Veritable LP (Newtown Square)

Veritable provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 250 clients. On top of advisory services, the firm doesn't engage in other business activities.

Veritable: assets under management

The assets under management (AUM) of Veritable LP is $15.02 billion. The firm's AUM has grown by 122% since the beginning of its operation, and $23.91 million of the total AUM is attributable to clients outside of the United States.

The firm manages $14.68 billion in discretionary accounts and $345.69 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $4.89 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $2.6 million.

Veritable has custody of $15.02 billion in cash and securities for 397 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in exchange traded securities the most. They account for 38% of the total AUM. The second-largest asset type is state and local bonds, which make up 28% of the firm’s portfolio. Investments in investment and business development companies form 17% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Veritable LP for their services and products based on a percentage of assets under management and fixed fees. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Veritable serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and corporations or other businesses. The largest group of clients of Veritable is high net worth individuals with 258 clients and $10.25 billion of assets under management. Among the 10 most similar advisory firms, Veritable has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $15.02 billion for 397 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Veritable also advises several private funds. Namely, thirty four hedge funds. The minimum investment commitment required of non-related persons is $1,000,000 for each fund.

Careers at Veritable LP

The company employs 85 people that are either part- or full-time employees. 55 percent of the employees work as investment advisers or researchers. 27 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 2 indirect owners.

Based in Newtown Square

The principal office where Veritable LP performs its advisory services is located at 6022 West Chester Pike, Newtown Square, PA 19073, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 610-640-9551 or by fax 610-640-9554. The normal business hours are 8:30am - 5:30pm on Monday - Friday. You can find more information about the New York firm at veritablelp.com/.

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