Cary Street Partners

What Cary Street Partners does

Cary Street Partners is a Richmond, Virginia-based private wealth management firm founded in 2002 that provides investment advisory, financial planning, and wealth structuring services to high-net-worth individuals, families, business owners, and select institutions. As of 2026, the firm manages approximately $12 billion in assets across 21 offices in seven states for nearly 6,000 client relationships, delivering personalized portfolio management, retirement and estate planning, and multi-generational advisory services through a partnership-style advisor model. Its revenue model is predominantly fee-based and recurring, derived as a percentage of assets under management, with ancillary revenue from a co-branded ETF launched in 2022 in partnership with Fairlead Strategies.

Operationally, Cary Street Partners runs on an industry-standard RIA technology stack rather than proprietary systems, relying on Black Diamond for portfolio and performance reporting, eMoney for financial planning, and custodial integrations with Wells Fargo, Schwab, and Fidelity. The firm has historically grown through a combination of organic advisor recruiting and selective acquisitions of smaller RIAs, including Dixon Hubard Feinour & Brown in 2022, IFS Advisors and Keene & Dorchak in 2025, and Pursuit Wealth Management in 2026, extending its footprint into Florida, Texas, and additional Mid-Atlantic and Southeast markets.

In April 2025, CIVC Partners acquired a controlling interest in Cary Street Partners, providing private equity capital to accelerate the firm's buy-and-build strategy. The firm has earned sustained third-party recognition, including six consecutive years on Barron's Top 100 RIA list and four consecutive years on the USA TODAY/Statista Top 5 RIA ranking, which functions as independent brand validation in a fragmented industry. Leadership is anchored by CEO Joseph Schmuckler (in role since 2015), with President Walter Bayne and CIO Matthew Rubin overseeing firm strategy and investment process respectively.

Name

Cary Street Partners

Legal name

Cary Street Partners LLC

Website

http://www.carystreetpartners.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Cary Street Partners is a Richmond, VA-based private wealth management firm managing roughly $12B across 21 offices in seven states for nearly 6,000 high-net-worth individuals, families, and business owners through a fee-based advisory model backed by CIVC Partners.

Ownership category

akta.pro rank

Product category

Wealth Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Fee-Only Advisory (FSAEAAAL)

Keywords

• Wealth management services
• Financial planning advisory
• Asset management portfolios
• Investment advisory services
• Retirement plan consulting

Headquarters

HQ city

Richmond

HQ country

United States

HQ region

North America

Offices21 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Wealth Management Advisory Services: Fee-based wealth management services including financial planning, investment management, and portfolio advisory. The firm serves individuals, families, and institutions with comprehensive wealth management solutions.
2. Asset Management: CSP Asset Management manages over $1 billion under management, providing investment management services with proprietary portfolio strategies.
3. Insurance Services: Through Luxon Insurance Services, the firm provides insurance products including life insurance and long-term care planning as part of comprehensive wealth management.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Cary Street Partners is an independent wealth management firm providing fee-based advisory, asset management, and portfolio services to high-net-worth individuals, families, business owners, and institutions. Core offerings are organized around four pillars: Wealth Planning (financial, retirement, insurance, estate, and tax planning), Asset Management, Portfolio Advisory Services, and Business Retirement Plans, supplemented by proprietary investment products such as CSP Global Portfolios and CSP Asset Management.

Product overview

Cary Street Partners operates as an independent wealth management firm offering a comprehensive suite of services organized around four core pillars: Wealth Planning (including Financial Planning, Retirement Planning, Insurance Planning, Estate Planning, and Tax Planning), Asset Management, Portfolio Advisory Services, and Business Retirement Plans. The firm also maintains proprietary investment offerings including CSP Asset Management (exceeding $1 billion AUM) and CSP Global Portfolios (customized and turnkey investment solutions). Additional offerings include 529 college savings plans and ETF products launched in partnership with Fairlead Strategies. The firm serves individuals, families, and institutions across 21 offices in seven states, with assets under management reaching $12 billion as of 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Wealth Planning
• Asset Management Professional asset management services including portfolio construction, investment selection, and ongoing portfolio monitoring and rebalancing for clients of the firm.
• Portfolio Advisory Services Portfolio advisory services providing investment guidance, model portfolios, and consultative support for client portfolio decisions.
• Business Retirement Plans
• CSP Asset Management In-house asset management division providing institutional-quality investment management capabilities to CSP clients, with over $1 billion under management as of 2023.
• CSP Global Portfolios Proprietary investment portfolios offered as customized and turnkey investment solutions with annual third-party performance verification since 2018; reached $800 million in total assets by 2021.
• Insurance Services (Luxon Insurance Services) Insurance products including life insurance and long-term care planning offered as part of comprehensive wealth management through wholly-owned subsidiary Luxon Insurance Services.
• Fairlead Tactical Sector ETF (TACK) Exchange-traded fund co-developed with Fairlead Strategies, with Cary Street Partners serving as subadviser for the Fairlead Tactical Sector ETF (TACK).
• 529 College Savings Plans

Quantifiable outcome

• $12 billion in total assets under management as of 2025
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Atlantic Union BankminorStrategic or Co-development Partner · 1 June 2022Cary Street Partners acquired Dixon, Hubard, Feinour & Brown, Inc. from Atlantic Union Bank in June 2022. The acquisition enhanced Cary Street Partners' wealth management footprint in Virginia and served nearly 6,000 clients with approximately $7 billion in assets.
• Fairlead StrategiescoreStrategic or Co-development Partner · 1 January 2022Cary Street Partners launched an ETF in partnership with Fairlead Strategies in 2022. The firm serves as subadviser for the Fairlead Tactical Sector ETF (TACK). Fairlead Strategies provides investment management expertise for the ETF strategy.
• First Generation InvestorsminorStrategic or Co-development Partner · 1 January 2021Partnership announced with First Generation Investors in 2021. Cary Street Partners sponsors FGI chapters at the University of Richmond and Virginia Tech to support financial literacy and education.
• DuceraminorStrategic or Co-development Partner · 1 January 2019Cary Street Partners announced a strategic alliance with Ducera in 2019 as part of the firm's broader strategic development initiatives.

Scale indicators7 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Wealth Enhancement Group: Large PE-backed (Leonard Green & Partners) independent RIA that has grown aggressively through acquisitions of regional wealth management firms across the US. Closely comparable to CSP in its roll-up strategy, partnership model and middle-market target segment.
• Mariner Wealth Advisors: PE-backed (Leonard Green & Partners) national RIA offering comprehensive wealth advisory, asset management and retirement plan services. Comparable to CSP in its multi-office footprint, advisor recruiting focus and broad HNW/institutional service offering.
• CAPTRUST: PE-backed (GTCR) RIA with strong retirement plan advisory and institutional investment consulting business. Comparable to CSP in its fee-based advisory model, institutional client focus and active acquisition strategy.
• Focus Financial Partners: Publicly traded (later taken private by Clayton, Dubilier & Rice) partnership of independent RIAs serving HNW clients. Comparable to CSP in its partnership model, multi-office footprint and emphasis on advisor independence within a larger platform.
• Hightower Advisors: PE-backed RIA built through a partnership model with acquired advisory teams across the US. Directly comparable to CSP in its advisor-recruitment-from-wirehouses strategy, partnership culture and decentralized office structure.
• Steward Partners: PE-backed (Lockside) partnership-focused RIA with multiple offices across the East Coast and Sun Belt. Highly comparable to CSP in scale, geographic profile, partnership culture and HNW client mix.
• Merit Financial Advisors: PE-backed RIA built via regional firm acquisitions and advisor recruiting, focused on HNW individuals and business owners. Comparable to CSP in size, growth strategy and client profile.

Broad incumbents

• Creative Planning: Large independent RIA offering comprehensive wealth management, financial planning and asset management nationally. Comparable to CSP as a fee-based advisory competitor with proprietary investment solutions, though materially larger and more diversified.
• Edelman Financial Engines: Large national RIA combining traditional advisory with technology-driven financial planning and 401(k) advisory. Comparable to CSP across financial planning, retirement and investment management — and a known employer for several CSP leaders (Jeb Cogger came from Edelman).
• Cetera Financial Group: Large multi-channel wealth management platform serving independent advisors and RIAs. Comparable to CSP in providing wealth planning and asset management infrastructure, though operates a much broader IBD/RIA hybrid model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cary-street-partners

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries14 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cary Street Partners