This year’s Barron’s list of top wealth management firms ranks Cresset Asset Management, LLC at number 32 nationwide. It moved up from #34 in 2020. David Karp, the founder and chief executive officer of Cresset, was ranked as the firm’s #69 U.S. advisor. The firm’s mission is to create a new paradigm in wealth management. In addition, Cresset’s website claims that it focuses on helping individuals and families with their wealth management.
Destination Wealth Management
As a financial adviser, Destination Wealth Management works with both high-net-worth individuals and average investors. Its vast majority of assets under management are those of high-net-worth individuals. To open an account with this firm, you must have at least $500,000. In accordance with SEC guidelines, investors who have $750,000 in the market at one time are considered high-net-worth.
The firm employs three different investment strategies. They divide planning into eight different areas. Depending on your personal risk tolerance, you may receive an investment portfolio that includes stocks, bonds, ETFs, commodities, mutual funds, and ex-U.S. positions. While these types of portfolios may seem complex and difficult to understand, each one offers distinct benefits. To learn more about which type of asset management is right for you, check out Destination Wealth Management’s website.
The firm uses a proprietary method to rank advisors. Destination Wealth Management submits data to Barron’s in the form of a survey. The data is then verified via regulatory databases, securities firms, and advisor interviews. Unlike some of the other directories, Barron’s does not charge firms to be ranked. As a result, investors can feel confident that the firm they’re considering is the best in the industry.
Cresset Asset Management
Based in West Palm Beach, Florida, Cresset Asset Management offers comprehensive family office services and deeply personalized wealth management to its clients. It manages more than $15 billion in assets for clients nationwide and has offices in 10 locations. The firm received a high ranking in the 6th annual Barron’s Best Advisors list on the basis of quantitative and qualitative criteria, including total assets managed, the percentage of clients who are repeat clients, and technology spending.
Its high-net-worth clients can benefit from the concierge services that the firm offers. CEO and entrepreneurial clients can call Georgopoulos’ office to arrange for a meeting with a CEO, while those of ultra-high-net-worth individuals can visit the firm’s West Palm Beach location for more information. The firm’s team of professionals also has expertise in retirement plans and other pooled investment vehicles.
Managing director Chandler McKeown focuses on wealth management for first-generation clients, including CEOs. He previously held a role at J.P. Morgan Securities as a Vice President and Wealth Advisor, where he led a team that served high-net-worth clients across the Southeast. Prior to joining Cresset, McKeown was a wealth advisor at Goldman Sachs and Credit Suisse. He also holds a Bachelor of Arts in Economics and is a Certified Financial Planner.
Modera Wealth Management LLC
When evaluating the top wealth management firms for 2020, it is important to consider the fees and benefits associated with each. Modera Wealth Management charges an annual fee ranging from 0.15 percent to 1 percent of assets under management. Clients are offered comprehensive financial planning and investment consulting. Other services offered by the firm include estate planning, tax mitigation, cash-flow planning, business planning, and education funding.
The ranking methodology for Barron’s top firms is an algorithm that factors in a variety of qualitative and quantitative criteria. Applicants are scored based on the volume of assets they manage, their revenues, and the quality of their practice. Investment performance is not explicitly considered in the process, but it is an implicit factor. This method also considers how well an advisor specializes in serving different client needs.
In addition to providing personalized investment planning, Modera Wealth Management LLC offers fiduciary services and tax strategies. Its Atlanta office is recognized as one of Barron’s Top 100 independent advisors for seven consecutive years. With over 70 employees, Modera is one of the largest wealth management firms in the Southeast. The firm has offices in six states, including Georgia and New York. The Atlanta office has been named one of Barron’s Top 100 Firms for its outstanding service.
Simon Quick is an investment advisor founded in 2004. Previously known as Massey Quick Simon & Co., LLC, Simon Quick has over 80 years of combined experience in financial services. Its staff includes certified public accountants, chartered financial analysts, divorce financial analysts, and alternative investment strategists. It has billions of dollars under management and employs a team of financial advisors including certified divorce financial analysts.
Cassaday & Company
Stephen Cassaday, chairman and CEO of Cassaday & Company, Inc., was recently named Virginia’s top financial advisor by Barron’s. He talked to Dow Jones Wealth & Asset Management about the firm’s culture and how he employs subject matter experts in-house. Below, he describes the firm’s success and culture.
Founded in 2001, Cassaday & Company is led by Steve Cassaday, a renowned financial industry thought leader and sought-after speaker. He’s presented to numerous industry, academia, and corporate groups. He also holds the Certified Funds Specialist designation. He and his wife, Mary, live in Reston, Va., with three children, Chad and Kyle.
Forbes magazine ranks wealth management teams on a variety of criteria. The rankings are intended to serve as first-pass vetting and can help clients make an informed choice. Nonetheless, keep in mind that each advisor’s approach to financial planning, investing, and community involvement differs from the next. Therefore, it’s important to research and interview several firms. If you can’t find a wealth management firm that meets your criteria, consider consulting with one of the top firms in your area.
As a ranked advisor, Andy Burish has been helping clients since the 1987 stock market crash, when the Dow fell by 22.6% in a single day. He’s experienced several market shocks, and his perspective is invaluable. The Barron’s Top 100 advisors average 33 years in the industry. It’s a testament to the importance of having a trusted advisor.