Description of Firm
Klingman and Associates, LLC is a registered investment adviser based in New York, NY. We are
organized as a limited liability company ("LLC") under the laws of the State of New York and have
been registered with the SEC since 2007. We have been providing investment advisory services under
the Klingman & Associates, LLC name since 2001.
The following paragraphs describe our services and fees. Refer to the description of each advisory
service listed below for information on how we tailor our advisory services to your individual needs. As
used in this brochure, the words "we," "our," "us" and "K&A" refer to Klingman and Associates,
LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our
firm.
Wealth Management Services
K&A provides wealth management services primarily to high net worth individuals and their families,
trusts, estates, charitable organizations, and pension or profit sharing plans. Depending on your
individual needs and circumstances, we will provide you with a combination of financial planning,
investment planning and management, tax planning, estate planning, education planning, philanthropic
planning, and/or risk management services.
The first phase of K&A's work with a client is to have an in-depth personal discussion to understand
your personal life goals and how those objectives may be impacted by your past, current, and future
financial situation; your future goals; and your attitudes towards risk. We then gather, organize, and
evaluate data and other information about your past, current, and anticipated financial situation,
including information about personal and family investment experience, business/career, spending and
saving, taxes, estate plans, insurance, debt, special needs, etc. This allows K&A to work with you to
develop wealth management strategies that are carefully aligned with your goals.
Investment Management Approach
K&A provides continuous advice to you regarding investment of your funds based on your individual
needs. After reviewing your age, income needs, desire for capital appreciation, tax considerations,
investment experience, risk tolerance and other relevant issues, you are assigned to an asset
allocation model. K&A will manage advisory accounts on a discretionary basis. In select cases, we will
agree to manage advisory accounts on a non-discretionary basis. If you participate in our discretionary
portfolio management services, we require you to grant our firm discretionary authority to manage your
account. Discretionary authorization will allow us to determine the specific securities, and the amount
of securities, to be purchased or sold for your account without your approval prior to each transaction.
Discretionary authority is typically granted by the investment advisory agreement you sign with our firm
and the appropriate trading authorization forms. If you enter into non-discretionary arrangements with
our firm, we must obtain your approval prior to executing any transactions on behalf of your account.
You have an unrestricted right to decline to implement any advice provided by our firm on a non-
discretionary basis.
In certain situations, we may invest a portion of your assets in separate accounts managed by
unaffiliated third party money managers. We will regularly monitor the performance of such accounts
and may hire and fire any such third party money manager without your prior approval. You would sign
additional agreements related to any such account that would include a description of any fees to be
paid related to these accounts. K&A would not earn additional fees if your money were invested with
unaffiliated third party money managers.
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In a number of cases, a client can have certain investment accounts and/or pre-existing investments
that will not be directly managed by us. You may request that we incorporate these holdings into our
reporting to facilitate overall planning and investment management services. These assets will not be
directly traded by K&A although they will be incorporated into the advice provided for and reports
provided to you.
Retainer Services
Certain clients may have significant assets and interests that require ongoing advice that is either
outside the scope of the Wealth Management Services above or that do not accompany
ongoing
investment management services. The nature of these circumstances and the underlying assets
requires a different service approach for such clients. In these situations we will:
1. assess the financial opportunities, obligations, and challenges you face;
2. educate you about your financial situation, goals and concerns;
3. coordinate action between you and appropriate other professionals (e.g., portfolio managers,
attorneys, accountants, bankers, insurance agents, bookkeepers) to address these goals and
concerns.
We will meet with you regularly to review investment performance and/or other areas specified during
the assessment and planning phase. K&A will also evaluate how your life and financial situation has
changed to determine whether we can recommend new tools or strategies to manage your current and
future financial situation. K&A also reviews and monitors investments relative to your overall
investment strategy and appropriate benchmarks, and the effect of those accounts on your overall
financial situation.
Although K&A will support and coordinate these actions, implementation of the appropriate financial
strategies depends upon you taking action and is entirely at your discretion.
Consulting Services
From time-to-time, K&A may provide project-based advice in the form of detailed written financial plans
designed to achieve your stated financial goals and objectives. We may also provide advice on non-
securities matters such as retirement planning, estate planning, education planning and insurance.
Additionally, we offer investment and other consulting services to plan sponsors of retirement plans.
Such engagements are typically ongoing in nature.
Implementation of any of the recommendations provided under these services is entirely at your
discretion. Should you choose to implement any such recommendation, you are not obligated to do so
through any of our other investment advisory services. We suggest that you work closely with your
attorney, accountant, insurance agent, and/or other advisors.
Types of Investments
We primarily offer advice on Equity Securities, Corporate Debt, Municipal Securities, Investment
Company Securities, including Mutual Funds, and ETFs, and alternative investments. Refer to the
Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures on this
topic. Additionally, we may advise you on various types of investments based on your stated goals
and objectives and/or provide advice on any type of investment held in your portfolio at the inception of
our advisory relationship.
Since our investment strategies and advice are based on each client's specific financial situation, the
investment advice we provide to you may be different or conflicting with the advice we give to other
clients regarding the same security or investment.
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IRA Rollover Recommendations
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income
Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement
accounts. As we earn fees on assets that you rollover from your existing retirement plan into an
account that we manage, a conflict exists. We operate under a special rule that requires us to act in
your best interest and not put our interest ahead of yours. Under this rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent
advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal
advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best
interest;
•Charge no more than is reasonable for our services; and
•Provide you basic information about any conflicts of interest.
As a fiduciary, we only recommend a rollover when we believe it is in your best interest.
Assets Under Management
As of December 31, 2023, K&A had the following in assets under management:
DiscretionaryAssets: $3,000,464,789
Non-DiscretionaryAssets: $276,319,310
TotalAssets: $3,276,784,099