Cresset Asset Management provides investment advisory and family office services. This fee-based firm has billions in client assets managed by a relatively large team of advisors. Cresset earns its compensation through asset-based fees and fixed fees, although firm affiliates and related persons can benefit when advisory clients invest in alternative investmetns through Cresset.
Certain members of the firm’s staff hold professional designations such as chartered financial analyst (CFA), Certified Financial Planner™ (CFP®) certified public accountant (CPA), certified private wealth advisor (CPWA), certified exit planning advisor (CEPA), certified trust and fiduciary advisor (CTFA) and more.
Cresset also holds a spot on SmartAsset's list of Illinois' top financial advisors, as well as the list for Chicago.
Cresset Asset Management Background
Founded by Avy Stein and Eric Becker in 2017, Cresset is a registered investment advisor (RIA) offering a variety of advisory services to individual and institutional clients. This firm is a subsidiary of Cresset Capital Management, LLC.
In addition to its headquarters in Chicago, Cresset has offices in Atlanta; Charlotte, North Carolina; Dallas; Denver; Greenwich, Connecticut; Houston; Kalamazoo, Michigan; Los Angeles; Menlo Park, California; Minneapolis; Naples, Florida; Nashville; New York; Phoenix; San Francisco; Santa Barbara, California; Sioux Falls, South Dakota; Tulsa, Oklahoma; Washington D.C.; and West Palm Beach, Florida.
Cresset Asset Management Client Types and Minimum Account Sizes
This firm serves both non-high-net-worth individuals and high-net-worth individuals, as well as pooled investment vehicles, charitable organizations, corporations and businesses.
Cresset Asset generally doesn’t impose a minimum account size requirement. However, it does charge a minimum annual fee of $25,000 or 2% of managed assets, whichever is lower.
Services Offered by Cresset Asset Management
Cresset Asset Management offers a wide range of services tailored to high-net-worth individuals, families, institutions and investment funds. Their core offerings include discretionary and non-discretionary investment advisory services, encompassing portfolio construction, asset allocation, and ongoing investment supervision. They also manage private investment funds that allocate capital across asset classes such as public equities, fixed income, hedge funds, real estate, venture capital and private equity.
In addition to investment management, Cresset provides financial planning and consulting services that cover retirement planning, tax strategy, estate planning, and education funding.
Through its affiliate, Cresset Family Office LLC, the firm also offers family office services including wealth strategy, philanthropic advising, bill pay, and risk management.
Cresset Asset Management Investment Philosophy
Cresset Asset uses several analytical methods when conducting investment research. Cresset integrates both active and passive investment strategies and allocates across a broad range of asset classes, including domestic and international equities, fixed income, alternatives, real estate, and private market investments.
The firm’s advisors also employ long-term purchases, short-term purchases, margin transactions and option writing. The firm may recommend exchage-traded securities, money market funds, separately managed accounts, corporate debt securities, hedge funds and private equity shares, municipal securities, among others.
For certain portfolios, Cresset incorporates third-party managers vetted through qualitative and quantitative reviews. In addition to traditional investments, the firm provides access to private funds and co-investment opportunities.
Cresset Asset Management Fees
Cresset Asset Management primarily charges investment advisory fees based on a tiered percentage of assets under management, with rates declining as asset levels increase. The standard annual fee schedule starts at 1.25% for portfolios up to $5 million, then decreases incrementally to 0.70% for portfolios exceeding $50 million.
As mentioned earlier, a minimum annual fee of $25,000 applies, capped at 2% of managed assets. Cresset may negotiate fees based on the complexity of services or legacy arrangements. In addition to asset-based fees, clients accessing private funds may incur additional fund-level expenses, including management fees and performance-based compensation (carried interest), particularly for affiliated funds.
Financial planning and consulting services are typically offered for fixed or flat fees, which are also negotiable. Retirement plan advisory fees can reach up to 1.50% annually, depending on the scope of services and plan size.
Cresset Asset Management Awards and Recognition
Cresset Asset Management was one of Barron's America's Best RIA Firms of 2024. Firm representatives were also recognized on Forbes’ 2022 Top Wealth Advisors and Top Women Wealth Advisors rankings.
What to Watch Out For
Cresset Asset Management doesn’t have any disclosures on its SEC record.
Opening an Account with Cresset Asset Management
You can set up an account with Cresset Asset by visiting the firm or calling an advisor at (312) 429-2400.
All information is accurate as of the writing of this article.
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