Steven Feldstein & Associates

Steven Feldstein & Associates

Steven Feldstein & Associates opened in 1974 as a Basking Ridge, New Jersey-based registered investment advisor. Steven Feldstein founded the firm to deliver non-discretionary investment counsel — meaning clients keep final authority over every transaction while the firm designs the architecture. The practice built its early book advising high-net-worth individuals and trusts in the New York metropolitan area, later expanding to estates, charitable entities, and business corporations. The firm's non-discretionary model drives a distinctive deployment pattern: it constructs portfolios spanning public equities, fixed income, real estate, private credit, and hedge fund allocations, but executes only at the client's explicit direction. This creates a hybrid between a traditional wealth manager and an outsourced family office — Feldstein's team runs the research, manager due diligence, and rebalancing logic, while the client holds the investment decision and custody relationship. The approach attracts families who want institutional portfolio construction without surrendering control over cash flows or mandate scope. The Basking Ridge office remains the sole location. Team size and total assets under advisement are not publicly disclosed, and the firm has maintained a deliberately low public profile across its five decades. It does not actively market pooled vehicles, does not operate a discretionary SMA platform, and does not appear to run proprietary fund products — a structural choice that sidesteps the conflicts embedded in most fee-based advisory models. That architecture is the firm's differentiator. Most RIAs have migrated toward discretionary AUM billing and proprietary strategist models that bundle advice with product. Feldstein's non-discretionary posture, sustained across fifty years, removes the incentive to maximize asset-gathering and keeps the advisor's interest aligned purely with portfolio performance and manager selection. For allocators evaluating advisor relationships, that structural alignment maps closely to the ethos of a single-family office — without the associated overhead.