investment program sponsor. Here is a breakdown of how much a wrap fee program participant could pay at most:
|Programs||Advisor Fee||Sponsor Fee||Total Client Fee|
|FA Program||1.50%||0.24% to 0.61%||1.74% to 2.11%|
|SMA Program (Fixed Income Strategies)||1.50%||0.38% to 0.58%||1.88% to 2.08%|
|SMA Program (Equity and Balanced Strategies)||1.50%||0.58% to 0.82%||2.08% to 2.32%|
|Representative Directed Programs||1.50%||0.15%||1.65%|
|UMA Programs||1.50%||0.27% to 0.80%||1.77% to 2.30%|
What to Watch Out For
As mentioned earlier, many Eagle Strategies advisors are also brokers or licensed insurance agents who receive commissions. They are bound by their fiduciary duty to work in your best interests, but they may have financial incentive to recommend certain products over others.
According to Eagle Strategies’ most recent SEC filings, its affiliates resolved 17 disciplinary actions taken against them within the past 10 years. They paid fines ranging from $575 to $15 million for a total $16,435,092. The largest civil penalty of $15 million was paid in 2013 and generally involved the insurance company’s settlement practices, procedures and policy administration relating to claims. The most recent fine, paid in January 2018, was for $1,000 and also involved the insurance side of the business.
Opening an Account With Eagle Strategies
To contact Eagle Strategies, send an email to Eagle_Strategies_Marketing@newyorklife.com. Alternately, you can go to their website, http://www.eaglestrategies.com/, and find an advisor near you by typing in your zip code.
Where Is Eagle Strategies Located?
Eagle Strategies has offices across the country, but its headquarters are in Manhattan, specifically at 51 Madison Avenue, 12th Floor, New York, New York 10010.
Tips for Finding the Right Financial Advisor
- Make sure any prospective advisors are fiduciaries. They must put their clients’ best interests before their own, while advisors who are not bound by the fiduciary duty are simply required to make suitable recommendations to their clients.
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