RIAs in some of America’s oldest states are some of the industry’s youngest businesses.
In the Northeast, breakaway bankers working at established financial institutions are increasingly deciding to turn their dreams into reality by leaving secure jobs to start independent RIAs.
One such banker was Carl Tiedemann.
According to the company website, Tiedemann founded Tiedemann Advisors in 1999 as a financial solution to a dilemma faced by many wealthy families, such as his own: finding a wealth manager that allows client input into how their wealth is invested, and having the freedom to fire a trustee and take their money elsewhere if they so choose.
In 2016, Tiedemann merged with Presidio Capital Advisors, adding size and strength to its investment management offering and creating a broader national footprint.
A year later, Tiedemann merged with Threshold Group, known for its impact investing expertise and work with large multigenerational families.
Today, Tiedemann Advisors is a boutique-style firm managing billions of dollars in client assets. It is also one of 10 firms in the Northeast that last year had the most client assets under management (AUM), according to Financial Advisor's 2019 RIA survey.
Here, in ascending order, are Financial Advisor's top 10 Northeast RIAs with the most AUM in 2018:
10. Ballentine Partners
Headquartered in Waltham, Mass., Ballentine Partners is an independent wealth management firm providing comprehensive investment and family office services to wealthy families. Last year, the firm managed $6.4 billion in client assets.
9. myCIO Wealth Partners
Headquartered in Philadelphia, myCIO was founded in 2005. The company, a subsidiary of AMG Wealth Partners, LP, provides financial consulting services to individuals, families, endowments, defined contribution and defined benefit plans, and trusts. Last year, the firm managed $7.4 billion in client assets.
8. Evercore Wealth Management
Founded in 2008 by Jeff Maurer, Evercore Wealth Management is the wealth management division of Evercore, a global independent investment advisory. Headquartered in New York, the firm managed $7.6 billion in client assets during 2018.
7. The Colony Group
Headquartered in Boston, The Colony Group was founded in 1986 with a focus on providing high-net-worth individuals and families with fiduciary, fee-only wealth management services. Last year, The Colony Group managed $7.6 billion in client assets.
6. Pathstone
Founded in 2010, Pathstone is an independent, employee and family-owned advisory firm headquartered in Englewood, N.J. Pathstone provides family office services to high-net-worth and ultra-high-net-worth clients. In 2018, the firm managed $8.5 billion in client assets.
5. 1919 Investment Counsel
Celebrating its centennial year, 1919 Investment Counsel is headquartered in Baltimore. A subsidiary of Stifel Financial Corp., the firm serves the investment needs of families, individuals and institutions. Last year, 1919 managed $11.8 billion in client assets.
4. Tiedemann Advisors
Tiedemann Advisors, based in New York, provides high-net-worth individuals, family offices, trusts, foundations and endowments with investment management and wealth planning services. Tiedemann managed $13.9 billion in client assets during 2018.
3. Veritable
Headquartered in Newtown Square, Penn., Veritable was founded in 1986 as Stolper & Co. The firm provides comprehensive wealth advisory services to ultra-high-net worth individuals and families. Last year, Veritable managed $15 billion in client assets.
2. BBR Partners
BBR Partners LLC is a fee-only financial advisor firm headquartered in New York, with offices in Chicago and San Francisco. The boutique firm offers investment management and wealth advisory services to a select clientele of individuals and families. In 2018, BBR managed $15.9 billion in client assets.
1. Silvercrest Asset Management Group
Founded in 2002, New York-based Silvercrest Asset Management Group LLC offers high-net-worth and ultra-high-net-worth individuals and families customized financial services that include investment management, tax preparation and bill paying. Last year, Silvercrest managed $19 billion in client assets.
