RIA Industry Spotlight: 5 Top Firms in the Northeast

To shine a light on the Registered Investment Advisor (RIA) landscape, FINTRX - family office and RIA database provider has compiled the RIA Industry Spotlight to highlight five top RIA firms in the Northeast based on assets under management, employee count, and other key metrics...

Steward Partners Investment Advisory, LLC is a New York NY-based Registered Investment Advisor (RIA) offering advisory services to individuals, high-net-worth individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations, and other business entities since March 2016. Besides its headquarters, Steward Partners Investment Advisory also operates out of Florham Park, NJ, Manchester, NH and Clearwater, FL.

Steward Partners Investment Advisory offers financial planning services to clients regarding the management of their financial resources based on an analysis of their individual needs. SPIA reviews client portfolios actively to determine whether changes are necessary based on moderations to the client's investment aim or risk tolerance. The firm uses financial planning software to determine its current financial position and to define and quantify long-term goals and objectives. Steward Partners Investment Advisory offers financial consulting services that involve advising clients on specific financial-related topics. The group uses charting, technical, fundamental and cyclical analysis, long- and short-term purchases, short sales, margin transactions, and option writing when providing investment advice.

As of May, Steward Partners Investment Advisory manages approximately $11.37B discretionarily and $1.88B in non-discretionary assets. Since last year, the group's assets under management (AUM) have increased by roughly 35%. The firm employs a team of 312 employees, 266 of which regularly perform advisory functions. Besides the group’s domestic client base, Steward Partners also manages approximately $284.3M in foreign assets.

Steward Partners Investment Advisory currently uses Raymond James & Associates, Inc. as their sole custodian and houses all assets with the group. The firm has several industry affiliations, including those with Steward Partners Global Advisory, LLC and Steward Partners Investment Solutions, LLC.

- Headquarters: New York, NY
- Additional Office Locations: 92
- Total Employees: 312
- Total Reps: 265
- Assets Under Management (AUM): $13.2B
- Discretionary AUM: $11.4B
- Non-Discretionary AUM: $1.9B
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses; Pension Consulting Services; Selection of other Advisors

3. Pathstone

Established in 2010, Pathstone is an Englewood NJ-based Registered Investment Advisor (RIA) providing comprehensive wealth management for individuals, families and institutions, including private foundations and family entities, as well as charitable organizations and pooled investment vehicles. Pathstone provides family office services including financial planning, consulting, expense management, bill pay, concierge services, philanthropic management, tax compliance/tax return preparation to individuals, investment limited partnerships, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations and business entities. In addition to its headquarters, Pathstone operates out of Los Angeles, CA, Potomac, MD and Atlanta, GA.

Pathstone uses various internal and external resources in performing its analysis including the analytical services provided by third-party institutional consultants, particularly regarding alternative investments. Strategies implemented include long-term and short-term purchases, trading, short sales, margin transactions, and option writing, including covered and uncovered options or spreading strategies, structured products, and other securities or derivatives transactions. Pathstone supervises all aspects of asset allocation, including manager and investment selection, ongoing monitoring and due diligence, consolidated reporting, along with regular review and reconsideration of investment goals. The firm imposes a minimum portfolio size of $2,000,000.

Pathstone manages $15.99B discretionarily and $6.61B in non-discretionary assets. Since last year, the firm's assets under management (AUM) have increased by roughly 15%. Pathstone employs a team of 211 employees, 73 of which regularly perform advisory functions. Compared to a year ago, Pathstone's primary capital source, HNWI, has shifted from 84% to 86% of the firm's total AUM. Besides the group’s domestic client base, Pathstone also manages roughly $384.8M in foreign assets.

In addition to Pathstone’s traditional services rendered, the group also serves as an advisor to private funds. The firm holds its assets with multiple custodians, including Charles Schwab & Co., Inc., Fidelity Brokerage Services, LLC and Pershing Advisor Solutions, LLC. Pathstone has several industry affiliations, including those with Saltbox II, LLC and PFO/CA Fund GP, LLC.

- Headquarters: Englewood, NJ
- Additional Office Locations: 33
- Total Employees: 211
- Total Reps: 72
- Assets Under Management (AUM): $22.6B
- Discretionary AUM: $16B
- Non-Discretionary AUM: $6.6B
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Hourly Charges; Fixed Fees; Performance-Based Fees; Private Funds Advised
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses; Portfolio Management for Pooled Investment Vehicles; Portfolio Management for Businesses or Institutions; Selection of other Advisors; Educational Seminars/Workshops

4. Eaton Vance WaterOak Advisors (EVWA)

Organized in 2004, Eaton Vance Wateroak Advisors (EVWA) is a Boston MA-based Registered Investment Advisor (RIA) offering wealth management services primarily to high-net-worth-individuals, trusts, estates, personal holding companies, an open-ended mutual fund, pension and profit-sharing plans, labor unions, religious organizations, foundations and charitable organizations, corporations, endowment funds, wrap programs, and educational institutions. EVWA provides customized investment advice to meet the needs of individual clients through a variety of investment strategies, including equity, income, mixed-asset, and alternative strategies. In addition to its headquarters, the group also operates out of an additional office location in Winter Park, FL.

EVWA renders comprehensive wealth management solutions on both a discretionary and a non-discretionary basis. As of May, Eaton Vance Wateroak Advisors manages $13.72B on a discretionary basis and $869.3M in non-discretionary assets. Since last year, Eaton Vance Wateroak Advisors’ assets under management (AUM) have increased by roughly 41%. The group employs a team of 67 employees, 26 of which regularly perform advisory functions. In addition to the group’s domestic client base, Eaton Vance Wateroak Advisors also manages roughly $25.8M in foreign assets.

EVWA’s evaluation of investment alternatives places primary emphasis on the fundamental analysis of issuers of equity and debt securities, political, economic and industry developments, money and capital market conditions, among other factors. The firm’s minimum relationship size is strategy-dependent and ranges from $1M to $25M. Eaton Vance Wateroak Advisors recommends investment strategies (and vehicles or its affiliates) including mutual funds, ETFs, and ETNs. The group seeks to achieve above-average long-term investment results for its clients through an emphasis on equity, debt instruments, real assets and currencies.

Eaton Vance Wateroak Advisors' assets are currently held with multiple custodians including Charles Schwab & Co., Inc., Fidelity Brokerage Services LLC and FNZ Trust Company. Eaton Vance Wateroak Advisors has a number of industry affiliations including those with Boston Management and Research, Eaton Vance Management, Morgan Stanley and Eaton Vance CLO Manager LLC.

- Headquarters: Boston, MA
- Additional Office Locations: 6
- Total Employees: 67
- Total Reps: 26
- Assets Under Management (AUM): $14.6B
- Discretionary AUM: $13.7B
- Non-Discretionary AUM: $869.3M
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Fixed Fees; Performance-Based Fees
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses; Portfolio Management for Investment Companies; Portfolio Management for Businesses or Institutions; Selection of other Advisors

5. GW & Wade, LLC (GWW)

Established in 1986, GW & Wade, LLC (GWW) is a Wellesley, MA-based Registered Investment Advisor (RIA) offering investment management services to high-net-worth individuals and families, trusts, some ERISA plans, charitable organizations, municipalities, companies, and foundations. The firm offers comprehensive financial planning services such as cash flow and budgeting, insurance needs analysis, education planning, retirement planning, and estate planning. GWW offers investment management services involving continuous advice to clients regarding the investment of their assets based on their individual goals and investment objectives, typically as identified in the financial planning process. In addition to its headquarters, Gw & Wade, Llc operates out of Norwell, MA, Reston, VA and Palo Alto, CA.

The firm offers investment management services primarily on a discretionary basis and a non-discretionary basis. As of May, GW & Wade manages $10.38B on a discretionary basis and $23.4M in non-discretionary assets. Since last year, GW & Wade's assets under management (AUM) have increased by roughly 25%. The group employs a team of 81 employees, 43 of which regularly perform advisory functions. In addition to the group’s domestic client base, Gw & Wade, Llc also manages roughly $49.7M in foreign assets.

GWW’s investment selection process for mutual funds, TPIAM and ETFs begin by screening potential investment strategies using various industry sources. The group uses third-party separate account managers and less frequently, private funds, which are selected through the due diligence process. GW & Wade holds its assets with multiple custodians including Fidelity Brokerage Services, LLC and National Financial Services, LLC. GWW has a number of industry affiliations including those with SCS Capital Management, LLC and GW & Wade Asset Management Company, LLC.

- Headquarters: Wellesley, MA
- Additional Office Locations: 11
- Total Employees: 81
- Total Reps: 43
- Assets Under Management (AUM): $10.4B
- Discretionary AUM: $10.4B
- Non-Discretionary AUM: $23.4M
- Client Base: Individual & Family; Institutional
- Fee Structure: Percentage of AUM; Fixed Fees; Commissions
- Specialties: Financial Planning Services; Portfolio Management for Individuals/Small Businesses; Portfolio Management for Businesses or Institutions; Selection of other Advisors; Publication of Periodicals or Newsletters; Educational Seminars/Workshops

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