Lehmann, Livian, Fridson Advisors, LLC

The firm provides discretionary and non‑discretionary portfolio management and investment consulting primarily to high‑net‑worth individuals (typical liquid net worth $1 million to $50 million), as well as trusts, estates and corporations or other business entities, generally charging percentage‑of‑assets fees and maintaining a stated $500,000 account minimum that may be negotiable in some circumstances. It does not participate in wrap programs and offers both ongoing account supervision and more limited consulting engagements.

The investment process combines a top‑down macro assessment with both fundamental and technical security analysis to construct portfolios of common and preferred equity, debt securities, mutual funds, ETFs/ETNs and occasional listed options; the firm offers five model portfolios (from Conservative Income to Equity), typically favors longer holdings but permits tactical trading and option strategies for hedging or income. The firm recently discontinued a Schwab‑hosted automated “LIVX Digital Portfolios” program and transitioned those accounts to direct, personalized portfolio management, changing how investment selection and rebalancing are implemented.

Several arrangements distinguish the firm from many peers: a related adviser provides recordkeeping, trading, research, reporting and compliance under a management agreement, the firm is connected to a private partnership (LIVIAN CAPITAL OPPORTUNITIES, LP) that accepts performance fees, and a related newsletter publisher operates under a promoter/referral agreement that receives a portion of referred client revenue; the firm maintains trade rotation and blackout policies to address allocation and timing conflicts arising from these relationships. It also accepts corporate/business clients and declines proxy‑voting authority, features that are less common for firms of this size and structure.