Ehrenkranz Partners, a wealth management firm located in New York City’s prestigious Seagram Building on Park Avenue, epitomizes high finance. With partners boasting Ivy League credentials and a clientele of millionaires, it’s easy to assume a traditional approach. However, Ehrenkranz Partners distinguishes itself with a uniquely personal and hands-on philosophy.
This firm, founded in 1966 by brothers Joel and Sanford Ehrenkranz, manages $10.9 billion in assets with a surprisingly lean team of just eight partners. Only five of these partners directly manage investments, a structure that landed Ehrenkranz Partners ninth place on the Forbes list of Top 100 Wealth Managers. This lean structure sets them apart in an industry where larger teams are often the norm.
Ehrenkranz Partners’ unique approach prioritizes deep relationships with clients by ensuring each works directly with a senior partner. This boutique model allows for a comprehensive understanding of each client’s financial situation and goals, extending beyond investment management to encompass estate planning, tax strategies, and even philanthropic endeavors.
The firm’s legal roots, originating as a traditional law firm before transitioning to wealth management in 1987, underscore its emphasis on estate planning. Two of the eight partners are dedicated estate planning experts, proficient in wills, trusts, private foundations, and intricate family wealth transfers. This legal expertise provides invaluable insight into navigating complex tax laws and optimizing wealth preservation across generations.
“The wealth transfer tax in this country is a very expensive one,” explains managing partner Andrew Sommers, highlighting the critical role of tax planning in wealth management. By integrating tax optimization strategies, Ehrenkranz Partners aims to mitigate the impact of taxes and maximize long-term wealth accumulation for their clients. This full-service approach fosters enduring relationships that often span multiple generations.
This multi-generational approach has also compelled Ehrenkranz Partners to adapt to evolving client needs. They have developed expertise in areas like socially responsible investing, a topic of increasing importance to younger generations. This dedication to staying ahead of industry trends ensures their services remain relevant and valuable to a diverse clientele.
Andrew Sommers, who transitioned from a demanding career in mergers and acquisitions law, emphasizes the profound sense of fiduciary responsibility he finds at Ehrenkranz Partners. The firm’s commitment to personal engagement and deep client relationships creates a rewarding experience for both partners and clients alike. This commitment to building lasting relationships built on trust and personalized service distinguishes Ehrenkranz Partners in the competitive landscape of wealth management.
