BBR Partners Review - MagnifyMoney
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BBR Partners Review

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BBR Partners works mainly with wealthy families and individuals — the minimum investment to work with the firm is generally $30 million. As one of the largest registered investment advisor (RIA) firms by asset size based in the Northeast, BBR Partners manages over $20.7 billion for over 1,400 clients. The firm, which has a team of approximately 70 investment advisors on staff, works to execute a portfolio strategy with an emphasis on tax efficiency using third-party managers.

The bottom line: BBR Partners caters to very wealthy families and individuals, and focuses on creating customized, tax-efficient portfolio strategies.

  • Works primarily with ultra-high net worth individuals
  • Executes a portfolio strategy with an emphasis on tax efficiency
  • Uses third-party managers to offer diverse investments while minimizing conflicts of interest

All information included in this profile is accurate as of December 21, 2021. For more information, please consult BBR Partners’ website.

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Overview of BBR Partners

Founded in 2000 and headquartered in New York, BBR Partners is a privately held multifamily office that focuses on portfolio management for ultra-high net worth clients.

BBR Partners has approximately 130 employees across all of its offices, around 70 of whom perform investment advisory functions. The firm’s partners have diverse backgrounds, including lawyers, accountants and MBAs. Rather than directly managing client money, BBR works with third-party investment managers throughout the industry.

A look at the founders of BBR Partners

BBR Partners was founded by three ex-Goldmans Sachs executives: Brett Barth, Arthur Black and Evan Roth, along with founding principals Michael Anson and Tood Whitenack. Barth and Roth are managing partners of the firm, and, as of 2021, there are 22 equity partners in BBR Partners Holdings, LP.

BBR Partners’ pros

  • Investing approach offers greater diversity of options: BBR Partners acts as a “manager of managers,” which means it selects other firms to make investments for its clients. This way, BBR Partners can offer a greater diversity of investment options while reducing the potential for conflicts of interest.
  • Comparatively low fees: The firm’s fees are on the relatively low end of the spectrum, with rates ranging from 0.50% to 0.75% of assets under management. For comparison, the average annual fee among investment advisory firms ranges from 0.50% to 1.25% of assets under management.
  • Clean disciplinary record: BBR Partners does not have any disciplinary disclosures. Learn more about this below.
  • Award-winning firm: One of the largest RIA firms by asset size based in the Northeast, BBR Partners consistently ranks among the top 15 on Barron’s list of the top RIA firms.

BBR Partners’ cons

  • High minimum: BBR Partners has a minimum account balance requirement of $30 million, which is beyond the reach of most investors.
  • Potential conflicts of interest related to BBR funds: There are potential conflicts of interest when it comes to clients investing in BBR funds, as the funds charge fees that are paid to BBR Partners and its affiliates. However, the firm works to mitigate this by disclosing all costs to investors, and there is no client obligation to purchase a BBR fund.

What types of clients does BBR Partners serve?

With a minimum account balance generally set at $30 million, BBR Partners focuses primarily on serving ultra-high net worth families and individuals. It also works with the associated entities of these individuals, such as trusts, estates, charitable organizations, family partnerships, foundations and business entities.

In some cases, BBR Partners might waive its asset minimum requirement, for factors including a client’s anticipated future earning capacity or assets. The firm currently has a small number of non-high net worth individuals who are clients. For reference, the U.S. Securities and Exchange Commission (SEC) defines a high net worth individual as someone who has at least $750,000 under an advisor’s management or a net worth believed to be at least $1.5 million.

Services offered by BBR Partners

BBR Partners works with wealthy individuals and families to develop an asset allocation strategy based on their investment objectives, selecting and hiring managers to put the tailored strategy to work. While asset allocation remains the firm’s primary focus, it may also offer guidance on other issues, including estate and tax planning, charitable planning and insurance planning.

The firm also offers comprehensive reporting services, allowing clients to see their entire financial picture, including assets under management by other firms.

Services offered by the BBR Partners include:

  • Portfolio management
  • Financial planning
    • Retirement planning
    • Trust and estate planning
    • Charitable planning
    • Tax planning and management
  • Family education
  • IRA and 401(k) rollovers
  • Insurance/risk management
  • Comprehensive reporting services
  • Collaboration with clients’ lawyers, accountants, etc.
  • Guidance on art, aviation, real estate and other special interests

How BBR Partners invests your money

BBR Partners crafts individual portfolios for each of its family and individual clients with a variety of asset classes and strategies. The firm uses a mix of passive and active strategies, as well as illiquid investments, with a focus on the after-tax returns of the total portfolio. It also offers socially responsible and values-based investing options.

To get started, the firm will meet with each client to assess their portfolio objectives and wealth management needs. It uses this information to determine the client’s specific asset allocation plan and to decide on appropriate investment managers for their portfolio. In general, BBR Partners mainly allocates client assets among the following:

  • Equity and fixed-income separate accounts managed by third-party investment managers
  • Mutual funds
  • Exchange-traded funds
  • Exchange-traded notes
  • Private investment funds
  • The BBR Funds

Fees BBR Partners charges for its services

BBR Partners charges investment advisory fees that are based on a percentage of assets under management, with a minimum annual fee of $225,000. The firm notes that rates may vary based on asset size, and the nature and complexity of each client’s particular needs, but in general the following fee schedule applies to its investment advisory services:

Fee Schedule for BBR Partners Portfolio Management Services
Market value of portfolio Percentage of assets
First $30 million 0.75%
Over $30 million 0.50%
Additional amounts over $150 million Negotiable

The firm notes that clients who have less than the generally required $30 million under the firm’s management will pay more than the 0.75% noted in the table above.

Clients who invest in BBR-administered private investment vehicles also pay administration fees, which range from 0.15% to 0.85% on the balance of their investment in that fund. Clients may also pay additional fees to any third-party managers, broker-dealers or custodians who manage their money. BBR receives no portion of those fees.

BBR Partners disciplinary disclosures

BBR Partners currently reports no disciplinary disclosures. The SEC requires all registered investment advisory firms to report any disciplinary disclosures on their Form ADV that may be relevant to a client’s evaluation of the firm or its management team. This includes any regulatory actions, criminal charges or legal developments like liens or civil judgments that have been taken against them.

For more information, visit the firm’s Investment Adviser Public Disclosure (IAPD) page.

BBR Partners onboarding process

  1. Reach out to the firm: If you’re interested in working with BBR Partners, you can either contact the firm through email or call one of its local office locations.
  2. Meet with BBR Partners: When you meet, the team will learn more about your goals for your portfolio. You can decide whether to work together based on these meetings.
  3. Get your portfolio built: Next up, you’ll have a customized, tax-efficient investment plan created and executed on your behalf.
  4. Receive regular updates: In addition to monthly statements, onboarded clients have access to a secure website, updated daily, where they can view their entire portfolio — including assets that aren’t managed by BBR Partners — at a glance.

Where BBR Partners is located

BBR Partners has offices in the following locations:

  • New York City
  • Chicago
  • San Francisco
  • Charlestown, Mass.

Is BBR Partners right for you?

BBR Partners typically focuses exclusively on ultra-high-net-worth families and individuals, including those managing the transition of wealth from one generation to the next. It provides personalized investment advice to those families and oversees the investment of their assets with third-party firms.

Individuals whose family net worth is less than the $30 million minimum requirement may be able to work with BBR under special circumstances, but typically will need to look elsewhere. Additionally, they will pay higher fees than usually charged by the firm.

If you are an ultra-high-net-worth family or individual, BBR Partners and its customized investment strategy, as well as its financial planning services, may be the right choice for you. If not, use MagnifyMoney’s search tool to look for other potential financial advisors that may work for you.

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.