Formerly known as Sontag Advisory, Wealthspire Advisors is a large financial advisory firm with its headquarters located in Manhattan. This firm is fee-based and has a massive team of advisors on staff to manage a similarly large pool of client assets. Wealthspire works with thousands of individual and institutional clients. The firm provides financial planning, portfolio management and other wealth management services to clients. The firm also holds a spot on our list of New York City's top financial advisors.
As a fee-based firm, at least one of its advisors can earn compensation from the sale of insurance products to advisory clients. This compensation is in addition to the advisory fees that Wealthspire clients pay. However, the firm is a fiduciary and none of its advisors sell securities for commissions.
Wealthspire Advisors Background
Wealthspire Advisors was founded in 1995, so it's been around for a while. It became an SEC-registered investment advisor the same year. The firm has been wholly owned by NFP Corp. since 2015. Founder Howard Sontag currently serves the firm’s chairman, while Mike LaMena is CEO and Eric Sontag is president and chief operating officer (COO).
The firm has a large team of advisors in its network, many of whom are financially certified. These include the Certified Financial Planner™ (CFP®), certified public accountant (CPA) and chartered financial analyst (CFA) designations, among others.
Wealthspire Advisors Client Types and Minimum Account Sizes
Wealthspire Advisors currently works with a wide range of clients, both individual and institutional. However, most of the firm's clients are individuals. About half of Wealthspires individual clients have a high net worth. Institutional clients currently include pension and profit-sharing plans, charitable organizations and businesses.
While Wealthspire doesn't have set minimum account sizes, it does recommend that clients certain amounts for specific programs. These recommendations vary from $100,000 up to $2 million.
Services Offered by Wealthspire Advisors
Wealthspire Advisors offers a wide range of services to clients through its network of advisors. Services may include one of or several of the following:
- Investment management
- Outsourced chief investment officer (OCIO)
- Asset allocation planning
- Risk management
- Financial planning and consulting
- Income and savings planning
- Retirement planning
- Tax planning
- Trust and estate planning
- Charitable gift planning
- Comprehensive reporting
- Tax reporting
Clients may also utilize more specific services, offered through individually managed accounts. These strategies and programs may include:
- Wealthspire Advisors Wealth Management
- Wealthspire Advisors Wealth Solutions
- Wealthspire Pathways
- Wealthspire Advisors Institutional
Advisors may also provide investment consulting services and provide access to unaffiliated private investment funds.
Wealthspire Advisors Investment Strategy
Specific investment strategies at Wealthspire Advisors vary significantly depending on the type of investment solution you choose or the type of account you open. Advisors work directly with clients to determine their overall financial situation, with regard to such information as a client's risk tolerance, liquidity needs, time horizon and more. Advisors can then figure out the best approach for managing the client's assets.
Advisors at Wealthspire look to achieve results in the medium to long term. They constantly monitor for new investment opportunities while simultaneously evaluating existing investments. The firm adheres to five main tenets when it comes to asset management:
- Risk management
- Asset allocation
- Ongoing portfolio monitoring
- Being mindful of fees and taxes
- Minimizing investment turnover
Fees at Wealthspire Advisors
Wealthspire Advisors charges fees for asset management services based on an annual percentage of each client's total assets under management. There are five main fee schedules that the firm uses to determine specific client fees. Here's a breakdown of each:
| Wealth Management and Wealth Solutions Fee Schedule | |
| Value of Assets | Annual Fee |
| First $2 million | 1.20% |
| $2 million - $5 million | 0.87% |
| $5 million - $10 million | 0.75% |
| $10 million - $25 million | 0.50% |
| Above $25 million | 0.40% |
| Institutional Fee Schedule (Less than $20MM in assets) | |
| Value of Assets | Annual Fee |
| First $5 million | 0.75% |
| $5 million - $10 million | 0.50% |
| $10 million - $20 million | 0.35% |
| Institutional Fee Schedule (More than $20MM in assets) | |
| Value of Assets | Annual Fee |
| First $20 million | 0.45% |
| $20 million - $50 million | 0.30% |
| Above $50 million | 0.20% |
| Retirement Plan Management Service Fee Schedule | |
| Value of Assets | Annual Fee |
| First $3 million | 0.50% |
| $3 million - $10 million | 0.30% |
| $10 million - $20 million | 0.25% |
| $20 million - $30 million | 0.20% |
| Above $30 million | 0.10% |
The Wealthspire Pathways program uses a flat-rate fee schedule. Wealthspire charges a 0.50% rate on all client assets invested in this program.
Wealthspire may also enter into fixed-fee arrangements with clients. These arrangements typically won't exceed 1.20% of assets annually. On some occassions, the firm may provide investment advisory or consulting services for a minimum fixed fee of $5,000.
What to Watch Out For
Wealthspire has no disclosures reported on its SEC-filed Form ADV.
As mentioned earlier, one of the firm's advisors is also licensed to sell insurance through a company he owns separately. As a result, he may receive commissions from selling insurance policies to advisory clients, creating a conflict of interest. While this makes the firm fee-based, Wealthspire Advisors is still a fiduciary. This means that advisors are legally obligated to act in the best interests of clients at all times.
Opening an Account With Wealthspire Advisors
If you're interested in opening an account with Wealthspire, go online to the firm's website and submit a contact form. You can also call the firm over the phone at(212) 973-1200 or visit one of its various offices in person.
All information is accurate as of the writing of this article.
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