Page 10 - Forbes Magazine-September 30, 2018

AMERICA’S TOP 250
WEALTH ADVISORS
MINIMUM MINIMUM
ACCOUNT ACCOUNT on intended use. And today’s comput-
SIZE FOR SIZE FOR
TEAM NEW TEAM NEW erized asset allocation makes it easy to
ASSETS 1 BUSINESS 2 ASSETS 1 BUSINESS 2 manage multiple investment pots.
49 Jordan Waxman $1.9B $10M 79 Louis Chiavacci $2.8B $25M Exactly how goals-based wealth
HIGHTOWER ADVISORS NEW YORK MERRILL LYNCH PBIG CORAL GABLES, FL
management works varies by firm.
50 Michael Valdes 4.2B 5M 80 Jeff Grinspoon 1.3B 1M
MERRILL LYNCH PBIG TAMPA HIGHTOWER ADVISORS VIENNA, VA This year UBS rolled out to its 7,000
51 Alan Whitman 1.6B 1M 81 William Corbellini 2.8B 5M advisors a platform that draws on both
MORGAN STANLEY PASADENA, CA MERRILL LYNCH PBIG DALLAS
behavioral finance and liability-driven
52 Mark Schulten 3.2B 500K 82 Ron Vinder 1.9B 10M
WELLS FARGO ADVISORS LONG BEACH, CA MORGAN STANLEY PVT WEALTH NEW YORK investing—the technique pension-fund
53 Drew Zager 7.3B 5M 83 Clarke Lemons 2B 1M managers use to match pools of money
MORGAN STANLEY PVT WEALTH LOS ANGELES WATEROAK ADVISORS WINTER PARK, FL with liabilities due at different dates.
54 David Singer 3B 5M 84 Troy Griepp 9.6B 10M The software combines planning and
MERRILL LYNCH PBIG CINCINNATI MORGAN STANLEY PVT WEALTH SAN FRANCISCO
money management into three “strate-
55 Elaine Meyers 2.8B 10M 85 Scott Stackman 2.4B 10M
JP MORGAN SECURITIES SAN FRANCISCO UBS FINANCIAL SERVICES NEW YORK gies”: liquidity, longevity and legacy.
56 Kent Pearce 1.7B 2M 86 Eric Gray 11.8B 10M For a retiree, the liquidity pool cov-
MERRILL LYNCH WEALTH MGMT TOWSON, MD MERRILL LYNCH PBIG LOS ANGELES
ers three years of spending, funded
57 Michael Klein 4.4B 10M 87 Scott Tiras 1.7B 1M
BAIRD MILWAUKEE AMERIPRISE FINANCIAL HOUSTON with a bond ladder, in addition to
58 Mark Douglass 18.6B 10M 88 John Barrett 1.7B 5M Social Security, pensions and annui-
MORGAN STANLEY PVT WEALTH MENLO PARK, CA MERRILL LYNCH WEALTH MGMT NEW YORK
ties. (The idea is to protect clients from
59 Sal Tiano 3.1B 2M 89 Jesse Bromberg 2B 2M
JP MORGAN SECURITIES PALM BEACH GARDENS, FL MORGAN STANLEY SAN FRANCISCO needing or wanting to sell off equi-
ties in a bear market.) The longevity
60 William Greco 4B 500K 90 Michael Matthews 895M 750K
UBS FINANCIAL SERVICES HARTFORD UBS FINANCIAL SERVICES BELLEVUE, WA bucket includes stocks and is designed
61 John Olson 1.9B 1M 91 Robert Gallo 1.4B 500K to cover expenses, including long-term
MERRILL LYNCH WEALTH MGMT NEW YORK MERRILL LYNCH WEALTH MGMT WALNUT CREEK, CA
care, that come due after three years,
62 Randy Carver 1.3B 500K 92 Shawn Fowler 3B 8M
CARVER FIN/RAYMOND JAMES MENTOR, OH MORGAN STANLEY PVT WEALTH DENVER until the end of life. The legacy strate-
63 Laila Pence 1.5B 2M 93 Shawn Rubin 1.1B 2M gy, for charity and heirs, might include
PENCE WEALTH MANAGEMENT NEWPORT BEACH, CA MORGAN STANLEY PVT WEALTH NEW YORK
an even more aggressive equities port-
64 Brian Strachan 1B 2M 94 Jeffrey Colin 7.5B 5M
MORGAN STANLEY PVT WEALTH BOSTON BAKER STREET ADVISORS SAN FRANCISCO folio, plus a donor-advised fund and
65 David Ellis III 1.5B 2M 95 Jonathan Beukelman 1.3B 2M concentrated appreciated-stock posi-
UBS FINANCIAL SERVICES CINCINNATI UBS FINANCIAL SERVICES LINCOLN, NE tions that make sense (for tax reasons)
66 Nestor Vicknair 5.1B 3.5M 96 Cheryl Young 904M 2M to hold until death.
MERRILL LYNCH WEALTH MGMT HOUSTON MORGAN STANLEY LOS GATOS, CA
Note that both UBS and Van Dusen
67 Adam Carlin 2B 7.5M 97 Van Pearcy 1.1B 1M
MORGAN STANLEY PVT WEALTH CORAL GABLES, FL VAN PEARCY/RAYMOND JAMES MIDLAND, TX emphasize “legacy.” Very-high-net-
68 Gerard Klingman 1.5B 2M 98 Scott Magnesen 3.3B 250K worth clients often want to give money
KLINGMAN/RAYMOND JAMES NEW YORK MORGAN STANLEY OAK BROOK, IL
away, but only once they’re sure they
69 Lori Van Dusen 1.7B 7M 99 Craig Chiate 3.2B 20M
LVW ADVISORS PITTSFORD, NY UBS FINANCIAL SERVICES LOS ANGELES have enough left for their own needs.
70 Charles McKinney 3.3B 25M 100 Richard S. Brown 981M 500K A widow in her mid-50s, with a $30
MORGAN STANLEY PVT WEALTH DALLAS JNBA FINANCIAL ADVISORS MINNEAPOLIS
million net worth, came to Katie Nixon,
71 Hank McLarty 1.5B 1M
GRATUS CAPITAL ATLANTA chief investment officer of Northern
Trust Wealth Management in Chicago,
72 Thomas Sullivan 2.2B 1M
MERRILL LYNCH WEALTH MGMT GARDEN CITY, NY METHODOLOGY for advice. Her estate plan provided
73 Joe Montgomery 1.2B 5M America’s Top Wealth Advisors $5 million for a private foundation her
WELLS FARGO ADVISORS WILLIAMSBURG, VA ranking, developed by our partner
74 Jeffrey Kobernick 3.3B 5M Shook Research, is based on an daughters would run. “She told me,
UBS FINANCIAL SERVICES NEW YORK ‘The only thing I regret is I won’t be
algorithm of qualitative criteria
75 Rob Sechan 3.3B 5M obtained via telephone and in-person there to see it,’ ” Nixon recounts. “I told
UBS FINANCIAL SERVICES NEW YORK
meetings, as well as quantitative her, ‘That’s the worst plan I’ve heard of.
76 Kevin Myeroff 1.2B 0
NCA FINANCIAL PLANNERS CLEVELAND data. Nominated advisors must have Why don’t you do it in your lifetime?’ ”
seven years of experience. Shook
77 Brian Hetherington 2.5B 10M Using Northern Trust’s goals-based
MERRILL LYNCH PBIG NEW CANAAN, CT Research factors in revenue, assets software, Nixon was able to show the
78 Chuck Bean 1.4B 1M managed, compliance records, widow how she could cover living
HERITAGE FINANCIAL SERVICES WESTWOOD, MA industry experience and best practices.
1 ADVISORS ARE JUDGED ON INDIVIDUAL CONTRIBUTION, BUT TOTAL TEAM For the full list and more, see expenses and her other noncharitable
ASSETS ARE SHOWN; WHILE IN SOME CASES SIGNIFICANT, NONCUSTODIED goals for the rest of her life and fund
ASSETS ARE NOT INCLUDED DUE TO VERIFICATION DIFFICULTIES. www.forbes.com/top-wealth-advisors.
2 MINIMUM ACCOUNT SIZES ARE GENERAL, SINCE THEY CAN VARY DEPEND-
ING ON A RANGE OF CIRCUMSTANCES. DATA AS OF 6/30/18. her foundation now. F
104 | FORBES SEPTEMBER 30, 2018