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Get to know these leading New York Wealth Management Advisors

Citywealth caught up with some of the leading wealth management advisors to find out their investment approach, views on ESG and crypto, and their typical client profile. Read on below to gain a greater insight into these advisors and their companies.

Nancy Gabel

Partner

Evercore Wealth Management

Assets under Management: $10.6 billion as of 3/31/21

What’s the typical profile of your clients?

Clients at Evercore Wealth Management and Evercore Trust Company, N.A. typically have financial lives that include a level of complexity that requires the time and expertise of a dedicated advisory team. We integrate our planning, investing, and trust and fiduciary services in a true team approach, working directly with clients and their other trusted advisors to deliver comprehensive solutions.

Tell us about your investment approach.

Through a process we call Efficient Architecture®, we combine proprietary expertise and carefully selected external investments to design portfolios that strive to generate the highest after-fee, after-tax, risk-adjusted returns across a range of asset classes. Our Portfolio Managers are active practitioners and members of the firm’s investment-decision making bodies. Portfolio risk is reviewed in terms of maximum drawdown, not volatility, and we classify assets by risk, return and liquidity characteristics rather than security type. We believe that long-term ownership of well-managed, profit-seeking companies in liquid financial markets is a core part of a well-constructed portfolio. We believe that active managers with low turnover and high active share are well-positioned to outperform a relevant benchmark, after fees, over the long term. We consider investment opportunities across various asset classes and market segments and we are unafraid to take a contrarian view.

Do you offer ESG investing?

Evercore Wealth Management provides customized ESG-focused investment portfolios through our Efficient Architecture investment platform, combining core proprietary and passive strategies tilted toward customized ESG factors with carefully selected illiquid managers, typically in limited partnership structures, that can deliver a more impact-focused investment objective. As with investing more broadly, we vet investments first on their fundamental merits, to meet each client’s goals.

Crypto – yes or no?

Yes.

The blockchain technology underlying cryptocurrencies has applications, which we believe can disrupt significant technology platforms and traditional business models in ways similar to the revolutionary changes brought by the Internet. As with any new disruptive technology, some efforts will fail and others will reap outsized rewards. We expect crypto to be an area of increasing investor focus. Evercore Wealth Management has selectively added exposure through private markets, and continues to diligence more liquid vehicles.

What distinguishes you from others in the market?

Our tradition of direct, lasting relationships with our clients and with each other; our partnership structure enables us to provide truly customized, personal service while offering the resources of a global firm. Our partners and senior client advisors include some of the most experienced planning and investing professionals in the wealth management industry. Clients are served directly by at least two professionals, including a dedicated Wealth and Fiduciary Advisor and Portfolio Manager. We are able to administer complex trusts, manage unique assets, and navigate sensitive family situations. Finally, our distinctive approach, which integrates trust and fiduciary services with planning and investing, provides an efficient path to meeting our clients’ financial goals.

Danielle Barrett

Private Client Advisor

Brown Advisory

Assets under Management: As of March 31, 2021, Brown Advisory had approximately $114.5 billion in client assets.

What’s the typical profile of your clients?

We are privileged to work with select individuals, families, nonprofits, institutions and intermediaries in all 50 U.S. states and more than 39 countries and territories around the world. For the past 10 years, our client-retention rate has been 98% - we think this reflects the long-term relationships we strive to build with clients. (Data as of March 31, 2021) The average client retention rate from January 1, 2010 through March 31, 2021 was 98%.

Tell us about your investment approach. 

We follow a philosophy that portfolios derived from sound, bottom-up, fundamental and sustainable research provide an opportunity for attractive performance results over the long term. We have a culture and firm equity ownership structure that help us attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

Do you offer ESG investing?

Yes. We have decades of experience working with clients to invest in ways that reflect their values and positively impact society.

From our wide variety of equity and fixed income managed portfolios, to our work with nonprofits and families to develop bespoke long-term investment plans, we have the experience and capabilities to help clients pursue the specific sustainable investment goals that are most important to them. Our roster of sustainable investment strategies continues to grow as we develop solutions for clients across various asset classes. The end of 2019 marks the 10-year anniversary of our Large-Cap Sustainable Growth (LCSG) strategy and it has been one of our firm’s best-performing strategies relative to its benchmark and category peers since its inception. Other equity strategies, including our Global Leaders strategy, have come to embrace sustainable research as a key driver of their investment processes. Our sustainable fixed income strategies—Sustainable Core and Tax-Exempt Sustainable, which were initiated in 2014 —have rapidly gained traction with clients and we believe they have performed well. Finally, we have developed a number of Active ESG strategies that are intended to deliver specifically desired outcomes to clients in an efficient structure. (See LCSG Composite and Disclosures here.)

We also provide a comprehensive solution for families, nonprofits and other clients with balanced portfolios, including an in-depth process for specifying priorities and developing investment policies, as well as sustainable asset allocation models and a robust platform of third-party managers.

Crypto- Yes or No?

Yes. We do not have a formal asset allocation target for cryptocurrencies, but we have established partnerships with public and private external managers who specialize in digital asset investing and for certain portfolios have been allocating capital to the space for the last two years. We are utilizing strategies that focus primarily on investments in decentralized applications and finance rather than pure “store of value” cryptocurrencies like Bitcoin, as that aligns more with our long-term fundamental investment philosophy.

What distinguishes you from others in the market?

In 1993, Brown Advisory was founded with a simple vision: build an investment firm focused entirely on making a material and positive difference for our clients. Our independent ownership structure aligns our business with the success of our clients, ensuring that their interests always come first. We are committed to offering innovative investment strategies, along with first-class standards of service, to private and institutional investors around the world. We have established a reputation for listening carefully to our clients, understanding their needs and solving their financial challenges. With a commitment to remaining independent, and a firm eye on the future, we continue to invest in our people and our business so that we can succeed in our mission to help our clients realize their investment goals.

Francesca Boschini

Director and Head of Wealth Planning International for the Americas

Deutsche Bank AG

Assets under Management: Deutsche Bank’s International Private Bank has around 250 billion euros of assets under management.

What’s the typical profile of your clients?

Ultra High Net Worth Clients with a cross-border Need

Tell us about your investment approach.

We provide a wide range of advisory, discretionary and alternative solutions including capital markets and corporate finance capabilities, all available through proprietary or open architecture implementation.

Do you offer ESG investing?

Yes. “Our ambition is to make ESG the new normal for Deutsche Bank - in our client interactions, our own operations, and in all our processes,” our CEO Christian Sewing told investors, analysts, employees and other key stakeholders at the bank’s first Sustainability Deep Dive on May 20, 2021.The bank is making excellent progress, the CEO said, and has today announced its decision to bring forward its target of facilitating 200 billion euros of sustainable financing and investments by two years to 2023. This is part of a package of new measures including, for the first time, annual sustainable finance targets for each business division as well as measures to make the bank’s supply chain more sustainable. Sustainability presents Deutsche Bank with a unique opportunity to gain market share which is first and foremost about supporting our clients on their transformation journeys. “They need our advice; they need our products and solutions,” Sewing said, highlighting the Corporate Bank’s plan to enter into a strategic ESG dialogue with its 2,000 or so multinational corporate clients. To be a credible partner to our clients we also want to lead by example with our own operations. To do this, Sewing said, the bank has introduced three key initiatives which are incremental to the targets we have already announced. First a fundamental overhaul of supply chain management that will introduce, from 2022 onwards, a prerequisite that every new or renewed contract that the vendor has an external sustainability rating. Second, incentivizing Deutsche Bank staff to switch to electric vehicles propelling the ambition for the 5,000 car fleet to be carbon net-zero by 2030. “Last but not least on diversity and inclusion: we have developed a more ambitious plan,” Sewing said, which includes a plan to increase the target for women in senior positions to 35 percent by 2025, as well as initiatives for LGBTQI+ employees globally and people of color in the US.

Crypto – yes or no?

No

What distinguishes you from others in the market?

Our mission is to deliver a highly personalized boutique planning experience, while leveraging the extensive resources of Deutsche Bank. We have a long and uninterrupted history as an industry leader, providing our clients the advice and solutions that address their multifaceted financial and non-financial challenges. We recognize that each client is distinct in its values, goals and priorities. That is why everything we do starts with a conversation – and a full understanding of what matters to each client. We believe the best way to help our clients navigate the intricacies of significant wealth requires a dedicated partner who can discern their needs, provide holistic solutions and coordinate the necessary specialists seamlessly. We connect clients with opportunities beyond the horizon of traditional wealth management through our DWS, Corporate and Investment Bank divisions.

Ilka Gregory

Managing Director and Head of Client Relationships

Truvvo Partners

Assets Under Advisement: $3.6B as of 3/31/21

What is the typical profile of your clients?

Our clients range from sophisticated individual investors to multi-generational families who prefer to hand over the day-to-day aspect of managing their wealth to our team. We often manage multiple entities, including tax and tax-exempt, on behalf of our clients.

Tell us about your investment approach.

Truvvo’s clients seek customized, sophisticated investment solutions to protect and grow their intergenerational wealth. The nature of the assets typically allows Truvvo to capitalize on a long-term horizon, leading to multi-asset class investment portfolios that take advantage of the higher expected returns in private markets and other alternatives. Our skilled investment team has decades of experience in the institutional and family offices worlds working across asset classes, traditional and alternative, to source, diligence and select talent globally. We have a long history of identifying and accessing talent domestically and internationally.

The Truvvo team partners with clients to understand spending needs, risk tolerance and time horizon to create a customized asset allocation framework that can be maintained through cycles. We believe strongly that this customized approach leads to better outcomes. We marry this asset allocation with best-in-breed investment managers to implement our targeted investment strategies.

Our investment management services seek to provide clients the global, multi-asset, multi-manager investment platform that traditionally was only available to large institutions such as top-tier endowments and foundations. We offer comprehensive wealth creation and legacy building services to help clients efficiently achieve their lifestyle, philanthropic and inter-generational goals.

Do you offer ESG investing?

Yes. At Truvvo, we recognize that impact investing can be a highly personal matter and can partner with our clients to create alignment between their impact and investing goals. We understand that the results of impact investing are not always binary and view our role as helping clients make sense of what is happening in the world and understanding the full impact of their investments. We feel strongly that the approach must be authentic and believe that a focus on ESG factors can be a key driver of long-term investment returns from both alpha generation and risk-mitigation.

Crypto – yes or no?

Yes. Crypto is a continuously evolving industry that we continue to monitor for attractive investment opportunities. The high level of volatility associated with most cryptocurrencies provides opportunity and peril, which impact use cases and needs to be properly understood. We believe there are several benefits tied to the underlying blockchain technology, such as increased data integrity and transparency, enhanced security, improved speed and efficiency, and reduced transaction costs. These technologies can be applied across industries, most impactfully in the financial and healthcare sectors.

We have exposure to these technologies through our allocations to venture capital investments.

What distinguishes you from others in the market?

Truvvo was built around the following core principles: Alignment, Insight, Humility, Rigor and Collaboration. We believe our culture of partnership and willingness to embrace new ideas creates better outcomes for our clients. We are focused on maintaining and creating wealth for our clients, not benefiting at their expense, and are grounded in intellectual honesty, an unbiased approach to investing, long-term thinking, and independent ideas.

Our experienced investment team, sophisticated approach to investments, and proven ability as problem solvers across the complexities of wealth is what attracts our clients to Truvvo. We purposefully designed the firm to be small enough to provide customized solutions, but large enough to provide an institutional-quality investment, risk management and customized reporting platform to clients.

Our differentiated platform and approach allow us to stand shoulder to shoulder with clients through alignment and partnership, eliminating many of the conflicts of interest that exist at many traditional wealth management firms.

Lastly, our gender-balanced leadership team enables us to have varied perspectives, which help us be better investors, cultivate mindful leaders, enhance an inclusive corporate culture, and ultimately improve our ability to serve and relate to our clients.

Maria Elena (Mel) Lagomasino

CEO and Managing Partner

WE Family Offices

Assets under Management: Our firm advises on approximately $10.2 billion and reports on an additional $3.9billion for a total assets under advisement or reported on of $14.1 billion.

 

What’s the typical profile of your clients?

Our clients are all different, and as such, each mandate is different. But, there are a few defining characteristics of those families with whom we work –

Our clients are exceptionally successful, and on average, have about $150M in investable assets.

We work with families in both the US and abroad and many of the families we work with operate in multiple jurisdictions.

These families take an active role in the management of their wealth enterprises. Because WE Family Offices provides investment advisory services on a non-discretionary basis, each family is actively involved in the investment and planning decisions, and overall strategy of the wealth enterprise. This keeps them informed and involved in the investment approach, planning strategies and decision-making protocols, as well as the operational cash flows and financials that keep their wealth enterprises operating smoothly in a way that works for the family’s ultimate objectives. This empowers family members to make informed decisions with confidence that have a lasting impact on their lives.

Tell us about your investment approach.

Our approach to investments is and always has been centered on each family’s circumstances and overall wealth enterprise objectives. Because we are an independent, fee-only fiduciary firm, we are free to make investment recommendations with no other considerations beyond what is best for the family.  Our only motivation is the overall success of the family’s wealth enterprise.

To implement, WE has a broad range of investment experience and deep expertise that covers traditional and alternative, and public and private opportunities. Private investments are increasingly becoming an important part of families’ wealth enterprises and can provide access to a wider range of investment opportunities and the potential to earn a premium over public markets.

Do you offer ESG investing?

Yes, we do. Our Values-Based investment approach is, as with any investment strategy WE executes, based on the goals and preferences of the family. Whether they wish to allocate a small percentage of their investment strategy to a particular cause or global challenge, or wish to completely overhaul their investment portfolio to be ESG/Impact oriented, our team helps them do that. We believe a family does not need to sacrifice returns for an investment portfolio that is aligned to their values. In fact, WE is itself a certified B Corporation which institutionalizes the balance of meeting the needs of all of our stakeholders (clients, employees, community), instead of a singular focus on financial shareholders.

Crypto – yes or no?

Yes.  We advise not only on investments in the cryptocurrency space, but also, and more importantly, in the underlying infrastructure of blockchain.

What distinguishes you from others in the market?

WE Family Offices is a family office company serving ultra-high net worth clients and single-family offices. We typically play one of three primary roles:

We serve as an outsourced family office for a UHNW family
We serve as an extension of an existing single-family office
We manage special projects for single-family offices

Our engagements can be customized to help with special projects, support specific areas on a continuous basis, or provide a truly bespoke solution and help a family set up their own family office.

Our business model is specifically designed to benefit the families and family offices we serve:

We are non-discretionary – this allows us to focus on investment advice and oversight rather than investment management.

We favor a flat-fee retainer pricing, which aligns our interests with what the client is trying to accomplish broadly, not just their portfolio.

We help our clients view their wealth as a wealth enterprise and then help them manage it as a well-run company.

Michael Zeuner

Managing Partner

WE Family Offices

Assets under Management: Our firm advises on approximately $10.2 billion and reports on an additional $3.9billion for a total assets under advisement or reported on of $14.1 billion.

 

What’s the typical profile of your clients?

Our clients are all different, and as such, each mandate is different. But, there are a few defining characteristics of those families with whom we work –

Our clients are exceptionally successful, and on average, have about $150M in investable assets.

We work with families in both the US and abroad and many of the families we work with operate in multiple jurisdictions.

These families take an active role in the management of their wealth enterprises. Because WE Family Offices provides investment advisory services on a non-discretionary basis, each family is actively involved in the investment and planning decisions, and overall strategy of the wealth enterprise. This keeps them informed and involved in the investment approach, planning strategies and decision-making protocols, as well as the operational cash flows and financials that keep their wealth enterprises operating smoothly in a way that works for the family’s ultimate objectives. This empowers family members to make informed decisions with confidence that have a lasting impact on their lives.

Tell us about your investment approach.

Our approach to investments is and always has been centered on each family’s circumstances and overall wealth enterprise objectives. Because we are an independent, fee-only fiduciary firm, we are free to make investment recommendations with no other considerations beyond what is best for the family.  Our only motivation is the overall success of the family’s wealth enterprise.

To implement, WE has a broad range of investment experience and deep expertise that covers traditional and alternative, and public and private opportunities. Private investments are increasingly becoming an important part of families’ wealth enterprises and can provide access to a wider range of investment opportunities and the potential to earn a premium over public markets.

Do you offer ESG investing?

Yes, we do. Our Values-Based investment approach is, as with any investment strategy WE executes, based on the goals and preferences of the family. Whether they wish to allocate a small percentage of their investment strategy to a particular cause or global challenge, or wish to completely overhaul their investment portfolio to be ESG/Impact oriented, our team helps them do that. We believe a family does not need to sacrifice returns for an investment portfolio that is aligned to their values. In fact, WE is itself a certified B Corporation which institutionalizes the balance of meeting the needs of all of our stakeholders (clients, employees, community), instead of a singular focus on financial shareholders.

Crypto – yes or no?

Yes.  We advise not only on investments in the cryptocurrency space, but also, and more importantly, in the underlying infrastructure of blockchain.

What distinguishes you from others in the market?

WE Family Offices is a family office company serving ultra-high net worth clients and single-family offices. We typically play one of three primary roles:

We serve as an outsourced family office for a UHNW family
We serve as an extension of an existing single-family office
We manage special projects for single-family offices

Our engagements can be customized to help with special projects, support specific areas on a continuous basis, or provide a truly bespoke solution and help a family set up their own family office.

Our business model is specifically designed to benefit the families and family offices we serve:

We are non-discretionary – this allows us to focus on investment advice and oversight rather than investment management.

We favor a flat-fee retainer pricing, which aligns our interests with what the client is trying to accomplish broadly, not just their portfolio.

We help our clients view their wealth as a wealth enterprise and then help them manage it as a well-run company.