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| Additional information |
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| Cornerstone Advisors Asset Management, LLC |
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Mission statement:
Financial advising is like a road map. It defines where you are, where you've been and where you would like to be. Cornerstone is that detailed map that helps you navigate to your desired financial destination. Without bias or outside influence, Cornerstone is committed to doing what is right for you in relation to your assets, as a true fiduciary should.
Cornerstone is in business to positively impact lives by utilizing a fiduciary decision-making process. |
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Overview:
Cornerstone is a Registered Investment Adviser with the SEC that specializes in consulting to successful institutions and wealthy families.
Services for Individuals
Wealth Management
Retirement Consulting
Financial Planning
Charitable Planning
Insurance / Risk Planning
Services for Organizations
Investment Consulting
Retirement Plan Consulting
Executive Risk Management
Planned Giving
Participant Services
Who We’ve Helped
Our clients have one thing in common: they are fiduciaries or believe that a fiduciary process for managing the assets under their care is the only way to protect both their and their stakeholders’ interests. Put simply, our clients want a firm that is working solely in their best interests.
Cornerstone’s professional teams have worked with different types of clients, making our strength our cross-industry knowledge. Our comprehensive knowledge of different investment segments allows our clients to enjoy a deeper breadth of understanding into their situations and the world as a whole.
Cornerstone offers our clients undivided loyalty. Nothing less.
Foundations and Endowments
Healthcare Institutions
Government Entities
Retirement Plans
Corporations
Unions
Wealthy & Entrepreneurial Families
Not-for-Profits
Insurance Companies |
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History:
Organizational History
Cornerstone has roots that date back more than 30 years when we began working with entrepreneurs, helping them to develop their business, estate, investment, retirement and succession plans. Through fiduciary best practices as a method of decision-making, our clients understood the value we brought to them. Simply put, our clients came first.
In 1997, Cornerstone Financial Consultants, Ltd. dba Cornerstone Advisors created two additional investment firms, Cornerstone Advisors Asset Management, Inc. (CAAM), an SEC Registered Investment Adviser, and Cornerstone Institutional Investors, Inc. (CII), a Broker/Dealer FINRA Member Firm.
In 2004, CII also became an SEC Registered Investment Advisory firm providing services primarily to the family members, board members and executives of CAAM’s clients.
In January 2006, the Cornerstone entities were purchased by Harleysville National Bank (HNB) in an effort to enhance the services they provided to their more successful entrepreneurial and institutional clients. During this time, the former shareholders of the Cornerstone entities continued to manage the day-to-day operations of the firms.
In April 2010, HNB was purchased by First Niagara Financial Group out of Buffalo, NY. This change in control gave the original shareholders of the Cornerstone entities the opportunity to reacquire the three entities.
Shareholders Tom Scalici and Skip Cowen, invited Kevin Karpuk and Chris McKinley to become shareholders of CAAM in August of 2010 and CII in January of 2011. The addition of Kevin and Chris is a conscious step in continuing Cornerstone's promises to clients for the next 30 years.
In 2010, CII withdrew its Broker/Dealer FINRA membership and remains as a stand-alone SEC Registered Investment Adviser.
In 2016 the entities went from being owned by Skip, Tom, Kevin and Chris to being 100% owned by employees through an Employee Stock Ownership Plan (ESOP). As part of the reorganization, CAAM and CII both went from being Incorporated to Limited Liability Companies.
In December 2017, CII folded its advisory operation into CAAM and withdrew its SEC registration. This move allowed Cornerstone to gain operational efficiencies and simplify regulatory reporting. No ownership, personnel, client or other governance changes were part of this transition. As a result CAAM is Cornerstone's advisory arm and CII is Cornerstone's risk-management arm.
Today, Cornerstone works for middle market institutions and wealthy families who generally have fiduciary responsibility for the assets under their care.
Understanding CAAM and CII
Cornerstone Advisors Asset Management, LLC (CAAM) exclusively provides investment advisory services to successful institutions and wealthy families. CAAM was named a Best Place to Work in Money Management for 2017 by Pensions&Investments, and in 2016 and was listed as the top independent consultant in Barron's 2016 ranking.
Cornerstone Institutional Investors, LLC (CII), Cornerstone's risk-management consulting arm, typically works with successful families and institutions in regards to their insurance needs.
CII is also a member firm of the M Financial Group (M). M is the largest insurance buying consortium in the country. M allows our clients access to proprietary products designed to help them protect their assets and manage the shortfall risk around retirement income funding, disability, long-term care and estate preservation, all of which have an impact on their liquid asset strategy. |
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