Evercore Wealth Management is a financial advisor firm based in New York City, with additional offices in Minneapolis, San Francisco and Tampa. The firm is the wealth management division of global investment banking advisory firm, Evercore. It currently has more than $7 billion in assets under management and employs 49 financial advisors. The firm ranks third on SmartAsset’s list of the top New York City financial advisor firms.
Evercore Wealth Management, which requires an account minimum of $5 million, offers wealth management services to a variety of clients, including individuals and high-net-worth individuals. It also has a number of institutional clients, such as banking or thrift institutions, investment companies, charitable organizations, insurance companies and other corporations.
Evercore Wealth Management Background
Evercore Wealth Management was formed in September 2008. It is majority owned by Evercore Partners Service East, LLC, which is an indirect subsidiary of Evercore, Inc., a financial services company publicly traded on the New York Stock Exchange. Evercore, Inc. provides advisory services to multinational corporations related to a variety of issues, including mergers, acquisitions, divestitures, restructurings and other corporate transactions.
The wealth management firm is affiliated with a number of other entities, including other registered investment advisors, broker-dealers and a national trust bank, through common ownership. It provides personal trust services through Evercore Trust Company and Evercore Trust Company of Delaware.
What Types of Clients Does Evercore Wealth Management Accept?
Evercore Wealth Management primarily offers investment management services to high-net-worth individuals and their families, as well as their associated trusts, estates, pension and profit-sharing plans, endowments, foundations, charitable organizations, insurance companies, trust companies and other affiliated entities. Though the firm’s account minimum is relatively high at $5 million, its current client roster also includes some individual investors who fall beneath the high-net-worth threshold, which the SEC defines as someone who has at least $750,000 under management.
Though its clients are predominantly individual investors, Evercore also serves institutional clients including banks, charitable organizations, insurance companies and other corporations. Additionally, Evercore serves as an investment advisor for a registered investment company, EWMCX.
Evercore Wealth Management Minimum Account Sizes
Evercore requires a minimum account size of $5 million.
Services Offered by Evercore Wealth Management
Evercore Wealth Management offers a number of services. It provides investment advisory services on both a discretionary and non-discretionary basis, as well as investment consulting and educational services.
The firm also offers the following financial planning services, either on a standalone basis or as part of its investment advisory services:
- Retirement planning
- Financial planning
- Insurance planning
- Marriage planning
- Divorce planning
- College planning
- Estate planning
- Compensation planning
- Benefits planning
- Preparation of financial analyses
Evercore Wealth Management Investment Philosophy
Evercore Wealth Management assigns at least two professionals, a portfolio manager and a wealth manager, to every client. They will work with the client to establish his or her financial goals and to develop a plan to help meet those goals.
Evercore builds diversified, unique portfolios with consideration for risk, return and liquidity characteristics. The advisors also consider things like economic and political situations when choosing investments to build a client’s portfolio.
The firm primarily invests client funds in equities and bonds that are managed by Evercore Wealth and mutual funds that are managed by both Evercore Wealth and third-party managers. Investments used in client accounts may also include exchange-traded funds, alternative investments and cash-equivalent instruments, as well as strategies and investment portfolios that are managed by third-party investment managers.
Fees Under Evercore Wealth Management
Evercore Wealth Management charges an annual advisory fee based on a percentage of assets under management. For accounts under $10 million, there is a maximum annual fee of 1.00%. For relationships above $10 million (or those with at least $5 million in fixed-income assets), Evercore says that a “split fee schedule applies.” There is a graduated schedule of rates, and the exact rate will depend on the services being used and the types of assets under management.
|Investment Management Fees|
|Asset Value and Composition||Maximum Annual Fee|
|Accounts up to $ 10 million||1.00%|
|Accounts over $10 million, or those with at least $5 million of fixed income assets||Fixed Income Assets: |
Clients may also pay additional expenses, including brokerage fees, commissions, mark-ups, mark-downs, custody fees, tax preparation fees and fees charged by third-party mutual funds, investment vehicles and third-party managers. Fees for the firm's standalone financial planning services will be negotiated based on each client's unique situation.
The chart below compares the fees at Evercore to the national median advisory fees. The fee rate provided below assumes the highest rate and that the investor uses solely growth assets.
|Estimated Fee Comparison*|
|Your Assets||Evercore Wealth Management Group||National Median Advisory Fees**|
|$1MM||N/A||$8,500 - $10,000|
|$5MM||$50,000||$25,000 - $32,500|
|*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.|
What to Watch Out For
Evercore Wealth Management may recommend third-party investments sourced through Evercore Group, its affiliate. Evercore Wealth Management may earn money from this arrangement, which thus creates a potential conflict of interest. While clients are informed of potential conflicts of interest, make sure you evaluate the conflict when making decisions about your investments.
Another arrangement that potential and current clients should be aware of is that Evercore does allow its employees to engage in securities transactions on a personal basis. However, the company has a Code of Ethics in place to mitigate potential conflicts of interest caused by this.
Evercore does not have any disclosures on its record from the past 10 years.
Opening an Account With Evercore Wealth Management
To get in touch with Evercore Wealth Management, call (212) 822-7620 or e-mail CEO Jeff Maurer at firstname.lastname@example.org. You can also call or visit your nearest office to talk to a local representative about what Evercore Wealth Management could do for you.
Where Is Evercore Wealth Management Located?
The firm is headquartered in New York City, where its office is located on East 52nd Street and Park Avenue. The firm also has offices in Minneapolis, San Francisco and Tampa.
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