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Andrew Garrett Review

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Andrew Garrett, registered in 2010, serves 24 state(s) with a licensed staff of 18 advisors. Andrew Garrett manages $205.9 million and provides investment advisory services for 642 clients (1:36 advisor/client ratio).



Firm Information


Summary Firm
Minimum Investment Ask firm
Average Client Balance $320,711
Total AUM $205.9 million
Fee Range Ask firm
Advisor / Client Ratio 1:36
Languages Offered Ask firm
Specialities Ask firm
Website Visit Site
Phone Number 212-682-8833
Headquarters New York, NY
Locations See locations
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LinkedIn Ask firm
SEC Filings View SEC IAPD CRD #29931


Disciplinary Questions


After checking the disciplinary records of Andrew Garrett, our system has identified the following question(s) to ask. Learn more.


Andrew Garrett or an advisory affiliate was previously found guilty of making false statements or omissions by the SEC, CFTC, or another regulatory agency or organization.


What happened? When? How many times did it occur? Will anyone that was involved be involved with my accounts in any capacity?


Andrew Garrett or an advisory affiliate was previously involved with violating a regulation or statute by a domestic or foreign court, the SEC, CFTC, or another regulatory body or commodities exchange.


What happened? When? How many times did it occur? Will anyone that was involved be involved with my accounts in any capacity?


A regulatory agency has previously denied, suspended, or revoked your firm’s or an advisory affiliate’s registration or license or otherwise restricted their activities.


What happened? When? How many times did it occur? Will anyone that was involved be involved with my accounts in any capacity?


The SEC, CFTC, or another regulatory agency has previously entered an order against Andrew Garrett or an advisory affiliate in connection with an investment-related activity.


What happened? When? How many times did it occur? Will anyone that was involved be involved with my accounts in any capacity?


Previously Andrew Garrett or an advisory affiliate was found to be the cause for an investment-related business having its authorization to do business denied, suspended, or revoked.


What happened? When? How many times did it occur? Will anyone that was involved be involved with my accounts in any capacity?


Our system found no other disciplinary questions to ask. Checks take place monthly.



Conflict Questions


After checking the regulatory records of Andrew Garrett, our system has identified the following question(s) to ask. Learn more.


Is Andrew Garrett also a Broker-Dealer or are they affiliated with one? What conflicts arise from this relationship? How does Andrew Garrett mitigate them?


Currently Andrew Garrett is also a Broker-Dealer or is affiliated with one. When firms are dual-registered as broker-dealers, they may be subject to compensation-related conflicts of interest, including revenue sharing from mutual funds, cross-selling of commissioned insurance products, and the sale of proprietary investment products. All of these conflicts can negatively impact clients via hidden fees and overall higher costs.


Does Andrew Garrett offer mutual funds that have 12b-1 fees?


12b-1 fees increase the total annual cost of owning a mutual fund with no guarantee of higher returns. Some firms receive these fees as payments, which creates an incentive to promote them.


How does Andrew Garrett approach insurance sales? What conflicts do I need to be made aware of?


Currently Andrew Garrett actively practices as insurance brokers or agents, or they are affiliated with an insurance company or agency. This arrangement creates a conflict where the firm and its representatives may be motivated to insure clients with products, including annuities and life insurance, that generate high sales commissions when lower-cost alternatives may exist.


Regulatory disclosures state that Andrew Garrett sells proprietary investments and products. Please provide me a list of the products and a summary of how much Andrew Garrett earns from them.


Andrew Garrett recommends proprietary investments and products that could generate larger commissions than other similar non-proprietary products. This could also limit the number and diversity of investment options available to you and may impact their transferability. Do not be afraid to ask how much they will earn from the product or what other non-proprietary options are available.


Does Andrew Garrett offer products that have performance-based fees, or does it accept performance-based fees? Will any of my assets be invested in those products?


When performance-based fees are charged, the financial advisor is paid for outperforming a benchmark, typically an index. While this may seem like an attractive compensation structure to ensure your advisor is making your money work for you, often, the managers of those products are incentivized to take inappropriate risks to beat their performance benchmark. For instance, research has shown that mutual funds that use incentive fees take on more risk that funds that do not, and tend to double down and increase their risk following a poor performance. This could be detrimental to a client during down markets.


Does Andrew Garrett perform side-by-side management? How does Andrew Garrett mitigate conflicts that arise from managing accounts with differing fee structures?


This typically occurs when firms manage mutual funds or hedge funds alongside smaller retail accounts. Side-by-side management can create an incentive for the advisor to favor the larger funds, potentially leading to unequal trading costs and unfavorable trade executions for their retail clients.


Does Andrew Garrett accept soft-dollar benefits? How do these benefits affect the firm’s selection of a broker-dealer partner?


Andrew Garrett receives soft-dollar benefits that could incentivize them to push trades through broker-dealers that provide advantages to the firm instead of through broker-dealers that could provide the best trade execution for their clients.


Which securities does Andrew Garrett trade for itself that it will also be recommending to me?


Andrew Garrett has marked in their disclosures that they trade recommended securities. While this often can be seen as "eating your own cooking," there are several inherent conflicts that can arise. For example, front running is when a financial professional buys or sell securities ahead of their client. In short, any financial professional should disclose all positions they hold (or have sold short) that they will also be recommending to you.


Our system found no other conflict questions to ask. Checks take place monthly.



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Disciplinary History


An important aspect of the Trust Algorithm is processing the SEC Form ADV Part 1 filing of each Registered Investment Advisor (RIA). “Item 11 Disclosure Information” contains a list of valuable disclosures that are relevant for Americans.

As identified in SEC Form ADV Part 1, Item 11 “Disclosure Information”, the Trust Algorithm identified the following disciplinary disclosures for Andrew Garrett:




Cost


Unfortunately, there is no single, uniform pricing standard for working with a financial advisor. Catchphrases, including "fee-only," can be helpful; however, Americans often get confused with competitors promoting "fee-based" in response.

Ultimately, to understand the underlying costs of advisory services, we always recommend asking for an itemized fees breakdown and reading the firm's ADV Part 2 Brochure (Item 5, "Fees and Compensation").


View Fee Disclosures




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