Paul A. Pagnato, a Barron’s Top 100 Advisor for four consecutive years (2013-2016), and David W. Karp announced May 31 the launch of their independent wealth specialist firm, PagnatoKarp. Based in Reston, the two founding partners and their 20-plus person team advise $2.5 billion in client assets. The firm, now operating as an independent Registered Investment Advisor, will continue to leverage the infrastructure and resources of the HighTower platform.
“It’s a very exciting time for us and our clients,” Pagnato said. “Launching this firm was the next logical step in providing premier service to our successful clients and their families. With $2.5 billion in assets under advisement, we are large enough to command the best resources to help our clients achieve their goals, yet nimble enough to provide unique, customized service.”
“We deliberately structured HighTower to meet the needs of elite advisor teams throughout their lifecycles. When a team makes the shift to independence supported by the HighTower platform, it is a reflection of both parties’ success,” HighTower Chief Development Officer Michael Parker said. “We congratulate Paul, David and their team on this new venture, and look forward to a long-lasting relationship supporting the growth of their firm.”
Specializing in transparent investment advice for ultra-high-net-worth individuals, entrepreneurs and their families, PagnatoKarp offers investment management services, wealth planning and coordination, a full-time concierge staff, on-staff legal and estate planning, tax preparation and overall family leadership. The firm has adopted True Fiduciary™ principles created by PagnatoKarp to drive their customer focused philosophy.
“While the new Dept. of Labor fiduciary rule for advisors who provide retirement advice is a step in the right direction, more work for more people must be done,” Pagnato said. “To that end, we created True Fiduciary™ principles to guide our firm. They ensure our clients’ best interests come first.”
The new firm offers a 6:1 client-to-staff ratio, and financial plans are 100 percent custom.
“We appreciate that every client is unique, so we plan and build around specific, individual needs,” Karp said. “We do not manufacture or sell proprietary solutions, so we have no bias and no restrictions. Simply put, we are fanatical about our 360-degree focus on each of our clients and their needs.”
Pagnato and Karp joined HighTower Advisors in 2011. Prior to that, they were members of Private Wealth Advisors at Merrill Lynch Private Banking and Investment Group.
