As the home of Wall Street, perhaps it’s no surprise that New York State has an abundance of financial advisors to choose from. So how do you narrow down all these financial professionals to find the best financial advisors in New York State?
MagnifyMoney has your back. To make your search easier, we’ve curated a list of the best financial advisors in New York State. We’ve gone through countless filings with the Securities and Exchange Commission (SEC) to find firms that work with individual investors and offer comprehensive financial planning. From there, we ranked those firms based on assets under management (AUM). If you’re interested, you can read more about how our methodology works.
Now, our ranking isn’t to say which firm may be best for you, but it can help make the vetting experience easier. Take a look at our list below for the best financial advisors in New York State and their key highlights:
How much would you like to invest?
|Firm name||City||Minimum assets required||Fee structure|
|Betterment||New York City||None for the digital plan; $100,000 for premium||A percentage of AUM
|Silvercrest Asset Management Group LLC||New York City||Not specified||A percentage of AUM
|Cerity Partners LLC||New York City||$2 million||A percentage of AUM
|Rockefeller Capital Management||New York City||None established||A percentage of AUM
|BBR Partners, LLC||New York City||$30 million||A percentage of AUM
|Manning & Napier Advisors, LLC||Fairport||Varies by account type||A percentage of AUM
Other (advisors may negotiate fees for custom portfolios and services)
|Summit Rock Advisors, LP||New York City||Not specified, though clients typically have wealth in excess of $100 million||A percentage of AUM
Other (based on a client's assets under supervision)
|Tiedemann Advisors, LLC||New York City||Varies by account type and/or advisor discretion||A percentage of AUM
|Summit Trail Advisors, LLC||New York City||None, though a certain level may be recommended for specific strategies||A percentage of AUM
|Wealthspire Advisors||New York City||None, though recommendations provided by program||A percentage of AUM
While Betterment is perhaps best known for its digital robo-advisory offerings, it also provides a premium option, which requires a minimum investment of $100,000 and includes advice from the company’s financial consultants over the phone or by email. Those in the Betterment Premium program can also receive personalized financial planning and/or advice, including on topics such as debt, savings, retirement and taxes.
The vast majority of Betterment‘s clients are individual investors without a high net worth, though it does serve a number of high net worth individuals as well (for reference, the threshold as defined by the SEC is at least $750,000 under an advisor’s management or a net worth believed to be at least $1.5 million). Betterment also serves pension and profit-sharing plans, businesses and charitable organizations.
The firm is owned in part by Betterment Holdings, Inc. through its CEO and founder, Jon Stein, as well as by four other firm executives. It is headquartered in New York and has an additional location in Denver.
Betterment offers its investing services through a wrap fee program, which means clients will pay one bundled fee that covers investment advisory fees and other costs associated with investing. The firm creates and monitors its investment portfolios through algorithms, which are developed and overseen by its investment professionals.
Betterment describes its main portfolio strategy as “a set of globally diversified stock and bond allocations with a U.S. value and small capitalization tilt.” It generally builds this through low-cost, liquid, index-tracking exchange-traded funds (ETFs). However, clients also have the option to select other portfolio strategies, some of which may be created by third parties.
Betterment reports no disciplinary events in its Form ADV filings with the SEC, meaning it has a clean record. For reference, all registered investment advisors are required by the SEC to report any civil, criminal or regulatory issues from within the last 10 years that may be material to a client’s evaluation of the firm or its management.
For further information on Betterment, you can visit its Investment Adviser Public Disclosure (IAPD) page.
Next on our list of the best financial advisors in New York State is Silvercrest Asset Management Group LLC. The firm is a registered investment advisor offering asset management and family office services. Founded in 2001, this independent, employee-owned firm is headquartered in New York, with additional offices located in Boston, Milwaukee, San Diego, Bedminster, N.J., Princeton, N.J., Charlottesville, Va. and Richmond, Va.
Silvercrest caters primarily to the needs of high net worth and ultra-high net worth families. The firm’s client base also includes endowments, private charities and other select institutional investors.
The firm’s investment strategy revolves around constructing custom portfolios to meet clients’ needs while aligning with their risk tolerance. Portfolio managers may apply objectives specific to a client’s unique needs; the client also has the capability to place restrictions on certain types of investments and limit the manager’s discretionary authority (meaning whether they can make decisions without the client’s express approval), if they so choose.
Silvercrest Asset Management focuses on three specific areas for portfolio construction: equity management, fixed income management and outsourced and alternative investments. The firm’s overall investment approach is one that’s value-based, conservative and designed to drive returns over the long-term.
Silvercrest Asset Management does not disclose any disciplinary actions on its Form ADV, meaning it has a clean record. The SEC requires registered investment advisors to disclose legal or disciplinary actions on their Form ADV paperwork. This includes any actions against the company, an employee or an affiliate that have occurred in the last 10 years.
For more information, visit Silvercrest Asset Management Group’s IAPD page.
Headquartered in New York, Cerity Partners was founded in 2009 by Kurt Miscinski and Howard P. Milstein, and was previously known as HPM Partners. Miscinski is president and CEO of the firm, while Milstein currently serves as chairman, president and CEO of New York Private Bank & Trust. The company is backed by private equity firm Lightyear Capital.
Cerity Partners serves clients with a minimum of $2 million in investable assets and requires a minimum annual fee of $25,000. The firm provides investment advisory and wealth planning services to individual investors — including both those who do and do not meet the SEC’s definition of high net worth — as well as corporate pension and profit-sharing plans, corporations or other business and charitable organizations.
Cerity Partners’ geographical footprint extends beyond New York, with offices operating in California, Colorado, Illinois, Michigan, Ohio, Texas, Massachusetts and Florida as well.
Cerity Partners uses an investment approach based on Modern Portfolio Theory, which focuses on balancing risk with an investor’s desired returns. Assets are managed according to one of five risk profiles: conservative, moderate, balanced, growth or aggressive.
Cerity Partners uses six primary asset classes to develop client asset allocations:
The firm generally will allocate client assets among third-party managers, but in some cases it may choose individual securities.
Cerity Partners reports no disciplinary actions on its Form ADV. Disclosures include any civil, criminal or regulatory actions involving the firm or its employees or affiliates over the last 10 years. For further information, see the firm’s IAPD page.
Rockefeller Capital Management was formed in 2018, though its roots date back to the 1880s when this global family office served the Rockefeller family. The firm is backed by the hedge fund, Viking Global Investors, with the Rockefellers maintaining a minority ownership stake.
Today, Rockefeller Capital Management’s business revolves around family office services, strategic advisory services and asset management. The firm serves high net worth and ultra-high net worth families, as well as their related entities like trusts, estates, endowments and foundations, as well as various institutional investors. For clients who do not fit this description, the firm’s affiliate, Rockefeller Financial, LLC, offers investment advisory services and a wrap fee program as a dually registered broker-dealer.
Rockefeller Capital Management has six offices in addition to its New York headquarters, located in Oakbrook, Ill., Boston, Washington, D.C., Saratoga Springs, N.Y., Conshohocken, Penn. and Mountain View, Calif.
Rockefeller Capital Management’s investment approach centers around pursuing strategies designed to produce returns that exceed benchmarks through changing market cycles. That includes asset allocations built around equity and fixed income. However, Rockefeller Capital Management also seeks to incorporate environmental, social and governance (ESG) strategies when appropriate to meet clients’ needs.
Ultimately, a client’s asset allocation and the investment approach recommended will depend on the size and scope of the engagement, the client’s preferences and requirements and fee considerations, among other factors.
Rockefeller Capital Management has no disciplinary actions noted in its Form ADV. This means that the firm has a clean record, without any civil, criminal or regulatory actions against the firm, its employees or its affiliates over the last 10 years. For more information on the firm, visit its IAPD page.
In the middle of our list for the best financial advisors in New York State is BBR Partners. The firm was established in 1999 and is majority-owned by employee partners. The firm has its headquarters in New York, with additional offices in Chicago, San Francisco, and Charlestown, Mass. BBR Partners caters largely to high net worth individuals and families, though it also serves other client types, as well as corporations and charitable organizations. It generally requires a steep minimum of $30 million for its investment and wealth management services, which translates to a minimum annual fee totaling $225,000.
Services the firm offers include customized investment management, wealth advisory services and portfolio administration and reporting.
BBR Partners uses a proprietary strategy to construct client portfolios using a holistic, comprehensive approach. This strategy involves allocating assets in equity and fixed-income separate accounts, as well as mutual funds, ETFs, exchange-traded notes and private investment funds.
Socially responsible and values-based investment options are also available. Across all strategies, the firm’s focus is on maximizing after-tax returns.
BBR Partners reports no disciplinary actions on its Form ADV. The SEC requires registered investment advisors to disclose any civil, regulatory or criminal actions against the company, an employee or an affiliate that have occurred in the last 10 years.
For more information, visit BBR Partners’ IAPD page.
Manning & Napier Advisors, LLC was founded in Rochester, N.Y., in 1970 by Bill Manning and Bill Napier. Manning stepped down as chairman in July 2020; Napier died in 1993. The firm is headquartered in Fairport, N.Y., with regional offices in Seattle, St. Petersburg, Fla., and Dublin, Ohio. It is indirectly owned by Manning & Napier, Inc., a publicly traded company.
Manning & Napier Advisors offers numerous solutions to meet different investment and wealth management needs, including family wealth planning and legacy planning, through products such as separately managed accounts and mutual funds. The firm provides its services to individual investors both with and without a high net worth, as well as a range of institutional investors.
Manning & Napier uses three allocation categories for asset management:
These products are available in separately managed accounts offered by the firm.
Rather than any one individual managing a client portfolio, the firm takes a team approach, with strategy-specific management teams working together to make portfolio decisions. Manning & Napier Advisors’ investment policy group, which is made of senior members of the firm’s research department, is responsible for the firm’s economic and market outlook as well as establishing asset allocation guidelines for multi-asset class portfolios.
Manning & Napier Advisors does not report any disciplinary disclosures on its Form ADV, meaning it has a record free of any civil, criminal or regulatory actions against either the firm or its employees and affiliates within the last decade. For further information, please visit the firm’s IAPD page.
Summit Rock Advisors was founded in New York in 2007 by Nancy Donohue and David Dechman, who serve as chief investment strategist and chief executive officer, respectively. They remain the firm’s principal owners.
The hedge fund firm serves a select number of American families and charitable institutions from its sole office location in New York. According to the firm’s brochure, its clients typically have $100 million or more in wealth; the average client size at the firm is currently $330 million.
As a hedge fund, Summit Rock Advisors acts as the investment manager to a number of private funds. These strategies are typically offered only to the firm’s clients and are usually included as investments in client portfolios.
To determine an individualized approach for each client, the firm creates customized portfolios that are tailored to individual clients’ risk tolerance, time horizon and liquidity needs. In general, the firm is focused on encouraging wealth preservation through returns while reducing volatility and increasing long-term purchasing power.
Summit Rock does not have any disciplinary disclosures. For reference, disclosures refer to any civil, regulatory or criminal events involving the firm, its employees or its affiliates over the last 10 years. The SEC requires all registered investment advisors to disclose these actions on their Form ADV paperwork.
To view the firm’s Form ADV and to get more information, visit its IAPD page.
Tiedemann Advisors is a privately owned firm founded in 1999 by the late Carl Tiedemann, his son Michael Tiedemann and Craig Smith. Michael Tiedemann serves as the firm’s CEO, while Smith is the current president. Both Tiedemann and Smith, along with other firm employees and Tiedemann Wealth Management Holdings, LLC, hold ownership of the firm.
The firm serves individual investors as well as endowments, foundations and non-profit organizations. Though it does not specify an account minimum requirement, all of its individual clients are high net worth individuals, defined by the SEC as those with at least $750,000 under management or a net worth of at least $1.5 million.
Tiedemann Advisors offers financial planning and education services, as well as investment management. The firm has office locations in New York, California, Colorado, Delaware, Florida, Maryland, Oregon, Texas and Washington state. It also has an office location in Switzerland.
Tiedeman Advisors provides comprehensive investment management services, with clients’ asset allocations built around risk tolerance, diversification, valuations and liquidity management. The firm starts its process by researching macroeconomic trends and assessing company valuation, and it then uses a proprietary risk optimization framework to determine optimum client asset allocations.
One of the firm’s core pillars also revolves around investing for impact. Tiedemann Advisors offers four approaches to portfolio-building under this umbrella: values-aligned strategies, environmental, social and governance strategies, private thematic impact strategies and catalytic impact strategies.
The SEC requires registered investment advisors to disclose any disciplinary actions involving the firm, an employee or an affiliate on their Form ADV paperwork. Tiedemann Advisors reports no such actions, meaning it has a clean disciplinary record.
For more information, visit Tiedemann Advisors’ IAPD page.
Founded in 2015, Summit Trail Advisors is a wholly owned subsidiary of Summit Trail Holdings, LLC that is operated by its managing partner, chief investment officer and chief operating officer/chief compliance officer. It provides investment advisory services and can also offer financial planning and consulting services to the extent a client requests it.
Among its client base are individuals, with a large majority being high net worth, as well as businesses, charitable organizations and pension and profit-sharing plans. Clients can access the firm at its headquarters in New York City or at its additional office locations in Chicago; Chevy Chase, Md.; Boston; San Francisco; Seattle; and Harrisburg, Penn.
Though Summit Trail Advisors will tailor its investment process to each client and their unique needs, in general, its process is comprised of three main parts:
Summit Trail Advisors notes that the final stage in the process, portfolio construction, may remain in progress as a client’s needs and goals evolve over time.
Summit Trail Advisors has a clean disciplinary record, as neither the firm nor its employees or affiliates have encountered any civil, criminal or regulatory issues within the past 10 years. As an SEC-registered firm, it is required to report such information in its Form ADV paperwork.
To view Summit Trail Advisors’ Form ADV and to learn more, see its IAPD page.
To cap-off our list of the best financial advisors in New York State is Wealthspire Advisors. The firm provides services through its team of state-registered investment advisor representatives. Services the firm can provide include wealth management, investment advisory and financial consulting. It works with individuals,
businesses, non-profit organizations and foundations. While the firm does not have any minimum asset requirements, there may be recommended asset levels for its various programs.
Wealthspire Advisors’ roots date back to 1995, with the founding of Sontag Advisory LLC. Over the years, the firm grew through numerous acquisitions; the subsequent entities were eventually renamed as Wealthspire Advisors in 2020. Today, the firm has 14 office locations throughout the U.S.
Wealthspire Advisors offers a range of investment portfolios that are designed to meet its clients investment profiles. Available options range from ultra conservative to aggressive in terms of the risk/return profile determined by the portfolio asset allocation. Asset allocation decisions are informed in part by a model that is based on investing principles used by large foundations and endowments.
On the whole, however, Wealthspire Advisors’ aim is to help its clients meet their medium- to long-term financial goals. The firm’s investment philosophy emphasizes the management of risk through diversification, an awareness of fees and taxes and the minimization of any portfolio turnover or other changes. Also taken into consideration are how any individual investment choices may impact the overall portfolio.
Wealthspire Advisors has a clean disciplinary record, with no issues to report. This includes any civil, criminal or regulatory events dating back 10 years that may be material to a prospective client’s evaluation of the firm or its management team.
For more information, visit Wealthspire Advisors’ IAPD page.
When discussing your investment plans with your financial advisor, be sure to cover when estate tax applies and how that may affect the amount of wealth you have to pass on to future generations. As of 2022, the basic exclusion amount for New York estate tax is $6,110,000. New York charges no gift tax or inheritance tax, which can be beneficial when making financial gifts during your lifetime and beyond. However, you should also consider how you may be impacted by federal estate and gift tax requirements.
Financial advisor firms can offer different financial services, and it’s important to ask which ones a firm offers before entering into a client relationship. For example, some may specialize in retirement planning, while others also offer services related to estate planning or legacy planning. Some financial advisor firms work exclusively with individuals and families, while others work with institutional investors, nonprofit organizations and business owners.
When comparing financial advisors, it’s important to consider the cost. Financial advisors in New York can base their fees on a percentage of assets under management or charge an hourly or fixed fee. They can also earn money through commissions, performance-based fees, subscription fees or fees negotiated for custom account management services.
When discussing costs with a financial advisor in New York, be sure to ask whether they’re fee-based or fee-only. A fee-only advisor may have fewer potential conflicts of interest, as they only earn money through the fees their clients pay, whereas fee-based advisors may also earn commissions.
In the state of New York, financial advisory firms with at least $25 million in assets under management must register with the SEC. Firms with six or more clients must also register with the Investment Advisor Registration Depository System. Registered investment advisors (both firms and individual advisors) must keep an up-to-date Form ADV on file with the SEC.
In our search for the best financial advisors in New York State, we looked at firms throughout the state. All the firms considered are bound by fiduciary duty, registered with the Securities and Exchange Commission (SEC) and offer individual account management and financial planning services. Information for our methodology criteria is taken directly from each firm’s most recent Form ADV filing and brochure, found in the IAPD database.
To localize our results for this list of the best financial advisors in New York State, we exclusively looked at firms that met the above criteria and had their headquarters in New York State, per the address provided in the Form ADV. We only considered those firms that offer financial planning services and portfolio management to individual investors. To be considered for this list, firms also could have no more than one disciplinary disclosure in the past 10 years. From there, the remaining firms that met all of the above stipulations were ranked in order of highest to lowest AUM, as this is an indication of a firm’s size and how many assets it has been entrusted to manage.
Our reviews have also listed several other key features that will help you determine which financial advisor may be most fitting for your investing style and financial needs. While our ranking system and methodology can help you compare firms, it does not indicate which firm may be best for you. All information here is accurate as of January 31, 2022, but don’t hesitate to check out any firm’s Form ADV for yourself on the SEC’s Investment Advisor Public Disclosure site.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.