Gardner Russo & Quinn is a financial advisor firm based in Lancaster, Pennsylvania. This is the firm's only office, though they have billions in client assets under management (AUM). The firm's advisors provide a client base comprised of individual and institutional investors with portfolio management services through in-house management and private funds.
As a fee-only firm, Gardner Russo & Quinn only receives compensation from client-paid fees. This is different from a fee-based firm, which can earn third-party commissions in addition to client fees.
Gardner Russo & Quinn Background
Gardner Russo & Quinn's history dates back to 1968 when Eugene H. Gardner founded the first iteration of the firm as a sole proprietorship. In 1989, Thomas A. Russo joined the firm as a partner. Gardner's son, Eugene H. Gardner Jr., joined the firm in 1998 and in 2000 the practice was reformed as a business partnership and renamed Gardner Russo & Gardner.
In 2014, the firm became a limited liability company and in 2021 it became known as Gardner Russo & Quinn LLC in recognition of Timothy C. Quinn, the firm's director of research.
Eugene Gardner Sr. passed away in 2016, with Russo and Gardner Jr. staying on as the firm's portfolio managers. Russo remains the principal owner of the business.
Gardner Russo & Quinn Client Types and Minimum Account Sizes
Gardner Russo & Quinn works with a variety of both individual and institutional clients. The majority of the firm's individual client base is made up of high-net-worth individuals, though dozens of non-high-net-worth individuals are also clients. When it comes to institutional clients, the firm manages the assets of its own funds, pension and profit-sharing plans, charities, government entities, businesses and family funds.
The firm's account minimums vary based on the type of account you're looking to open. Separately managed accounts (SMAs) have a minimum of $1 million, while Gardner Russo's private funds have other minimums that range from $500,000 to $5 million.
Services Offered by Gardner Russo & Quinn
Gardner Russo & Quinn provides clients with investment management services through separately managed accounts and a variety of private funds known as the Semper Vic Partner Funds, with Thomas Russo being the managing member of Semper Vic GP, LLC.
The aforementioned funds are split into three main groups: Semper Vic Partners, L.P.; Semper Vic Partners (QP), L.P.; and Semper Vic Partners Offshore, Ltd. The first two funds are domestic funds, while the third is designed specifically for non-U.S. citizens and residents. The firm manages all assets on a discretionary basis.
Although it provides individualized investment management, Gardner Russo & Quinn notably does not offer financial planning. If you're looking for a firm that offers these services, try SmartAsset's financial advisor matching tool.
Gardner Russo & Quinn Investment Philosophy
Gardner Russo & Quinn aims to invest mainly in global value common stocks that it believes will appreciate over the long term. The exact stocks you invest in may depend on your individual needs, and clients may impose reasonable restrictions on the types of securities that they want.
As we state above, the firm puts emphasis on what it calls "global value." Advisors use fundamental research to help inform their long-term investment decisions. Investments tend to be consolidated in the consumer products, media and financial services industries.
Fees Under Gardner Russo & Quinn
The fee schedule at Gardner Russo & Quinn is straightforward. All clients are charged a non-negotiable annual rate of 1% of their total AUM and any fees charged by third parties are non-negotiable. Clients invested in the firm's private funds are charged a 1% annual performance fee on profits. All fees are charged on a quarterly basis, in arrears.
In dollar terms, here's how much you will pay in fees for a separately managed account:
| *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 Gardner Russo & Quinn* | |
| Your Assets | Gardner Russo & Quinn Fee Amounts |
| $500K | $5,000 |
| $1MM | $10,000 |
| $5MM | $50,000 |
| $10MM | $100,000 |
What To Watch Out For
Gardner Russo & Quinn does not list any legal, civil or regulatory disclosures on its Form ADV, which means it has a clean record.
It's also important to note that the firm's performance-based fee structure creates a potential conflict of interest. That's because advisors may be incentivized to make riskier or more speculative investments. However, the firm is still a fiduciary and is therefore legally obligated to act in your best interest at all times.
Lastly, if you're in need of financial planning, you may want to look elsewhere considering the firm does not offer this service.
Opening an Account at Gardner Russo & Quinn
Gardner Russo & Quinn doesn't have a website, so if you're interested in opening an account, you should call the firm at (717) 299-1385. You can also visit the firm in person at its Lancaster office.
All information is accurate as of the writing of this article.
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