Cary Street Partners

CRD#128545
Investment Advisor Firm

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Learn more about Cary Street Partners

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • Overview

    Cary Street Partners operates as an advisory firm that has its headquarters in Richmond, Virginia. The firm has $5.5 billion in total assets throughout 11,387 customer accounts, making it one of the largest firms in the nation by assets under management (AUM). The firm has a large team, including 64 financial advisors. Cary Street Partners is not a registered broker-dealer, signifying that the company cannot buy and sell securities for its own accounts as well as its customers' and instead has to go through a broker-dealer firm to do so. Securities are tradable fiscal investments like options, stocks and bonds.

    Cary Street Partners manages the majority of the firm's accounts on a discretionary basis. Discretionary management means that transaction choices are made by a portfolio manager without needing to seek the client's approval. Cary Street Partners also oversees 5,196 non-discretionary accounts totaling $1.9 billion in AUM. The firm manages roughly $484,102 in assets for each account. The typical financial advisor at Cary Street Partners administers about 178 client accounts.

    Cary Street Partners's headquarters is located at 901 East Byrd Street, Richmond, Virginia 23219. The company is legally registered to serve investors throughout 51 U.S. states and territories.

    Assets Under Management

    $5.5 billion

    Number of Advisors

    64

    Disclosures

    No

    Office Location

    901 East Byrd Street
    Richmond, VA 23219

    Cary Street Partners by the Numbers

    Total Assets Under Management

    $5.5 billion

    National Average: $8.6 billion
    Total Number of Employees

    134

    National Average: 64
    Total Number of Accounts

    11,387

    National Average: 375,227
    Average Account Size

    $484.1 thousand

    National Average: $23.0 thousand
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    Products and Services

    Cary Street Partners offers a variety of financial services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers and educational seminars. In the last financial year, the company provided financial planning services to 251-500 of its customers. The firm does not sell products or offer services other than investment advisory services to its investment advisory clients. The firm is also affiliated with one or more other service providers in the financial services industry, including with a broker-dealer or securities dealer, accountant or accounting firm and insurance company or agency.

    Core Advisor Services

    • Offered by 31% of firms

      Financial Planning Services

      This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

    • Offered by 46% of firms

      Portfolio Management

      This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

    • Find a firm that offers this service

      Market Timing Services

      This is the practice of attempting to make short-term profits on investments by buying low and selling high.

    Other Services

    • Offered by 20% of firms

      Selection of Other Advisors

      This is the firm's assistance with choosing other advisors to work with who may have different specialties.

    • Find a firm that offers this service

      Publication of Periodicals

      This is the publication of various financial education materials.

    • Offered by 6% of firms

      Educational Seminars/Workshops

      This is the hosting of seminars or workshops to educate investors on financial concepts.

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    Fee Structure

    Fees charged by financial advisors usually vary depending on which services the firm provides the client. Fee types charged by the company can be comprised of the following fee types: asset-based, hourly, fixed or commission-based. Cary Street Partners participates in a wrap fee program, in which the company offers a service bundle for a single fee.

    Available

    • Offered by 69% of firms

      Percentage of Assets

      Show Explanation

      This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

    • Offered by 21% of firms

      Hourly

      Show Explanation

      Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

    • Offered by 1% of firms

      Commissions

      Show Explanation

      Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

    • Offered by 32% of firms

      Fixed

      Show Explanation

      Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

    Unavailable

    • Find one of the 26% of firms that offer this fee type

      Performance-based

      Show Explanation

      Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

    • Find one of the 0% of firms that offer this fee type

      Subscription

      Show Explanation

      Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

    • Find one of the 10% of firms that offer this fee type

      Other

      Show Explanation

      Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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    Types of Clients

    The firm works with a number of different customers. The company provides services to retail investors, high net worth investors, pension plans, charitable organizations, state or municipal government entities, insurance companies and corporations. Out of its 11,387 accounts, Cary Street Partners's largest client group by number of accounts is retail investors, though it also serves 1,479 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an individual who has at least $750,000 in AUM or a net worth of more than $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the company's customers are non-U.S. persons.

    • High-Net-Worth Individuals* - 30.89%
    • Other Individuals - 64.01%
    • Corporations - 4.05%
    • Charitable Organizations - 1.04%

    * The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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    Disclosures

    Cary Street Partners does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Cary Street Partners

    James Hall
    Roanoke, VA
    John Mccoy
    Arlington, VA
    Mark Smith
    Richmond, VA
    Paula Megan
    Glen Allen, VA
    Savannah Doerr
    Fredericksburg, VA
    Christina Todd
    Glen Allen, VA
    Robert Martin
    Roanoke, VA
    Alan Reef
    Summit, NJ
    Kirby Delloiacono
    Richmond, VA

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