Cary Street Partners Asset Management

CRD#289178
Investment Advisor Firm

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Learn more about Cary Street Partners Asset Management

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

    • Overview

    Cary Street Partners Asset Management operates as a financial advisory company that has its headquarters in Richmond, Virginia. Cary Street Partners Asset Management manages $1.3 billion in assets under management over 2,739 client accounts, making it one of the largest investment advisory firms in the nation by assets under management (AUM). Cary Street Partners Asset Management has a small team, including 11 financial advisors. Cary Street Partners Asset Management does not act as a registered broker-dealer, meaning it cannot buy and sell securities for its customers' and own accounts and instead has to go through a broker-dealer firm to do so. Securities are defined as exchangable financial assets like bonds, stocks and options.

    Cary Street Partners Asset Management administers 2,730 of the company's client assets in a discretionary manner. Discretionary management signifies that transaction judgments for the client's account are made by a portfolio manager without requiring client authorization. Cary Street Partners Asset Management also has nine non-discretionary accounts with a total of $109.2 million in assets under management. The company oversees roughly $471,533 in assets for every client account. The typical advisor at Cary Street Partners Asset Management oversees around 249 client accounts.

    The firm's headquarters is at 901 East Byrd Street, Richmond, Virginia 23219. The firm is registered to provide services to clients across 51 U.S. states and territories.

    Assets Under Management

    $1.3 billion

    Number of Advisors

    11

    Disclosures

    No

    Office Location

    901 East Byrd Street
    Richmond, VA 23219

    Cary Street Partners Asset Management by the Numbers

    Total Assets Under Management

    $1.3 billion

    National Average: $8.6 billion
    Total Number of Employees

    39

    National Average: 64
    Total Number of Accounts

    2,739

    National Average: 375,227
    Average Account Size

    $471.5 thousand

    National Average: $23.0 thousand
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    Products and Services

    Cary Street Partners Asset Management provides a number of financial services, which can consist of portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for institutional clients, selection of other advisers, publication of newsletters and educational seminars. Notably, the firm did not provide financial planning services to any of its customers in the last fiscal year. It is not involved in selling products or offering services apart from investment advice to its investment advisory accounts. The company also has a number of financial industry affiliations, including with a broker-dealer or securities dealer, accountant or accounting firm and insurance company or agency.

    Core Advisor Services

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      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.

    • Offered by 3% of firms

      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 for financial management are based on which services the firm provides the client. Fees billed by the company likely consist of any combination of the following fee types: asset-based or fixed. Cary Street Partners Asset Management does participate in a wrap fee program, in which the company offers a bundle of services for a comprehensive 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 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 21% of firms that offer this fee type

      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.

    • Find one of the 1% of firms that offer this fee type

      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.

    • 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 company does business with a number of different investors. Cary Street Partners Asset Management provides services to retail investors, high net worth investors, investment companies, pension plans, charitable organizations, state or municipal government entities, insurance companies and corporations. Out of its 2,739 customers, Cary Street Partners Asset Management's largest client group by number of accounts is retail investors, although it also serves 459 high-net-worth individuals. The SEC defines a high-net-worth individual as someone who has at least $750,000 in AUM or a net worth of at least $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of its clients are non-U.S. persons.

    • High-Net-Worth Individuals* - 32.53%
    • Other Individuals - 65.7%
    • Corporations - 1.06%
    • Charitable Organizations - 0.71%

    * 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 Asset Management does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Cary Street Partners Asset Management

    Diane Sobin
    Richmond, VA
    Marc Davis
    Summit, NJ

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