09/20/2019
Barron's And Forbes Rank Clarfeld Financial Advisors Among America's Top Advisors In 2019
Barron’s names Clarfeld Financial Advisors the 36th top RIA firm in the country
Forbes ranks Rob Clarfeld as the 18th top wealth advisor in the country overall and 3rd among independent advisors
PROVIDENCE, R.I. — Sept. 20, 2019— Citizens Bank announced recently that Barron’s has named Clarfeld Financial Advisors the #36 top RIA firm in the United States in its 2019 Top 50 RIA Firm list, quickly following a recognition by Forbes. In the same week, Forbes named Rob Clarfeld, founder and CEO of Clarfeld Financial Advisors, the #3 wealth advisor among independent advisors and the #18 wealth advisor in the country overall in the magazine’s 2019 America’s Top Wealth Advisors list.
These recognitions fall on the heels of several prestigious accolades in recent years, including Forbes ranking Rob Clarfeld as the #1 wealth advisor in New York state on the 2018 Best-In-State Wealth Advisors List. In 2018, Barron’s ranked Rob Clarfeld #8 in New York on its “Top 1200 Advisors by State” list. The Financial Times and Bloomberg are also among the publications that have honored Clarfeld Financial Advisors for outstanding wealth advisory services. Citizens Bank acquired the firm at the start of 2019.
“Clarfeld’s highly skilled team of wealth management professionals has helped deepen our expertise, capabilities and reach to better serve clients with complex financial needs,” said John Bahnken, president of Citizens Bank Wealth Management. “We are pleased to see this recognition and continue to be positioned well to serve the wealth management needs of Citizens’ customer base.”
Advisors who wish to be ranked in the Barron’s Top RIA Firms list fill out a 102-question survey about their practice. Barron’s verifies data with the advisors’ firms and with regulatory databases, which is followed by applying their rankings formula to the data to generate a ranking. The formula features three major categories of calculations: assets, revenue, and quality of practice. In each of those categories, Barron’s conducts multiple sub-calculations
The Forbes ranking of America’s Top Wealth Advisors was developed by SHOOK Research and is based on an algorithm of quantitative data and qualitative criteria determined through in-person and telephone interviews. To be considered, an advisor must have a minimum of seven years’ experience. The algorithm takes into account revenue trends, assets under management, industry experience, compliance records and approach to working with clients. Portfolio performance is not considered due to varying client objectives and lack of audited data. Neither Forbes nor SHOOK receives a fee in exchange for rankings.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About Clarfeld Citizens Private Wealth:
Headquartered in Westchester, N.Y., with 11 regional offices across the country, Clarfeld Citizens Private Wealth is a leading wealth management firm and multi-family office. Clarfeld’s wealth management team seamlessly provides a full spectrum of wealth advisory services through an integrated and high touch service environment. Financial services include; investment management, comprehensive estate and financial planning, tax planning and compliance, insurance and asset protection, highly personalized concierge family office services, trust advisory as well as traditional private banking lending and deposit services. With 175 professionals, Clarfeld is large enough to provide clients with a significant scope of services, expertise and research, while maintaining a boutique experience tailored to each client’s unique circumstances.
*Important Disclosures:
With respect to references to the 2018 Barron’s “Top 1200 Advisors by State” and 2019 Barron’s “Top 50 RIA Firms” which is provided to the best of Clarfeld’s knowledge: Barron’s is a registered trademark of Dow Jones & Company, L.P. Clarfeld is not affiliated with Barron’s or Dow Jones & Company, L.P. Barron’s “Top 1200 Advisors by State” and “Top 50 RIA Firms” bases its rankings upon data provided by individual advisers and their firms, including submissions by Clarfeld. Barron’s confirms that data via regulatory databases, crosschecks with securities firms and conversations with individual advisers. Clarfeld applied for consideration, and the results were independently granted. As of 2019, advisors who wished to be ranked filled out a 56-question survey about their practice. Barron’s then verified that data with the advisors’ firms and with regulatory databases and applied its rankings formula to the data to generate a ranking. The formula Barron’s uses to rank advisers is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an adviser’s returns are dictated largely by the risk tolerance of clients. Barron’s also considers a wide range of qualitative factors, including the advisors’ experience, their advanced degrees and industry designations, the size and shape of their teams, their charitable and philanthropic work and compliance records.
Barron’s does not require membership or payment in order for award participants and/or applicants to be considered for an award designations. Moreover, neither Clarfeld nor any other participating advisers paid a fee to be eligible for the “Top 1200 Advisors by State” and “Top 50 RIA Firms” lists. Barron’s does not publish, nor is Clarfeld aware of the percentage of other advisers that received the applicable rankings. Clarfeld is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the rankings. By virtue of disclosing these rankings, Clarfeld is disclosing favorable ratings (to the extent that Clarfeld is ranked above other advisers) and unfavorable ratings (to the extent that Clarfeld is ranked below other advisers). By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions. The rankings may not be representative of any one client’s experience because of the way in which they are calculated. The rankings are not indicative of Clarfeld’s and its advisors’ future performance, or any future performance pertaining to its clients’ investments, nor should they be construed as a current or past endorsement by any of its clients.
With respect to references to the Forbes 2019 “America’s Top Wealth Advisors,” and 2019 “Best-In State Wealth Advisors” which is provided to the best of Clarfeld’s knowledge: “Forbes” is a registered mark of Forbes, LLC. Clarfeld is not affiliated with Forbes. Data for the Forbes “Top Wealth Advisors” and “Best-In-State Wealth Advisors” are developed by “SHOOK Research.” Each advisor considered for the award was nominated by their respective firm, then vetted and ranked by SHOOK Research. Clarfeld applied for consideration, and the result was independently granted. The Forbes “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings are based on an algorithm of qualitative criteria mostly gained through telephone and in-person due diligence interviews, and quantitative data. An advisor would meet basic requirements for consideration based on having a minimum of seven years’ experience, a minimum of one year at the current firm (with exceptions based on acquisitions, etc.) being nominated and recommended by a firm, completion of an online survey, over 50% of revenue / production must be with individuals, and an acceptable compliance record. The algorithm weights factors like revenue trends, assets under management, compliance record, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data.
Neither Forbes nor SHOOK receive a fee or require membership in exchange for rankings. Accordingly, neither Clarfeld, Rob Clarfeld, nor any other participating advisors paid a fee to be eligible for the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings. Based on its stated methodology, SHOOK does not name advisors if the ratings are not statistically valid; and there are no facts that would call into question the validity of the inclusion on the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings or the appropriateness of Clarfeld advertising the same. By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions. Clarfeld is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the above rankings. By virtue of disclosing the rankings, Clarfeld is disclosing favorable ratings (to the extent that Rob Clarfeld is ranked above other advisors) and unfavorable ratings (to the extent that Rob Clarfeld is ranked below other advisors). The ranking may not be representative of any one client’s experience because of the way in which it is calculated. The ranking is not indicative of Clarfeld’s and its advisors’ future performance, or any future performance pertaining to its clients’ investments, nor should it be construed as a current or past endorsement by any of its clients.
Clarfeld Citizens Private Wealth is a division of Citizens Bank, N.A. that offers banking and investment products. Investment Management Services are offered through Clarfeld Financial Advisors, LLC, an SEC registered investment adviser. Insurance products are offered through Estate Preservation Services, LLC, or an unrelated party. Clarfeld Financial Advisors, LLC and Estate Preservation Services, LLC are both affiliates of Citizens Bank, N.A. Deposit and credit products are provided solely by Citizens Bank, N.A., Member FDIC.
For further information, visit www.clarfeld.com or call (914) 846-0100.
