A. General Description of Advisory Firm
Geller Advisors LLC (“Geller Advisors,” “we,” “our,” and/or the “Adviser”) is a registered investment
adviser based in New York, New York, with offices in Jupiter, Florida and Los Angeles, California. We
are organized as a limited liability company under the laws of the State of Delaware. We have been
providing investment advisory services since 2005. Geller Advisors is a wholly owned subsidiary of
Geller Holdings II LLC, which is further owned by Geller & Company LLC (“Geller & Co”). Martin J.
Geller is the principal owner of Geller & Co.
Geller Advisors is part of a family of companies that offers and provides a suite of financial and
related services to clients and, together with its affiliates, conducts business under the name, Geller,
pursuant to a Certificate of Assumed Name filed November 11, 2022, with the New York State
Division of Corporations, State Records and Uniform Commercial Code. Geller Advisors provides
investment advisory services and, either directly or through one of its affiliates, also provides
investment reporting, tax and other family office services. Geller Advisors also provides investment
management services to proprietary private funds sponsored by its affiliate, Geller Alternative
Manager LLC. The terms of these services are established by Geller Advisors after discussions with
its clients and are set forth in advisory agreements and/or any offering documents, organizational
documents, and/or other documentation applicable to certain investment vehicles.
Integrated Wealth Management Services. Geller Advisors provides integrated wealth management
services to ultra-high-net worth individuals and families, their related entities, trusts, estates,
charitable organizations, and other business entities, as described in more detail below. Geller
Advisors provides both discretionary and non-discretionary investment advisory services. In
addition, Geller Advisors, either directly or through one of its affiliates, provides a full suite of family
office services, including financial planning, consulting, investment reporting, tax advisory and
compliance services, bill pay services, other CFO services, and real estate services to many of our
clients. Geller Advisors, and its employees, coordinate with outside consultants, including attorneys,
private bankers and insurance advisors, and those of our clients, to provide a more comprehensive
suite of services. In addition, certain clients of Geller Advisors also receive non-advisory services
through a direct engagement with certain of Geller Advisors’ affiliates. Geller Advisors’ affiliates may
also assist Geller Advisors with the provision of non-advisory services through intercompany
arrangements.
Geller Funds. Geller Advisors also provides investment management services to private funds (“Geller
Funds”), which currently include private equity fund of funds, private equity conduit funds, hedge
fund of funds, real estate fund of funds, and a real estate conduit fund. Geller Funds are offered to
qualified clients based on their investment goals, risk tolerance, liquidity requirements or other
factors; certain employees of Geller Advisors or its affiliates; and other third-party investors.
Investments in Geller Funds are limited to qualified investors, as described in Item 7 below.
When we recommend that a Geller Advisors client invests in a Geller Fund, we have conflicts of
interest in doing so. We discuss these conflicts further in Item 5 of this Brochure and in the offering
documents of each Geller Fund.
B. Description of Advisory Services
Managed Accounts. Geller Advisors manages certain client accounts (“Managed Accounts”) on a
discretionary and non-discretionary basis in a manner tailored to each client’s individual needs. For
non-discretionary accounts, Geller Advisors is responsible for asset selection but does not have the
authority to purchase or sell securities on behalf of the client without prior consent. These tailored
services are developed through in-depth discussions and a financial planning process, in which goals
and objectives are established based on each client's unique circumstances, taking into
consideration the client’s asset base, family dynamic, financial goals and interests. Geller Advisors
typically develops an Investment Policy Statement (the “IPS”) which guides the management of a
client’s investment portfolio. As part of its data-gathering process, Geller Advisors seeks to
determine the client’s objectives, time horizons, risk tolerance, tax considerations and liquidity
needs.
Geller Advisors generally reviews and discusses a client’s prior investment history, as well as, the
client’s family composition and background, as applicable. Our services include providing
consolidated reporting in the form of performance reports and periodic meetings with clients to
review portfolio performance, their financial plan, and to reconfirm their goals and objectives.
Geller Advisors manages a client’s portfolio on a discretionary basis, subject to any reasonable
restrictions a client imposes, such as liquidity or tax considerations or avoiding investments in certain
securities or industry sectors. Based on the asset allocations outlined in the IPS, Geller Advisors
generally allocates the client’s assets among several third-party investment managers and their
products, which include, but are not limited to, mutual funds, exchange traded funds (“ETFs”), third-
party separately managed accounts (“SMAs”), and third-party pooled investment vehicles. Geller
Funds will often also be included in Geller Advisors’ asset allocation decisions for a particular client.
Client portfolio holdings may also include individual equities and fixed income securities, option
contracts, warrants, structured products, certificates of deposit, commercial paper, hedge funds,
private equity funds and other investment vehicles, as described below. Portfolio weighting among
third-party investment managers and other investments is determined by each client's tailored asset
allocation.
Non-Managed Accounts. Geller Advisors also provides non-managed advisory services to several of
its clients (“Non-Managed Accounts”). In these instances, Geller Advisors has no investment
discretion over client assets. These portfolios differ from Geller Advisors’ Managed Accounts in that
Geller Advisors solely provides investment portfolio recommendations or advice but does not direct
trading in the securities on behalf of Non-Managed Accounts. Although Geller Advisors generally
receives a fee for these services, the assets represented by Non-Managed Accounts are not included
in Geller Advisors’ Regulatory Assets Under Management in its ADV Part 1A. For purposes of this
Brochure, such assets are referred to herein as “Assets Under Advisement.”
Geller Funds. Geller Advisors provides investment management services to Geller Funds on the terms
set forth in each fund’s constituent documents. The description of the Geller Funds in this Brochure
does not contain all of the information a prospective investor should consider before investing in
these funds. A prospective investor should carefully read and consider each fund’s entire offering
memorandum and other offering documents before deciding whether to make an investment in
that fund. Geller Funds are only available to investors who meet their eligibility requirements.
See Item 8 below for more information regarding the Geller Funds and Item 5 for a discussion of
the related conflicts of interest.
Turnkey Asset Management Program (“TAMP”). Geller Advisors has entered into a contractual
relationship with Dynasty Financial Partners, LLC (“Dynasty”), which provides Geller Advisors with
operational and back-office support, including access to a network of service providers. Through the
Dynasty network of service providers, Geller Advisors has access to trading technology, reporting,
custody, brokerage, compliance, and other related services.
In addition, Dynasty’s subsidiary, Dynasty Wealth Management, LLC (“DWM”), an SEC-registered
investment adviser, provides access to a range of investment services including, separately managed
accounts (“SMA”), advisers as portfolio manager (“APM”), mutual fund and ETF asset allocation
strategies, money management overlay models, billing services, and unified managed accounts
(“UMA”) managed by external third-party managers (collectively, the “Investment Programs”). Geller
Advisors separately engages the services of Dynasty and/or its subsidiaries to access the Investment
Programs. Under the SMA and UMA programs, Geller Advisors maintains the ability to select the
specific, underlying third party managers that will, in turn, have day-to-day discretionary trading
authority over the requisite client assets.
Through its APM Services, DWM provides Geller Advisors with customized administrative and
technological services that enable Geller Advisors to maintain and rebalance individual client
portfolios and place trade orders through a straight-through processing system to the Geller
Advisors client’s custodian. Dynasty does not provide advisory or sub-advisory services to Geller
Advisors or its clients that utilize the APM Services. In the Manager Access program, DWM contracts
directly with independent managers designated by Geller Advisors who execute buy and sell
recommendations with a client’s custodian.
Geller Systematic Portfolio Solutions. When consistent with a client’s investment objectives, Geller
Advisors may offer portfolio management services through Geller Systematic Portfolio Solutions
(“Geller SPS”) (formerly known as Geller Automated Investment Solutions (“Geller AI”)), an
automated investment program
through which clients are invested in a range of investment
allocations Geller Advisors has devised, each consisting of a portfolio of exchange traded funds
(“ETFs”) and a cash allocation. Clients may instruct Geller Advisors to exclude up to three ETFs from
their portfolio.
In the Geller SPS program, a client’s portfolio is held in a brokerage account opened by the client at
Charles Schwab & Co., Inc. (“Schwab”). Geller Advisors uses the Institutional Intelligent Portfolios®
platform (the “Platform”), offered by Schwab Performance Technologies® (“SPT”), a software
provider to independent investment advisers and an affiliate of Schwab, to operate Geller SPS. Geller
Advisors is independent of and not owned by, affiliated with, or sponsored or supervised by SPT,
Schwab or their affiliates (collectively referred to as “Schwab”). Geller Advisors, and not Schwab, is
the client’s investment adviser and primary point of contact with respect to Geller SPS. As between
Geller Advisors and Schwab, Geller Advisors is solely responsible, and Schwab is not responsible, for
determining the appropriateness of Geller SPS for the client, choosing a suitable investment strategy
and portfolio for the client’s investment needs and goals, and managing that portfolio on an
ongoing basis. Geller Advisors has contracted with SPT to provide Geller Advisors with the Platform,
which consists of technology and related trading and account management services for Geller SPS.
The Platform enables Geller Advisors to make Geller SPS available to clients online and includes a
system that automates certain key parts of its investment process (the “System”).
The System includes an online questionnaire that helps Geller Advisors determine the client’s
investment objectives and risk tolerance and helps Geller Advisors select an appropriate investment
strategy and portfolio. Clients should note that Geller Advisors will recommend a portfolio via the
System in response to the client’s answers to the online questionnaire. The client may indicate an
interest in a portfolio that is either one level more conservative or aggressive than the recommended
portfolio, but Geller Advisors remains responsible for selection of the portfolio based on its
assessment of all the information provided by the client. The System also includes an automated
investment engine through which Geller Advisors manages the client’s portfolio on an ongoing basis
through automatic rebalancing and tax-loss harvesting (if the client is eligible and so elects).
Geller Advisors charges clients a fee for its services as described in Item 5 below. Geller Advisors’
fees are not determined by Schwab. Clients do not pay brokerage commissions to Schwab as part
of Geller SPS. Geller Advisors’ employees are eligible for portfolio management services on the
Platform and are not subject to Platform fees.
Geller Advisors does not pay Schwab fees for the Platform so long as it maintains $100 million in
aggregate client assets in accounts at Schwab. If Geller Advisors does not meet this condition, then
it must pay Schwab an annual licensing fee of 0.10% of the value of its clients’ assets in Geller SPS.
This arrangement presents a conflict of interest, as it incentivizes Geller Advisors to recommend that
clients maintain their accounts at Schwab. Notwithstanding, Geller Advisors may, and does,
recommend that clients maintain investment management accounts at Schwab based on a number
of factors discussed in Item 12 below, which mitigates but does not eliminate this conflict of interest.
Clients enrolled in Geller SPS are limited in the universe of investment options available to them.
For example, the investment options available are currently limited to ETFs, whereas Geller Advisors
has the ability to recommend various other types of securities or investment products in its other
advisory service channels. Geller SPS generally is designed to provide guidance and professional
assistance to individuals who are beginning the process of accumulating wealth or prefer passive
investment vehicles. Clients will have access to their accounts and a financial interface online but
will also have the opportunity to confer with Geller Advisors with respect to their account.
Rebalancing. Rebalancing occurs periodically if (i) asset class weights drift above or below
the drift tolerance established by Geller Advisors for a particular target allocation; (ii) Geller
Advisors decides to change the ETFs or target allocation for an investment strategy; or (iii)
Geller Advisors decides to change a client’s investment strategy, which could occur, for
example, when a client makes changes to their investment profile or imposes or modifies
restrictions on the management of their account. Accounts below $5,000 may deviate from
the asset class weight or target allocation of the selected investment strategy. Rebalancing
below $5,000 may impact the ability to maintain positions in selected asset classes due to
the inability to buy or sell at least one share of an ETF. For example, withdrawal requests
may require entire asset classes to be liquidated to generate and disburse the requested
cash.
Sweep Program. Each investment strategy involves a cash allocation held in a sweep program
at Charles Schwab Bank (the “Sweep Program”). The cash allocation is a minimum 4% of an
account’s value to be held in cash, and may be higher, depending on the investment strategy
chosen for a client by Geller Advisors. The cash allocation will be accomplished through
enrollment in the Sweep Program. By enrolling in Geller SPS, clients consent to having the
free cash balances in their brokerage accounts at Schwab swept into deposit accounts
(“Deposit Accounts”) at Charles Schwab Bank (“Schwab Bank”) through the Sweep Program.
Schwab Bank is an FDIC-insured depository institution that is a Schwab affiliate. The Sweep
Program is a required feature of the Platform. If the Deposit Account balances exceed the
cash allocation for a client’s investment strategy, the excess over the rebalancing parameter
will be used to purchase securities as part of rebalancing. If clients request cash withdrawals
from their accounts, this will likely require the sale of ETF positions in their accounts to bring
their cash allocation in line with the target allocation for their chosen investment strategy. If
clients have taxable accounts, those sales may generate capital gains (or losses) for tax
purposes. In accordance with an agreement with Schwab, Schwab Bank has agreed to pay
an interest rate to depositors participating in the Sweep Program that will be determined by
reference to an index.
Compensation to Schwab Under Geller SPS. As discussed above, Schwab does not charge
brokerage clients a fee for having an account on the Platform. Schwab and its affiliates
receive revenue from the following sources, which affects the performance of accounts on
the Platform: (i) Schwab requires a minimum 4% cash allocation for each investment strategy.
Schwab Bank earns revenue from the cash allocation, which is placed in an FDIC-insured
deposit account at Schwab Bank. The higher the cash allocation and the lower the interest
rate paid to clients, the more Schwab Bank earns; (ii) each ETF, including a Schwab ETF, pays
investment advisory, administrative, distribution, transfer agent, custodial, legal, audit, and
other customary fees and expenses, as set forth in the prospectus. These fees and expenses
are ultimately borne by fund shareholders. Therefore, Charles Schwab Investment
Management, Inc., a Schwab affiliate, will earn investment advisory and/or administrative
service fees (or unitary fees) from Schwab ETFs, Schwab Funds®, and Laudus Funds® that
are held in the Platform accounts; and (iii) Schwab receives remuneration, such as liquidity
or order flow rebates, from market venues to which orders are routed. Schwab also pays fees
for execution of certain orders.
C. Tailored Advisory Services and Client Imposed Restrictions
Geller Advisors provides investment advisory services specifically tailored to the needs of each client.
Before providing investment advisory services, Geller Advisors will ascertain each client’s investment
objectives. Thereafter, Geller Advisors will allocate and/or recommend that the client allocate
investment assets consistent with the designated investment objectives. The client may, at any time,
impose reasonable restrictions, in writing, on Geller Advisors’ services. With regard to Geller Funds,
Geller Advisors manages each Fund in accordance with the investment objectives and strategy
outlined in the particular Fund’s governing documents. Geller Advisors does not tailor the
management of any Geller Fund to the specific investment objectives of any underlying investor in
a Geller Fund.
Geller Advisors also provides, for a separate fee, account reporting services, which may incorporate
client investment assets that are not part of the assets that Geller Advisors manages (the “Excluded
Assets”). The client’s other advisers who maintain trading authority, as opposed to Geller Advisors,
are exclusively responsible for the oversight, supervision, and investment performance of the
Excluded Assets. Geller Advisors’ services related to the Excluded Assets are limited to reporting
only.
D. Wrap Fee Disclosure
Not applicable.
E. Assets Under Management
As of December 31, 2023, Geller Advisors managed $5,890,631,778 Assets Under Management on a
discretionary basis and $21,126,086 on a non-discretionary basis. Geller Advisors also managed
$3,704,421,659 in Assets Under Advisement.
Clients may request more current information at any time by contacting the Geller Advisors.