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Dallas-based Tolleson Private Wealth Management works with wealthy families, so investors with less than $10 million are generally shut out. Tolleson Private Wealth Management currently manages over $6 billion for clients, providing them with not only wealth management but also holistic financial planning services, such as philanthropic, tax and estate planning. Each client has a primary advisor who works with other advisory staff to create and execute their plan.
The bottom line: Tolleson Private Wealth Management is a firm for ultra-high net worth individuals and families — offering portfolio management, holistic planning and private banking services.
| Assets under management (AUM): $6,878,346,390 | |
| Minimum investment: $10 million | |
| Individual investor to advisor ratio: 3:1 | |
| Fee structure: A percentage of AUM, hourly charges, fixed fees | |
| Headquarters: 5500 Preston Road, Suite 250 Dallas, Texas 75205 Website: www.tollesonwealth.com Phone: 214-252-3250 |
All information included in this profile is accurate as of December 13, 2021. For more information, please consult Tolleson Wealth Management’s website.
What began as a single-family office in 1997 grew to serve other wealthy families when Tolleson Private Wealth Management was launched three years later. The firm activated its trust charter in 2006 to serve as a corporate trustee for families, and in 2014, it added philanthropy and foundation management services.
The privately owned firm has over 80 employees, including around 60 who provide advisory services. The advisory team collectively holds a range of designations, including certified public accountant (CPAs) and certified financial planner (CFPs).
One of the largest wealth management firms in Dallas, Tolleson Private Wealth Management is a wholly owned subsidiary of Tolleson Wealth Management, of which John Tolleson is the majority owner.
John Tolleson founded Tolleson Private Wealth Management in 1997 as a single-family office to serve his own family’s needs. In 2017, John Tolleson became the firm’s executive chairman, passing the CEO title to his son, J. Carter Tolleson. Longtime employee J. Richard Joyner took over as president.
The senior Tolleson was inducted into the Dallas Business Hall of Fame in 2014.
All of the firm’s individual clients are high net worth investors, defined by the U.S. Securities and Exchange Commission (SEC) as those with at least $750,000 under an advisor’s management or a net worth believed to be at least $1.5 million.
While the firm may waive its minimum investment requirement at its discretion, it generally has a minimum account size of $10 million for advisory clients.
Tolleson Private Wealth Management takes a comprehensive approach to helping its family clients manage their wealth. The firm’s primary focus is on investment advisory services, but it also offers other services, including tax, bookkeeping, bill pay, cash management, estate planning, philanthropy and risk management.
Additionally, clients of Tolleson Private Wealth Management have access to trust services and other private banking services provided through the firm’s affiliate, Tolleson Private Bank.
Here is a full list of services provided by Tolleson:
Tolleson Private Wealth Management focuses on helping clients form their asset allocation strategy and advising them on setting goals as opposed to honing in on security analysis. Investment strategies are determined based on each client’s risk tolerance and goals, as well as their income needs.
Once determined, the firm implements the client’s policy and reports at least once per quarter on the portfolio results. The firm states that its focuses when managing a client’s portfolio are asset protection and tax efficiency.
Among the funds Tolleson Private Wealth Management recommends are its own private investment funds, for which it provides advisory services. The funds invest primarily in pooled investment vehicles, including mutual funds, run by third-party managers.
Depending on the services offered, Tolleson Private Wealth Management can earn money through a percentage of assets under management or fixed fees. The firm also may charge hourly fees for some services.
Below is a breakdown of its rates, but the firm’s policy is that all fees are negotiable, depending on several factors, including a client’s net worth and the complexity of the services provided.
| Tolleson Wealth Management Fees for Advisory Services and Portfolio Management | |
|---|---|
| Type of service | Basic fees |
| Financial advisory services | 0.35%-1% per annum of client assets under management or annual fixed fees |
| Discretionary fixed-income portfolio management | 0.15%-0.20% per annum of client assets under management |
The firm typically bills for its services each quarter, but clients can also request that their fees are deducted directly from their accounts. Typically, clients who receive both financial advisory services and fixed-income portfolio management pay a comprehensive advisory fee, plus a supplemental fee for the fixed-income portfolio management. Additional services, such as bookkeeping and philanthropic planning, also carry a separate charge.
Depending on which funds clients invest in, they may also owe additional fees and expenses to outside firms such as custodians, brokers, mutual funds companies, money managers or private investments funds. Additional fees may cover fund overhead, such as legal and auditing expenses, and the cost of preparing financial statements and tax returns.
Tolleson Private Wealth Management currently has no disciplinary disclosures. The SEC requires registered investment advisors to report disciplinary disclosures on its Form ADV, paperwork that registered firms must file with the SEC. These include any regulatory actions, criminal charges or legal developments like liens or civil judgments that have been taken against the firm.
For more information, see the firm’s Investment Adviser Public Disclosure (IAPD) page.
The firm has just one office, located in Dallas.
Tolleson Private Wealth Management is a Dallas-area firm focused on assisting ultra-high net worth individuals and families at all points of their financial lives. It provides holistic financial planning advice and wealth management. While the firm may be a good fit for potential clients who fit that description, individuals and families with less than the $10 million to invest will likely need to look elsewhere.
Before choosing an advisor, be sure to research multiple firms to ensure you find the right advisor for you.
Beth BravermanBeth Braverman is a freelance writer covering personal finance, careers and parenting. Her work has appeared in dozens of publications, including CNN Business, CNBC.com and USNews.
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