Fahnestock Asset Management of Oppenheimer & Co. Inc.
Fahnestock Asset Management (FAM) of Oppenheimer & Co. Inc. is based in Summit, NJ. We provide discretionary investment advisory services on a fee-only basis. We have a fiduciary duty to our clients and always act in their best interest.
We build portfolios of stocks and bonds tailored to address our clients’ near term and long term objectives and constraints, while accounting for cash flow, tax efficiency, retirement and estate planning needs. With over four decades of experience, we manage around $300 million for individuals, retirement plans, and trusts in 29 states.
Strategies for Success
The cornerstone of any effective client relationship is an open dialogue that allows for the development of clear, specific goals and expectations. Through ongoing conversations and financial reviews we are able to fine tune asset allocations that seek to meet our client’s needs as they navigate the different phases of their lives. We work hard to earn and maintain trust and it has been our pleasure to have played this role for multiple generations of clients.
We take a top-down approach to investment management. By analyzing global economies, demographics, and geopolitics we identify secular trends that inform us as to which asset classes, industries and companies could perform best over a long-term investment period. Our investment philosophy is marked by a capacity for patience, low turnover and tax efficiency. Portfolios are constructed to attempt to weather market downturns such as the tech bubble, the great financial crisis and the Covid-19 pandemic; our approach to diversification is designed to include “shock absorbers” to buffer downturns, while remaining positioned to participate in long term growth. A well balanced portfolio requires attention to industry, geography, size, maturity, management, and risk.
We invest in the equity and debt of corporations, municipalities, and governments with which we have become intimately familiar, and we avoid products such as mutual funds and structured financial products. We will employ ETFs only if they are the most efficient way to invest in a theme. This approach cuts out a level of unseen fees and allows for total transparency as we are able to discuss the rationale for each individual investment in our clients’ portfolios. There are also more opportunities to engage in gifting strategies, tax-loss harvesting and other efficiencies when owning individual securities. Ninety-five percent of the money we manage in equities is in a core of thirty companies, a number that we believe provides sufficient diversification, but not over diversification. We conduct our own independent research and due diligence using both fundamental and technical analysis, in addition to visiting and/or speaking with the company management.
Decision-making and action-taking are at the heart of money management and clarity of thought is crucial when making investment decisions. Greed and fear are the two basic emotions that drive markets and can sometimes cause investors to be their own worst enemy. The challenge is to recognize how and when these behaviors surface and create a portfolio strategy that absorbs changing market conditions. Knowing when to take an action and when to be patient is critical to long term success.
Craig W. Hutchison
Title:Managing Director, Senior Portfolio Manager
Contact
craig.hutchison@opco.comAs Managing Director and Senior Portfolio Manager on the NJ team, Craig has been with FAM since 1976. He received a BA degree in Psychology from Susquehanna University and holds the General Securities Representative License (Series 7), the General Securities Sales Supervisor (Series 9 and 10), the Uniform Securities Agent State Law Exam (Series 63) and the Uniform Investment Adviser Law Exam (Series 65). Craig considers asset management a fascinating field. Understanding how the world is inter-related economically, politically, and culturally is crucial to effectively manage money. Craig resides in Kinnelon and Ocean Grove, NJ with his long-time partner and now husband. Craig’s interests include scuba diving, swimming, tennis, traveling, and social action.
Andrew A. Westhuis, CFA, CFP®
Title:Managing Director, Senior Portfolio Manager
Contact
andrew.westhuis@opco.comAs Managing Director and Senior Portfolio Manager of the NJ team, Drew has been with FAM since 2006. He co-manages portfolios with Craig and is responsible for the day to day management of the office. He received his BS in Business from Wake Forest University, holds the Chartered Financial Analyst designation from the CFA Institute and the Certified Financial Planner designation from the Certified Financial Board of Standards Inc. He holds the General Securities Representative License (Series 7), the Uniform Combined State Law Examination (Series 66), and the General Securities Sales Supervisor License (Series 9 and 10). Most of Drew’s youth was spent living in Mexico and Singapore before returning to the U.S. to attend college. He resides in Jersey City, NJ with his wife, son, and daughter and his interests include hiking, biking, skiing, reading and traveling. In 2022 Forbes/Shook Research ranked Drew as a Top Next Generation Wealth Advisor – Best in State.
Kathryn Westhuis
Title:Senior Director of Investments
Kate is Senior Director of Investments and co-manages assets alongside Craig and Drew. Kate is a seasoned financial professional with over two decades of relevant experience. Her career in Finance began after she graduated from Haverford College in 2003 with a major in Economics and a minor in Psychology. Kate pursued her passion for Finance at NYU's Stern School of Business where she earned an MBA with specializations in Management and Finance. Kate has extensive expertise in portfolio management, equities, options and other financial instruments. Kate's in-depth understanding of financial markets is further complemented by her professional qualifications. She holds the Chartered Alternative Investment Analyst (CAIA) designation as well as the FINRA 4, 7, 24, 55, 63, and 65 registrations. Kate and Drew are brother and sister and share a favorite hobby of watching their kids learn to ski and explore the outdoors together.
Kate and Drew are brother and sister and share a favorite hobby of watching their kids learn to ski and explore the outdoors together.
Cecilia Lee
Title:Senior Financial Associate
Contact
cecilia.lee@opco.comCecilia was born in Hong Kong and graduated from Baptist University before coming to the U.S. She received her MBA from Western Illinois University and has been a part of the team since 1998. Cecilia holds the General Securities Representative License (Series 7) and the Uniform Combined State Law Examination (Series 66) and works directly with Craig and Drew in the day-to-day management of the office. She resides in Livingston, NJ with her husband. In her spare time, she enjoys traveling, dancing, skiing and cooking.
Donna Madeley
Title:Registered Client Service Associate
Contact
Donna.Madeley@opco.comDonna joined the FAM team in June of 2019 and has worked in financial services for most of her career. With experience on municipal and equity trading desks and other operational and customer service roles, she is well equipped to support the team and our clients. She holds the General Securities Representative License (Series 7) and the Uniform Combined State Law Examination (Series 66). Donna grew up in New Jersey and currently resides in Whitehouse Station with her two sons and two cats. Her interests include cooking, traveling, hiking, reading, and socializing with friends.
Market Letters
2024
2023
2022
- Market Letter - December 22, 2022
- Market Letter - March 1, 2022
- Market Letter - January 31, 2022
- Market Letter - August 8, 2022
2021
2020
2019
Fees
We charge one fee. We don’t charge commissions, custodial fees, or any other service charges. We don’t receive sales incentives from third parties; our success is aligned with yours. We avoid products such as mutual funds, ETFs and structured financial products as they typically carry another level of unseen fees.
Annual fees are determined as a percentage of total client assets under management and are charged monthly, prorated. It is a regressive structure meaning that over each breakpoint, incremental assets are charged at a lower rate.
Breakpoints:
- 1.5% of the value of the portfolio for assets under $500,000
- 1.25% for assets from $500,000 to $1 Million
- 0.75% for assets from $1 Million to $4 Million
- 0.5% for all assets over $4 Million
Disclosures
Adopting a fee-based account program may not be suitable for all investors; anticipated individual commission costs on a brokerage account should be compared to anticipated annual fees in this advisory program. Investing in securities involve risk of loss that a client should be prepared to bear. Diversification does not guarantee a profit or protection against a loss. Fahnestock Asset Management (FAM) is an investment advisory program offered by Oppenheimer & Co. Inc. (Oppenheimer), a registered broker/dealer and investment adviser. Oppenheimer is an indirect wholly owned subsidiary of Oppenheimer Holdings Inc. Securities are offered through Oppenheimer.
Please refer to the Oppenheimer & Co. Inc. ADV Part 2A for important information about the Fahnestock Asset Management (FAM), including fee schedules and other fees that may apply. The Oppenheimer ADV Part 2A is available from the Summit New Jersey team or at www.sec.gov.
Any material on this site is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. They are provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.