Silvercrest Asset Management is a fee-only financial advisor firm headquartered in New York, New York. In turn, Silvercrest placed first on SmartAsset’s list of the top 10 financial advisor firms in New York. The independently run firm also has branches in New Jersey, Massachusetts and Virginia.
With well over $21 billion in assets under management (AUM), Silvercrest is a sizable financial advisor firm that currently has 43 financial advisors on staff. The firm primarily serves high-net-worth individuals and families, as it has a $10 million account minimum.
Silvercrest Asset Management Background
Silvercrest Asset Management has been in business since 2001. It is a wholly owned subsidiary of Silvercrest L.P., a financial services company. Silvercrest’s managing directors and each of its senior portfolio managers own shares of the firm.
The firm’s managing directors have spent an average of 30 years in wealth and investment management.
Additionally, much of the staff at Silvercrest holds advisory certifications. The firm’s team includes 14 chartered financial analysts (CFA), six certified public accountants (CPA) and four certified financial planners (CFP).
What Types of Clients Does Silvercrest Asset Management Accept?
Over 90% of Silvercrest Asset Management’s more than 1,200 clients are high-net-worth individuals and families. Though the firm specializes in serving affluent investors, it also works with estates, trusts, charitable organizations, businesses, not-for-profit entities, Taft-Hartley plans, government plans, pension plans, municipalities, registered investment companies and private investment funds.
Silvercrest Asset Management Minimum Account Size
To work with Silvercrest Asset Management, you will need a minimum of $10 million in investable assets.
Services Offered by Silvercrest Asset Management
Silvercrest Asset Management primarily offers portfolio and investment management services, but it will also provide family office services under certain circumstances. Here’s a full list of what the firm can do:
- Portfolio management
- General financial planning
- Estate planning
- Philanthropic planning
- Tax-efficient wealth transfers
- Facilitation of relationships with clients’ accountants and attorneys
- Full portfolio customization
- Regular rebalances and strategy alterations
- Investment management
- Equity management
- U.S. small cap, large cap and multi cap
- Equity income
- Non-U.S. developed market equity
- Real estate investment trusts (REIT)
- Master limited partnerships (MLP)
- Fixed income management
- Municipal bonds
- Government/corporate bonds
- Outsourced investments
- Proprietary portfolio diversification
- Equity management
- Family office services
- Consolidated reporting
- Aggregate data reports of your various investments
- Insights into performance, liquidity, risk, asset allocation and more
- Wealth planning
- Retirement planning
- Cash flow planning
- Gift planning
- Tax planning
- Income taxes
- Estate taxes
- Gift taxes
- Institutional taxes
- Personal accounting
- General accounting
- Budgeting and cash forecasts
- Bill pay
- Medical insurance administration
- Domestic employee payroll management
- Consolidated reporting
Silvercrest Asset Management Investment Philosophy
Equity management and fixed income strategies dominate Silvercrest Asset Management’s investment approach. If you and your advisor decide on equity management, your assets will be invested in more conservative, long-term investments in an effort to reduce turnover. Within this management style alone, Silvercrest offers 11 different portfolio strategies that include the following investment types:
- Large cap: equities of companies worth $2 billion or more
- Small cap: equities of companies worth between $200 million and the upper end of companies in the Russell 2000 Index
- Equity income: equities of companies with a target yield of 150% of the S&P 500
- Multi cap: equities of large-cap and small-cap companies
- SMID cap: equities of companies with market capitalizations between $200 million and $15 billion
- Focused value: equities of large-cap and small-cap companies that the firm’s research shows are “high conviction investments”
- Small-cap concentrated: equities of only small-cap companies that the firm’s research shows are “high conviction investments”
- Core international: equities of 25-35 international companies with “sustainable competitive advantages”
- Liquid hedge portfolio advisory: mutual funds and exchange-traded funds (ETFs)
- Real estate investment trust: publicly traded REITs
- Master limited partnership: traded master limited partnerships with market capitalizations of $1 billion or more
On the other hand, fixed income management has just three separate strategies to choose from. Although fixed income investments tend to be long-term, Silvercrest sometimes chooses to diversify these portfolios with a short to intermediate duration in mind. These strategies include investments like:
- Municipal value: municipal bonds with capital preservation, plenty of federal tax-exempt income and short to intermediate duration characteristics
- Investment grade municipal bond: high-grade fixed income securities
- Taxable bond / credit fixed income: high-grade fixed income securities that are “positioned to generate total returns in excess of the Barclays Capital Government/Credit index”
Fees Under Silvercrest Asset Management
Silvercrest Asset Management charges clients based on a percentage of assets under management. The firm charges different rates depending on the portfolio type, and in some instances, it reduces rates as the amount of assets under management increases. Silvercrest Asset Management charges clients quarterly. In contrast to most firms that charge clients in arrears, payments are due in advance of the upcoming quarter.
The firm states that the below fee rates may be negotiable to a certain extent. However, it also stipulates that this policy usually only applies to clients who have extremely large amounts of assets under management.
|Fees for Separately Managed Accounts|
|Portfolio Type||Annual Fees|
|Managed equity and balanced|| |
|Managed fixed income only|| |
|Managed cash only||0.20%|
|Silvercrest Municipal Value strategy||0.65%|
Check out the table below to see how Silvercrest’s fees for its asset management services compare. Note that these fees are only estimates and actual costs may vary.
|*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.|
|Estimated Fee Comparison*|
|Your Assets||Silvercrest Asset Management Managed Equity and Balanced Portfolios||National Median Advisory Fees**|
|$500K||n/a (below required minimum)||$5,000|
|$1MM||n/a (below required minimum)||$8,500 - $10,000|
|$5MM||n/a (below required minimum)||$25,000 - $32,500|
What to Watch Out For
Silvercrest Asset Management’s steep $10 million minimum investment requirement makes its services unreachable for lower level investors. Although the firm’s minimum does appear somewhat negotiable, it specializes in serving high-net-worth individuals and families, making Silvercrest unlikely to be a good fit for investors who aren’t wealthy.
There are no disclosures listed on Silvercrest Asset Management’s Form ADV (SEC-filed paperwork).
Opening an Account With Silvercrest Asset Management
New York City is home to Silvercrest Asset Management’s principal office, but the firm also has five other branches, including two in New Jersey, two in Virginia and one in Massachusetts. If you live anywhere near these locations, feel free to stop by and talk to an advisor in person.
Prospective clients can also reach Silvercrest at (212) 649-0600 or email@example.com.
Where Is Silvercrest Asset Management Located?
Silvercrest Asset Management has branches across the East Coast. The firm has its headquarters in New York City. You’ll also find branches in Boston; Bedminster, New Jersey; Princeton, New Jersey; Charlottesville, Virginia; and Richmond, Virginia.
How to Up Your Investment Game
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- Diversification is key to protecting your portfolio in the face of market downturns. Although some investments are going to look irresistible, don’t bet too heavily on any one area of the market.