Form CRS, Customer Relationship Summary, March 30, 2023
Item 1: Introduction. SIMON QUICK ADVISORS, LLC (“we”, “our” or “us”) is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser. Our services and compensation structure differs from that of a registered broker-dealer. Free and simple tools are available to research firms and financial professionals at www.investor.gov/CRS. The site also provides educational materials about broker-dealers, investment advisers and investing. Information in text boxes below are intended to be conversation starters for you to have with us and are required by the instructions to Form CRS.
Item 2: Relationships and Services. What Investment services and advice can you provide me?
We provide discretionary and non-discretionary investment management services and make available financial planning and family office services to individuals and their trusts and estates (our “retail investors”).
We manage client’s portfolios based on their investment objectives and other special circumstances. We monitor clients’ portfolios periodically and make changes as we determine necessary.
We typically manage portfolios on a discretionary basis, which means we have the authority to buy and sell investments in your account without speaking to you prior to doing so. You can place reasonable restrictions on the securities that we buy by notifying us, in writing.
We also manage portfolios on a non-discretionary basis, which means the retail investor makes the ultimate decision regarding the purchase or sale of investments or a general course of action.
We do not limit the scope of the universe of securities that we use in managing client accounts, and use equity securities, fixed income securities, separately managed accounts, mutual funds, and exchange traded funds (ETFs). For clients that meet certain net worth and income thresholds, we use alternative investments such as private equity, private debt, hedge funds, and limited partnerships.
We do not typically have a minimum asset level for our retail investors although we do have a minimum fee for our services of $20,000 per year.
For more detailed information about our Advisory Business and the Types of Clients we generally service, please see Items 4 and 7, respectively in our Form ADV Part 2A.
|Conversation Starters. Ask your financial professional: Given my financial situation, should I choose an investment advisory service? Why or why not? |
|Conversation Starters. Ask your financial professional: How will you choose investments to recommend to me? |
|Conversation Starters. Ask your financial professional: What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean? |
Item 3: Fees, Costs, Conflicts, and Standard of Conflict. What fees will I pay?
We provide services and receive fees only from you. We do not accept any payments or commission from any third parties. Our investment advisory fee is typically based on a percentage of your assets under our management, although we do have clients that pay us a fixed fee for our services.
We either deduct our fee from one or more of your investment accounts or bill you for our services on a quarterly basis, in arrears. Because our fee is based on the amount of your assets under our management, the more assets you entrust us to manage, the more you will pay us for our services. Additionally, we employ breakpoints at certain asset levels to provide clients the opportunity to lower their fee on a percentage basis as they add assets to their accounts with us. Therefore, we have an incentive to encourage you to increase the amount of assets that you entrust to us. For family office and stand-alone financial planning services, we typically charge either a fixed fee or we bill our standard hourly rates.
Your account will be held with a qualified custodian. Your assets can be invested in equity securities, fixed income securities, separately managed accounts, mutual funds, alternative investments, and ETFs. You will bear your pro rata share of the investment management fees and other fees of the investments, which are in addition to the fees you pay us. These fees and expenses are described in each fund’s prospectus, agreement, or other offering document, and potentially include a management fee, distribution fee (i.e., rule 12b-1 fee), and other expenses. These investment management fees and other fees and expenses of the investments are paid to the investment managers and not to us.
|Conversation Starters. Ask your financial professional: Help me understand how these fees and costs might affect
my investments. If I give you $1,000,000 to invest, how much will go to fees and costs, and how much will be
invested for me?|
Additional Information: You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying. For more detailed information about our fees and costs related to our management of your account, please See Item 5 in our Form ADV 2AV.
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When we act as your investment adviser, we must act as a fiduciary and in your best interest, and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the services and investment advice we provide you. Here are some examples to help you understand what this means:
* We recommend custodians from whom we receive support services. This presents a conflict of interest, because our receipt of their support makes us more inclined to continue using and recommending them.
* We do recommend rollovers out of employer-sponsored retirement plans and into Individual Retirement Accounts that we manage for an asset-based or fixed fee. If we do not currently manage your account held with your employer’s plan, this will increase our compensation.
* We do recommend one or more of our proprietary pooled investment vehicles. For clients that invest in these vehicles we waive our management fee, however, clients pay a pro-rata share of an Operating Expense Reimbursement to us, which goes toward supporting the ongoing operational costs associated with the vehicles.
|Conversation Starters. Ask your financial professional: How might your conflicts of interest affect me, and how will you address them?
For more detailed information about our conflicts of interest and the Operating Expense Reimbursement, please review Item 4, 5, 11 and 12 of our Form ADV Part 2A.
How do your financial professionals make money?
Our financial professionals are compensated on a salary and discretionary bonus basis. Our partners and many of our advisers are equity owners of the firm and stand to receive a share of the profits of the firm. Our advisers can also be paid a percentage of the revenues earned on clients of the firm that they introduce. This structure incentivizes our financial professionals to solicit you to become a client and recommend that you place additional assets under our management and to take potentially greater risk in managing portfolios.
Item 4: Disciplinary History. Do you or your financial professionals have legal or disciplinary history?
Yes. Visit www.Investor.gov/CRS for a free and simple search tool to research our firm and our financial professionals.
|Conversation Starters. Ask your financial professional: As a financial professional, do you have any disciplinary history? If so, for what type of conduct? |
Item 5: Additional Information
Additional information about our firm and services is available by visiting www.SimonQuickAdvisors.com and on the SEC’s website at www.adviserinfo.sec.gov. You may contact our Chief Compliance Officer, Steve Pisano, at any time to request a current copy of our Form ADV Part 2A or our relationship summary. Our Chief Compliance Officer can be reached by phone at (973) 525-1000.
|Conversation Starters. Ask your financial professional: Who is my primary contact person? Is he or she a representative of an investment adviser or broker-dealer? Who can I talk to if I have concerns about how this person is treating me?