Cary Street Partners Investment Advisory LLC (Richmond)

Cary Street Partners Investment Advisory provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and educational seminars and workshops. It prepares financial plans for more than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Cary Street Partners Investment Advisory: assets under management

The assets under management (AUM) of Cary Street Partners Investment Advisory LLC is $1.62 billion. The firm's AUM has grown by 163% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $455.42 million in discretionary accounts and $1.16 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $337.85 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $269.93 thousand.

Cary Street Partners Investment Advisory has custody of $334.87 million in cash and securities for 203 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 68% of the total AUM. The second-largest asset type is exchange traded securities, which make up 16% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Cary Street Partners Investment Advisory LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and commissions. Commissions are paid and earned by the adviser when a trade or a sales of an investment is made. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Walter Donald Bayne serves?

The firm provides services to individuals, insurance companies, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Walter Donald Bayne is individuals with 2,604 clients and $942.61 million of assets under management. Among the 7 most similar advisory firms, Cary Street Partners Investment Advisory has the highest percentage of individuals out of all clients.

The amount of regulatory assets under management is $1.62 billion for 2,938 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Cary Street Partners Investment Advisory doesn't advise any private funds.

Careers at Cary Street Partners Investment Advisory LLC

The company employs 55 people that are either part- or full-time employees. 67 percent of the employees work as investment advisers or researchers. 48 employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Walter Donald Bayne has been acting as President since 1 Aug 2017. Kevin Spence joined the executive team most recently as the Chief Compliance Officer.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 15 indirect owners.

Based in Richmond

The principal office where Cary Street Partners Investment Advisory LLC performs its advisory services is located at 901 East Byrd Street, Richmond, VA 23219, which is also the mailing address of the firm. An additional office of the firm is in Charlotte, NC. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (804) 340-8100 or by fax (804) 381-6055. The normal business hours are 8:30am - 5:00pm on Monday - Friday. You can find more information about the New York firm at carystreetpartners.com.

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