Cerity Partners is a large financial advisory firm with tens of billions in assets under management (AUM). The firm also holds a spot on our top financial advisors' lists for New York City and New York State.
Cerity Partners operates as a fee-based firm and may earn extra compensation if you buy an insurance policy or fixed annuity through its subsidiary, CP Risk Management Services LLC. Although this situation presents a conflict of interest, as an investment advisor registered with the Securities and Exchange Commission (SEC), Cerity Partners has a fiduciary duty to prioritize its clients' best interests. Otherwise, Cerity’s compensation arrangements consist of asset-based fees, hourly fees, fixed fees and performance-based fees.
Cerity Partners Background
Cerity is a registered investment advisor (RIA) that’s been in business since 2009. The firm is owned by Cerity Partners Equity Holding LLC, a company that’s controlled by Cerity Partners EOE LLC. Cerity Partners EOE LLC is owned by certain employees of Cerity Partners, as well as funds affiliated with private equity firms Genstar Capital Partners LLC and Lightyear Capital LLC.
Cerity has offices in New York, California, Illinois, Colorado, Florida, Massachusetts, Indiana, Kentucky, Maryland, New Jersey, Pennsylvania, Virginia, Michigan, Ohio, Texas and Wyoming. Kurt Miscinski is the firm’s president and CEO.
Cerity Partners Client Types and Minimum Account Sizes
Cerity works with thousands of individuals and high-net-worth individuals, as well as trusts, business entities, corporate pension and profit-sharing plans, foundations, charitable institutions, government entities, insurance companies, investment funds and endowments.
The firm does haven't a minimum investment requirement, but high-net-worth individuals make up a majority of the Cerity's clientele and account for the vast majority of its AUM.
Services Offered by Cerity Partners
Cerity clients can take advantage of of the following advisory services:
- Investment advisory
- Current portfolio evaluation
- Assessment of investment objectives and financial goals
- Investment policy development
- Strategic asset allocation planning
- Manager search and evaluation
- Investment program implementation and rebalancing
- Portfolio monitoring and risk management
- Performance measurement and attribution analysis
- Financial planning
- Net worth analysis
- Investment planning and consolidated reporting
- Executive financial counseling
- Trust fiduciary and family office services
- Liquidity and liability management
- Insurance planning and risk management
- Estate and wealth transfer planning
- Compensation and benefits analysis
- Retirement planning
- Education planning
- Philanthropy and charitable gift planning
- Bill payment service and client accounting
- Retirement plan services
- ERISA fiduciary and non-fiduciary services
- Plan design consulting
- Financial wellness coaching
- Administrative plan support
- Investment management services
- Tax
- Preparation of annual and multi-year tax projections
- Tax planning for investments and wealth transfer
- Preparation of individual, family, trust and corporate tax returns
- Preparation of estimated quarterly tax payments
- Tax planning for charitable gifting
Cerity Partners Investment Philosophy
Cerity Partners' investment philosophy revolves around a personalized asset allocation strategy rooted in modern portfolio theory. By distributing client assets across diverse asset classes like cash, fixed income, equities, specialty and private markets, the firm aims to optimize risk and return based on each client's unique investment profile.
Cerity Partners takes a dynamic approach, tailoring asset allocation to the client's specific needs and continuously re-evaluating their circumstances to ensure alignment with investment goals. This involves periodic rebalancing of portfolios and adjustments to respond to changes in the client’s investment profile, all while leveraging industry consultants for market insights.
While Cerity typically allocates client assets among third-party managers specializing in various asset classes, the firm may also select individual securities, private equity, or hedge funds when appropriate.
Cerity Partners Fees
Cerity’s management fees for its wealth management and investment advisory services start at 1.50% of AUM per year. The firm says it calculates fees either quarterly in advance or in arrears depending on the client’s preferences. Certain programs at the firm may have slightly different fee schedules, though.
Cerity Partners Awards and Recognition
Cerity has been named one of the Best Places to Work for Financial Advisors by InvestmentNews from 2020 to 2022. It also ranked on the Financial Times’ Top 300 Registered Investment Advisors (RIAs) for five consecutive years (2015 to 2020). From 2020 to 2023, Barron's also ranked the firm in its top 100 RIA firms in the U.S.
What to Watch Out For
Cerity doesn’t have any disclosures on its Form ADV. However, as noted earlier, the firm may receive additional compensation on the purchase of insurance products through its affiliate, which constitutes a conflict of interest.
Opening an Account with Cerity Partners
You’ll have several options for getting in touch with Cerity. You can visit any of the firm’s offices, or you can contact a financial advisor at (212) 850-4260.
All information is accurate as of the writing of this article.
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