Formerly known as Sontag Advisory, Wealthspire Advisors is a large financial advisory firm with its headquarters located in Manhattan. This firm is fee-based and has a massive team of advisors on staff to manage a similarly large pool of client assets. Wealthspire works with thousands of both individual and institutional clients. The firm provides financial planning, portfolio management and other wealth management services to clients. The firm also holds a spot on our list of New York City's top financial advisors.
As a fee-based firm, some of the advisors at Wealthspire can earn commissions from the sale of financial products. On the other hand, a fee-only firm earns all of its compensation from client-paid fees.
Wealthspire Advisors Background
Wealthspire Advisors was founded in 1995, so it's been around for a while. It became an SEC-registered investment advisor the same year. The firm has been wholly owned by NFP Corp. since 2015. Founder Howard Sontag currently serves the firm’s chairman, while Mike LaMena is CEO and Eric Sontag is president and chief operating officer (COO).
The firm has a large team of advisors in its network, many of whom are financially certified. These include certified financial planner (CFP), chartered financial analyst (CFA) and more.
Wealthspire Advisors Client Types and Minimum Account Sizes
Wealthspire Advisors currently works with a wide range of clients, both individual and institutional. However, most of the firm's clients are the former. Of these individuals, about half have a high net worth. Institutional clients currently include pension and profit-sharing plans, charitable organizations and businesses.
While Wealthspire doesn't have set minimum account sizes, it does recommend that clients certain amounts for specific programs. These recommendations vary from $100,000 up to $2 million.
Services Offered by Wealthspire Advisors
Wealthspire Advisors offers a wide range of services to clients through its network of advisors. Services may include one of or several of the following:
- Investment management
- Outsourced chief investment officer (OCIO)
- Asset allocation planning
- Risk management
- Financial planning and consulting
- Income and savings planning
- Retirement planning
- Tax planning
- Trust and estate planning
- Charitable gift planning
- Comprehensive reporting
- Tax reporting
Clients may also utilize more specific services, offered through individually managed accounts. These strategies and programs may include:
- Wealthspire Advisors Wealth Management
- Wealthspire Advisors Wealth Solutions
- Wealthspire Pathways
- Wealthspire Advisors Institutional
Advisors may also provide investment consulting services and provide access to unaffiliated private investment funds.
Wealthspire Advisors Investment Strategy
Specific investment strategies at Wealthspire Advisors vary significantly depending on the type of strategy you choose to use or the type of account you choose to open. Advisors work directly with clients to determine their overall financial situation, with regard to such information as a client's risk tolerance, liquidity needs, time horizon and more. Advisors can then figure out the best approach to managing the client's assets.
Advisors at Wealthspire look to achieve results in the medium to long term. They constantly monitor for new investment opportunities while simultaneously evaluating existing investments. The firm adheres to five main tenets when it comes to asset management:
- Risk management
- Using a modified Black-Litterman asset allocation model
- Ongoing portfolio monitoring
- Being mindful of fees and taxes
- Minimizing investment turnover
Fees at Wealthspire Advisors
Wealthspire Advisors charges fees for asset management services based on an annual percentage of each client's total assets under management. There are five main fee schedules that the firm uses to determine specific client fees. Here's a breakdown of each:
| Wealth Management and Wealth Solutions Fee Schedule | |
| Value of Assets | Annual Fee |
| First $2,000,000 | 1.20% |
| $2,000,000 - $5,000,000 | 0.87% |
| $5,000,000 - $10,000,000 | 0.75% |
| $10,000,000 - $25,000,000 | 0.50% |
| Above $25,000,000 | 0.40% |
| Institutional Fee Schedule (Less than $20MM in assets) | |
| Value of Assets | Annual Fee |
| First $5,000,000 | 0.75% |
| $5,000,000 - $10,000,000 | 0.50% |
| $10,000,000 - $20,000,000 | 0.35% |
| Institutional Fee Schedule (More than $20MM in assets) | |
| Value of Assets | Annual Fee |
| First $20,000,000 | 0.45% |
| $20,000,000 - $50,000,000 | 0.30% |
| Above $50,000,000 | 0.20% |
| Retirement Plan Management Service Fee Schedule | |
| Value of Assets | Annual Fee |
| First $3,000,000 | 0.50% |
| $3,000,000 - $10,000,000 | 0.30% |
| $10,000,000 - $20,000,000 | 0.25% |
| $20,000,000 - $30,000,000 | 0.20% |
| Above $30,000,000 | 0.10% |
The Wealthspire Pathways program uses a flat-rate fee schedule. Wealthspire charges a 0.50% rate on all client assets invested in this program.
Wealthspire may also enter into fixed-fee arrangements with clients. These arrangements typically won't exceed 1.20% of assets annually. There is generally a minimum of $5,000 annually. Fixed fees for financial planning generally range from $2,500 to $10,000. The hourly fee tends to range from $100-$500 per hour.
What to Watch Out For
Wealthspire has no disclosures reported on its SEC-filed Form ADV.
Some of the firm's advisors are also licensed as insurance agents or broker-dealer representatives. As a result, they may receive commissions from selling financial products to clients. This makes the firm fee-based. It also creates a potential conflict of interest, but the firm is still a fiduciary. This means that advisors are legally obligated to act in the best interests of clients at all times.
Opening an Account With Wealthspire Advisors
If you're interested in opening an account with Wealthspire, go online to the firm's website and submit a contact form. You can also call the firm over the phone at(212) 973-1200 or visit one of its various offices in person.
All information is accurate as of the writing of this article.
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