Founding Partners Bill Loftus, Kevin Burns, and Jim Pratt-Heaney have received the 2015 Five Star Wealth Manager Award.
*Award criteria and disclosure:
The following 10 criteria are used in determining the Five Star Wealth Manager award winners:
Eligibility Criteria – Required
1) Credentialed as an investment advisory representative or a registered investment advisor.
2) Actively employed as a credentialed professional in the financial services industry for a minimum of five years.
3) Favorable regulatory, disciplinary and complaint history review.
4) Fulfilled their firm review based on internal firm standards.
5) Accepting new clients.
Evaluation Criteria – Considered
6) One-year client retention rate.
7) Five-year client retention rate.
8) Non-institutional discretionary and/or non-discretionary client assets administered.
9) Number of client households served.
10) Education and professional designations.
The specific numeric values for some of the objective evaluation criteria are determined after the wealth managers have submitted their data forms. For example, Five Star Professional will determine the numeric requirement for the client assets administered evaluation criteria after the data forms have been received. This helps assure a final list that is appropriately sized for the market, and it also allows Five Star Professional to accommodate the varying levels of client assets administered by wealth managers in different regions of the country. (1) Feedback from consumers, including whether respondents had an unsatisfactory experience with a wealth manager is used to augment the regulatory history review. (2) It is recognized that the data for a wealth manager’s five-year client retention rate may not be available. Therefore, submission of this data is optional and is only considered if provided. The one-year and five-year client retention rates are uniquely weighted based on market-specific submitted data to minimize the impact of non-submission.
*Award is not indicative of LLBH d/b/a Coastal Bridge Advisors’ future performance. A total of 2,729 New York City wealth managers were considered for the award; 212 (approximately 8 percent of the award candidates) were named Five Star Wealth Manager
For more information on the program, view the Five Star Wealth Manager Methodology