ppenheimer Asset Management is a nationwide network of financial advisors headquartered in New York City. It employs a large team of advisors who work with thousands of individual and institutional clients.
Portfolio management of separate accounts, investment consulting and research are the firm's core service offerings. Oppenheimer Asset Management doesn't offer financial planning services, so you'll need to look elsewhere if you're interested in having a financial plan created.
Oppenheimer Asset Management Background
Oppenheimer Asset Management has been in business since 1986 and is owned by Viner Finance, Inc., an indirect subsidiary of Oppenheimer Holdings Inc.—a publicly owned company.
Today, the firm is led by president and CEO Albert Lowenthal and a 12-person management committee. The firm's advisors are located at different branches throughout the country, as well as offices in Hong Kong, London and Tel Aviv.
Oppenheimer Asset Management Client Types and Minimum Account Sizes
Oppenheimer Asset Management works with a variety of client types. Of its tens of thousands of clients, most are individuals without a high net worth. However, the firm also works with high-net-worth individuals, pension and profit-sharing plans, charitable organizations, state and municipal governments and businesses.
The minimum account size required to become a client of this firm varies based on the type of account you're looking to open:
- Investment Grade Tax-Exempt accounts: $150,000
- High-Yield Tax-Exempt accounts: $250,000
- All other accounts: $150,000
Meanwhile, clients have access to a variety of account types via a wrap fee program offered by Oppenheimer Investment Advisors—a division of OAM. The firm's accounts minimums range from as low as $5,000 to as high as $2 million.
Services Offered by Oppenheimer Asset Management
Oppenheimer Asset Management offers both investment management and consulting services. While the firm has a number of model portfolios and strategies, it can tailor its investment advice to the various needs of clients, like their time horizon, liquidity needs and risk tolerance. The firm offers the following investment advisory programs:
- OIA (Oppenheimer Investment Advisers): Discretionary fixed income portfolio management
- OIA Retirement Plan: Fixed income management for retirement accounts
- Unified Managed Account (UMA): Multi-strategy portfolios with separate sleeves
- UMA Retirement Plan: UMA structure applied to retirement plan assets
- Strategic Asset Review (STAR): Non-discretionary mutual fund advisory with periodic reviews
- STAR Retirement Plan: Retirement-focused version of STAR
- Portfolio Advisory Services (PAS) Flex: Discretionary mutual fund and ETF portfolios
- PAS Flex Retirement: PAS Flex designed for retirement accounts
- PAS Research: Discretionary portfolios built using approved research models
- PAS Research Retirement: PAS Research adapted for retirement accounts
- Offshore PAS: PAS strategy for non-U.S. clients
- Portfolio Enhancement Program (PEP): Covered call strategy on existing equity holdings
- Put Hedged Portfolio Enhancement Program: Equity strategy with downside protection via put options
- AA Millennium USA Access Fund LLC: Feeder fund offering access to Millennium USA LP
- AA Oaktree Power7 Access Fund LLC: Feeder fund offering access to Oaktree Power Opportunities Fund VII
Oppenheimer investment consulting services include the following:
- Development of an investment policy statement (IPS)
- Development of an asset allocation strategy
- Monitoring of portfolio managers
- Client reporting
Oppenheimer Asset Management Investment Philosophy
Oppenheimer Asset Management aims to build portfolios that align with each client’s goals, comfort with risk, and time horizon. The firm generally takes a research-based approach, using a mix of economic trends and individual investment analysis to shape its strategies.
For fixed income accounts, this may involve looking closely at credit quality, interest rate sensitivity, and sector trends to find bonds that appear to offer good value. Tax-exempt accounts may use either active management or a more structured, laddered approach.
When selecting third-party managers or building model portfolios, Oppenheimer uses both internal tools and outside data to review performance and assess how well investments might fit within a broader strategy.
The firm also offers access to hedge funds and private equity through feeder funds, helping clients invest in areas they might not typically reach on their own. Overall, Oppenheimer's approach leans toward diversification, long-term planning, and risk awareness.
Fees Under Oppenheimer Asset Management
Oppenheimer Asset Management charges its advisory fees based on the services you subscribe to. These fees are based on a percentage of your total assets invested in that program.
| Oppenheimer Asset Management Program Fees | |
| Program | Maximum Annual Fees |
| OIA Wrap Fee | 0.50% - 1.25% |
| OIA Retirement Plan | 0.80% |
| STAR | 2.25% or 0.50% |
| STAR Retirement | 2.25% |
| UMA | 0.80% - 3.00% |
| UMA Retirement | 2.70% |
| Portfolio Advisory Services (PAS) Flex | 1.50% |
| PAS Flex Retirement | 1.50% |
| PAS Research | 1.75% |
| PAS Research Retirement | 1.75% |
| Offshore PAS | 2.00% |
| Portfolio Enhancement Program | $12,000 - $74,400 |
Certain fees are subject to negotiation between the client and their advisor. Fees are billed quarterly, in advance.
What to Watch Out For
Oppenheimer Asset Management does have five regulatory disclosures listed on its SEC-filed Form ADV. While most of these disclosures relate to advisory affiliates of the firm, one applies to Oppenheimer itself. In 2019, the firm paid a disgorgement of over $3.1 million and $359,000 in prejudgement interest after the SEC alleged OAM "purchased, recommended or held for advisory clients" mutual fund shares that paid them 12b-1 fees, instead of cheaper alternatives.
Opening an Account With Oppenheimer Asset Management
To open an account with Oppenheimer Asset Management, you'll need to use its website to find a branch or advisor in your area. From there, you can call or email the firm directly. You can also request an appointment through an online form.
Retirement Planning Tips
- Retirement planning is a complex undertaking, and finding the right financial advisor to guide you can be a good first step. Finding a financial advisor doesn't have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- When you’re planning out your income for retirement, don’t forget to add in Social Security payments. Although Social Security won’t be enough to retire on, it can be a valuable addition to your existing retirement funds. To find out how much you’re in line to receive, stop by SmartAsset’s Social Security calculator.
