Recognized as One of America's 250 Best Wealth Advisors by Worth Magazine, Asset Management Group, Inc. has been in business for years as an established registered investment advisor (RIA). The Stamford-based company is a financial advisor firm that specializes in investment management and financial planning services. The firm works almost entirely with individual clients, but it also counts businesses and retirement plans as clients.
As a fee-based firm, certain advisors at Asset Management Group may receive commissions for overseeing certain securities transactions or selling insurance products. On the other hand, a fee-only firm would earn compensation solely from client-paid fees.
Asset Management Group Background
Asset Management Group was founded in 1983 by LeGrand Redfield Jr. Today, Redfield acts as the president, CEO and principal owner of the firm, as well one of its two advisors. The firm's team includes one certified financial planner (CFP), one chartered life underwriter (CLU), one chartered financial consultant (ChFC) and four financial paraplanner qualified professionals (FPQPs).
Asset Management Group Client Types and Minimum Account Sizes
Asset Management Group primarily works with individuals below the high-net-worth threshold. However, about a third of the firm's client base consists of high-net-worth individuals. The remaining clients are a mix of corporations and retirement plans.
Asset Management Group doesn’t impose a minimum account size upon its clients. The firm does have up to a $2,847 minimum annual fee, though. As a result, if your account is small enough, the aforementioned minimum fee may cause you to pay a higher fee percentage relative to other clients at the firm.
Services Offered by Asset Management Group
Asset Management Group provides three primary services to its clients, with asset management being just one of them. The firm manages client portfolios according to each client's individual needs, and it also offers financial planning services and general consulting on an "as needed" basis. Financial planning can touch on a wide catalog of topics depending on your specific situation:
- Asset management
- Comprehensive financial planning
- Cash flow overview and planning
- Tax planning
- Estate planning
- Retirement planning
- Insurance planning
- Consulting services
Asset Management Group Investment Philosophy
Asset Management Group prioritizes asset allocation over individual security selection when it comes to constructing client portfolios. The firm believes that such a strategy better lends itself to crafting a diversified portfolio that optimizes the potential for long-term returns.
When analyzing potential investments, the firm will employ both fundamental and technical analysis. Fundamental analysis is the practice of attempting to identify investments that the market is currently undervaluing. This is done by analyzing a company or fund’s financial statements, history, competition and other factors to gauge its intrinsic value. Technical analysis involves tracking statistics and indicators such as price and volume in order to suss out any trends that could potentially be exploited.
Asset Management Group Fees
Portfolio management services at Asset Management Group come with fees that are based on a percentage of your AUM. There will be an initial set-up fee of between $1,000 and $8,000, and annual fees thereafter will follow the below schedule:
|Portfolio Management Fees|
|Up to $2.5MM||1.00%|
Financial planning services at Asset Management Group come with either a fixed or an hourly fee. Flat fees typically range from $2,500 to $10,000 annually. For more limited planning or project-based consulting, the firm may charge an hourly fee of $800.
What to Watch Out For
Asset Management Group has no disclosures listed on its Form ADV, meaning its record with the U.S. Securities & Exchange Commission (SEC) is clean. Asset Management Group has a fee-based structure. This means the firm may earn commissions from transactions involving securities or insurance products.
This fee setup creates the potential for a conflict of interest, but keep in mind that Asset Management Group has a fiduciary duty. This means the firm is legally obligated to act in the best interests of its clients at all times.
Opening an Account With Asset Management Group
If you’re interested in scheduling an appointment with Asset Management Group, you can get in touch in a few different ways. You can pick up the phone and give the firm a call at (203) 964-8300, or you can fill out the contact form provided on the firm’s website. You can also schedule an appointment online by clicking the link on the firm’s homepage.
Tips for Finding a Financial Advisor
- The best financial advisor is one that understands your situation and builds a financial plan and portfolio that meets your needs. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If you find that many of the account minimums at traditional advisors are above your head, you may want to look into a robo-advisor service. Robo-advisors often have lower minimums and fees while also helping you reach your investment and retirement goals, though without the personal touch and hands-on guidance of a traditional advisor.
All information is accurate as of the writing of this article.