Investment Policy Statement Review
A structured review of your existing IPS — objectives, spending policy, asset allocation framework, and governance provisions — with written recommendations for refinement.
$8,500one-time project
Non-Discretionary Investment Advisory
Foundations & Endowments
Family Office Consulting
Manager Research & Due Diligence
Portfolio Construction
Bethesda, Maryland — Est. 2009
Non-Discretionary Investment Advisory
Foundations & Endowments
Family Office Consulting
Manager Research & Due Diligence
Portfolio Construction
Bethesda, Maryland — Est. 2009
Monticello Associates — Bethesda, MD
Through a singular focus, more is seen.
We provide highly specialized, non-discretionary investment advisory services to prominent foundations, endowments, family offices, and high-net-worth individuals — built on independent research, not commissions.
Endowment
Long-horizon capital stewardship
Family Office
Multi-generational allocation review
Foundation
Manager due-diligence framework
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01 / About
A focused advisory, not a brokerage.
Monticello Associates was founded on a simple conviction: that institutional and family capital is best served by an advisor with no products to sell and no agenda but the client's. We work exclusively on a non-discretionary basis, meaning every recommendation is researched, defended, and documented — but the decisions remain yours.
We are paid only by our clients. Never by managers. Never by funds. Never by anyone whose interest is not yours.
From our Bethesda office, we serve a deliberately limited number of relationships across the United States — foundations, endowments, family offices, and high-net-worth individuals who value depth over breadth. Our work spans manager research, portfolio construction, governance support, and ongoing investment education for trustees and family members alike.
The result is an advisory relationship built on clarity, evidence, and patience — the qualities that compound over the long horizons our clients care about.
Bethesda, MD — Independent since 2009
02 / Services
What we do, and what we charge.
Our services are retainer- and fee-based, scaled to the complexity of the relationship. Indicative annual ranges are shown below; final terms are documented in a written advisory agreement following an introductory meeting. We do not receive compensation from any investment manager.
Ongoing Non-Discretionary Advisory
Continuous advisory retainer covering manager research, portfolio construction guidance, quarterly performance review, and committee support. Tailored to endowments and foundations.
$48,000 – $95,000annual retainer
Family Office Investment Consulting
Dedicated advisory for single and multi-family offices, including asset allocation, manager selection across private markets, and coordination with tax and legal counsel.
$65,000 – $140,000annual retainer
Manager Research & Due Diligence
Bespoke manager search across public and private strategies — sourcing, operational due diligence, reference checks, and a written recommendation memorandum.
$12,000 – $28,000per search
Asset Allocation Study
Capital-markets-assumption-driven study to set or rebalance long-term strategic allocation, including scenario modeling and spending-rate sustainability analysis.
$15,000 – $32,000one-time study
Trustee & Investment Committee Education
Custom on-site or virtual education sessions for boards and investment committees — governance best practices, market context, and fiduciary literacy.
$4,500per session
Performance Reporting & Oversight
Independent performance attribution, benchmarking, and custodial reconciliation delivered quarterly, with a written commentary for your committee or family.
$9,500annual add-on
03 / Approach
Three commitments that shape every engagement.
Independent, always
We accept no compensation from investment managers, fund sponsors, or platforms. The only fee we receive is the one our client pays. This is the foundation of every recommendation we make.
Non-discretionary by design
Decisions remain with the client and their committee. Our role is to research, recommend, document, and educate — never to trade on authority we have not been granted. Transparency is the byproduct.
Built for the long horizon
Endowments, foundations, and family capital are stewarded across generations. We optimize for durability and judgment under uncertainty — not for quarters, headlines, or noise.
2009Founded
$14B+Advised AUM
40+Client relationships
0Manager commissions
04 / Contact
Connect with a true partner.
Tell us about your capital and your questions.
We accept a limited number of new client relationships each year. If you represent a foundation, endowment, family office, or are a high-net-worth individual seeking independent advisory counsel, we would welcome a confidential conversation.
Based in Bethesda, Maryland, we serve clients across the United States. Use the form to request an introductory meeting, or reach us directly using the details below.