H. L. Lichstrahl & Company

What H. L. Lichstrahl & Company does

H. L. Lichstrahl & Company is a privately held, boutique registered investment advisor founded in 1996 by Howard L. Lichstrahl and headquartered in Arlington, Virginia. The firm manages client portfolios directly using in-house fundamental research built on Graham and Dodd value-investing principles, employing a long-term, low-turnover, tax-aware approach with no leverage and no short selling. Operating on a deliberately small scale without marketing or external capital, the firm has 11-50 employees and serves as a focused wealth-management practice rather than a scaled asset-gathering platform.

The client base is segmented into three explicit groups: families and individuals seeking intergenerational wealth management, trustees and fiduciaries needing discretionary portfolio management, and entrepreneurs requiring diversification from concentrated equity positions. Each client receives an individually managed portfolio constructed from listed equities selected through bottom-up fundamental work, with the firm acting as both portfolio manager and primary client relationship holder.

The firm's revenue model is asset-under-management-based advisory fees, the standard compensation structure for U.S. RIAs; no performance fees, commissions, soft dollars, or non-investment product revenue are described. Distribution is referral-driven, with no business-development staff and no institutional investor involvement, which both lowers customer-acquisition cost and caps growth by design.

Name

H. L. Lichstrahl & Company

Legal name

H.L. Lichstrahl & Company LLC

Website

https://lichstrahl.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

H. L. Lichstrahl & Company is a boutique registered investment advisor founded in 1996 in Arlington, Virginia, providing Graham and Dodd value-based, fee-only portfolio management to families, trustees and fiduciaries, and entrepreneurs on an AUM-based fee model.

Ownership category

akta.pro rank

Product category

Wealth Management / Investment Advisory

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Private Banking Advisory & Discretionary Portfolio Management (FSABADAD)

akta.pro secondary industry

Discretionary Portfolio Management (Retail) (FSAAAAAH)

Keywords

• Investment management services
• Wealth management advisory
• Registered investment advisor
• Value-oriented portfolio management
• Intergenerational wealth planning

Headquarters

HQ city

Arlington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Management Fees: As a Registered Investment Advisor established in 1996, H.L. Lichstrahl & Company generates revenue through investment management fees charged to clients. The firm manages assets under supervision, with fees typically based on assets under management (AUM). Specific fee structures are not publicly disclosed on the website.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

H.L. Lichstrahl & Company, LLC provides discretionary investment management services for high-net-worth families, trustees, and entrepreneurs. The firm constructs personalized portfolios using in-house research and a Graham and Dodd value-oriented approach, with a primary emphasis on preservation of capital and long-term compounding. All investment decisions are made internally; the firm does not use outside managers, leverage, or short selling, and client assets are held by an independent custodian in the client's name.

Product overview

H.L. Lichstrahl & Company is a privately-owned investment management firm offering a single, unified wealth management service. The firm provides discretionary investment management focused on long-term value investing, incorporating in-house research, portfolio construction, and ongoing monitoring. As explicitly stated, the firm does not utilize any outside managers or products, operates without a marketing department, and delivers all services directly through its in-house team. The company offers equity and fixed income investment strategies, with a primary focus on preservation of capital and intergenerational wealth building for families, trustees, and entrepreneurs.

Differentiator

Problem solved

Functional benefit

Products and services

• Discretionary Investment Management Personalized, discretionary portfolio management using in-house Graham and Dodd fundamental research, focused on preservation of capital and long-term compounding for families, trustees, and entrepreneurs. The firm constructs individual portfolios without use of outside managers, leverage, or short selling, with assets held by an independent custodian in the client's name.
• Equity and Fixed Income Portfolio Strategies Investment strategies covering equity and fixed income securities selected through in-house fundamental research, with low portfolio turnover and a tax-efficient, long-term orientation designed to capture pre-tax compounding benefits. Suitable for clients seeking long-term capital appreciation and capital preservation.
• Intergenerational Wealth Planning and Preservation Long-term investment management service oriented around building and preserving wealth across generations for families, trustees, and entrepreneurs, with quarterly portfolio reports supplementing monthly custodian statements and confirmations.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves2 records

Expansion highlights3 records

Direct peers

• Rockefeller Capital Management: Privately held wealth manager serving HNW and UHNW families with discretionary portfolio management and family office services. Comparable HNW family focus and relationship-driven service model; substantially larger and more diversified.
• Brown Brothers Harriman (Wealth Management): Private partnership providing investment management and custody services to HNW individuals, families, and institutions. Comparable client base and conservative long-term investment orientation, with a similarly partnership-driven culture and integrated custody model.
• Bessemer Trust: Privately owned multi-generational wealth manager serving HNW and UHNW families with discretionary investment management. Closely comparable to Lichstrahl in client type (families, trustees, entrepreneurs), focus on capital preservation, and long-term investment orientation, though at materially larger scale.
• Glenmede: Independent, privately held investment and wealth management firm focused on HNW families, foundations, and endowments. Comparable to Lichstrahl in multi-generational orientation, in-house research-driven investment approach, and founder-controlled structure.
• Pathstone: Independent RIA providing discretionary investment management and family office services to HNW families, foundations, and endowments. Comparable relationship-driven model and multi-generational client focus.
• Mariner Wealth Advisors: RIA platform serving HNW families and institutions with personalized investment management and financial planning. Comparable in client segment (HNW families, trustees) and personalized advisory model, though delivered through a multi-office national footprint.

Broad incumbents

• Wilmington Trust (Wealth Management): Large wealth management and fiduciary services provider serving HNW families and institutions. Comparable in serving trustees, families, and entrepreneurs, though part of a much larger corporate parent (M&T Bank).
• Fisher Investments: Large privately held investment manager serving HNW individuals, families, and institutions with discretionary portfolio management. Comparable in serving HNW clients with active long-term strategies, but operates at vastly greater scale and brand presence.
• Cambridge Associates: Large investment firm providing outsourced investment research, OCIO, and advisory services to HNW families, foundations, and endowments. Overlaps with Lichstrahl in fundamental research orientation and HNW client base, but operates at institutional scale.

Regional players

• Chevy Chase Trust: Washington, D.C.-area wealth manager serving HNW families, foundations, and endowments. Comparable in geography (DMV region), boutique orientation, and conservative investment approach — making it a near-direct regional peer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about H. L. Lichstrahl & Company