Greenspring Advisors, LLC, formerly known as Greenspring Wealth Management, Inc., is a fee-only financial advisor firm located in Towson, Maryland. It has just 14 members on its advisory team, which oversees more than $3 billion in assets under management. The majority of the money the firm manages is attributable to pension and profit-sharing plans, although most of the firm’s clients are individuals and high-net-worth individuals.
Greenspring offers wealth management services, which encompass tax considerations, estate planning and other areas of financial importance. It has been recognized by numerous publications over the last five years, earning top rankings from Financial Advisor Magazine, Financial Times, Forbes, PLANADVISER and InvestmentNews.
Greenspring Advisors Background
Partners and managing directors J. Patrick Collins, Jr. and Joshua Itzoe established Greenspring Wealth Management, Inc. in 2004, but rebranded it as Greenspring Advisors, LLC in 2018. Itzoe worked at Morgan Stanley prior to founding the firm, while Collins, Jr. was previously employed by Merrill Lynch.
The advisory team at Greenspring boasts a variety of certifications. There are seven certified financial planners (CFP), five accredited investment fiduciaries (AIF), two enrolled agents (EA), two chartered retirement plans specialists (CRPS), one certified divorce financial analyst (CDFA), one chartered financial consultant (ChFC), one chartered life underwriter (CLU), one chartered financial analyst (CFA) and one chartered advisor for senior living (CASL) on staff.
What Types of Clients Does Greenspring Advisors Accept?
Greenspring Advisors, LLC works with a wide variety of clients in different capacities. Over three-quarters of its client base is made up of individuals and high-net-worth individuals. However, it also works with a substantial number of pension and profit-sharing plans. The firm also serves trusts, estates, non-profits, charitable organizations, corporations and other businesses.
Greenspring Advisors Minimum Account Sizes
Greenspring Advisors’ account minimums are based on the types of services it’s administering. The firm requires the following minimums for the below services:
- Wealth management services: $425,000
- Retirement plan consulting: $4,500,000
- Institutional investment consulting: $425,000
For financial planning services, Greenspring Advisors requires a minimum annual fee of $2,000.
Services Offered By Greenspring Advisors
The services available to clients at Greenspring Advisors, LLC are essentially divided into three areas: wealth management; foundations, endowments and non-profits; and corporate retirement plans. Within these groups, you’ll find the following offerings:
- Wealth management
- Financial planning
- Estate planning
- Tax management and minimization
- Discretionary portfolio management
- Comprehensive performance reporting
- Foundations, endowments and non-profits
- Investment oversight
- Portfolio construction
- Committee support
- Fee analysis
- Goal setting
- Policy development
- Comprehensive performance reporting
- Corporate retirement plans
- For your company:
- Strategic plan management
- Investment planning and monitoring
- Vendor management
- Fee analysis
- Plan design consulting
- For your employees:
- Advice from a certified financial planner
- Risk analysis
- Retirement analysis
- Monthly communication
- Check-ins every quarter
- Pre-retirement financial planning
- For your company:
Greenspring Advisors Investment Philosophy
Greenspring Advisors doesn’t necessarily adhere to any particular investment strategy. The firm, for instance, uses both short-term and long-term securities purchases. Most firms stick exclusively to a long-term ideology, as it usually entails safer investments with the opportunity for reliable growth. However, Greenspring uses short-term purchases in an effort to meet clients’ more immediate liquidity needs.
The advisors at this firm will adjust the types of investments included in clients’ portfolios depending on their specific needs and financial goals. While traditional securities make up a sizable portion of clients’ portfolios, the firm will also use fixed income, cash, exchange-traded funds (ETFs) and mutual funds.
Fees Under Greenspring Advisors
Like many financial advisor firms, Greenspring Advisors, LLC has a graduated fee schedule based on a percentage of assets under management. The higher your account’s balance, the lower your fee rate. These costs are billed to your account on a quarterly basis in advance. The firm charges clients for its investment management services based on the following fee schedule:
|Asset Level||Annual Fee|
|$300,001 - $1,000,000||1.00%|
|$1,000,001 - $3,000,000||0.75%|
|$3,000,001 and above||0.50%|
The below table offers a sense of how Greenspring Advisors’ fees compare to the national median. Remember that these fees are only estimates though, and actual fees may vary.
|Estimated Fee Comparison*|
|Your Assets||Greenspring Advisors||National Median Advisory Fees**|
|$1MM||$10,750||$8,500 - $10,000|
|$5MM||$35,750||$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
Greenspring Advisors, LLC employs 14 advisors and currently has 408 client accounts. That means that each financial advisor at the firm is expected to oversee 29 accounts. For investors who want a more personalized feel, this could be a turn-off.
Aside from this though, there isn’t much else to look out for at Greenspring. The firm is fee-only, which means it solely earns money from advisory fees, and it does not have any outside relationships or affiliations that could create potential conflicts of interest.
Greenspring Advisors, LLC has a clean record with no disclosures or other legal issues to report.
Opening an Account With Greenspring Advisors
The easiest and fastest way to open an account with Greenspring is to either visit one of its physical locations in Towson, Maryland or Woodcliff Lake, New Jersey, or call the firm at (443) 564-4600. If you’d prefer that an advisor get in touch with you, you can fill out a short form on Greenspring’s website. You’ll be asked to provide your first and last name, phone number, email address and a description of your needs.
Where Is Greenspring Advisors Located?
Greenspring Advisors, LLC has its headquarters in Towson, Maryland, at 501 Fairmount Avenue, Suite 102. The firm also has a small secondary office at in Woodcliff Lake, New Jersey. However, there is just one advisory staff member located there.
Tips to Save for Retirement
- Getting ready to retire can be a long and arduous process, so don’t be afraid to consult a financial professional to walk you through it all. The SmartAsset financial advisor matching tool can pair you with as many as three advisors in your area who are equipped to get your retirement plans off the ground.
- Check with your company to see what kind of 401(k) or other retirement programs they offer. This can be a great way to start saving for your future retirement, although you’ll probably want supplement it with your own investments.