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MJP Wealth Advisors Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

MJP Wealth Advisors, also known as MJP Associates, is a financial advisor firm based in Farmington, Connecticut. The majority of the firm's clients are individuals, but it also works with institutional clients like businesses and pension plans. MJP provides a wide range of financial planning, consulting and portfolio management services.

MJP is a fee-based firm: in addition to advisory fees, some of its advisors receive commissions for the sale of certain securities or insurance products. This is different from a fee-only firm, which receives only advisory fees.

MJP is among SmartAsset's top-rated advisory firms in Farmington. The firm was also recognized by Financial Times as one of the top 300 registered investment advisor (RIA) firms in the country from 2018 to 2020.

MJP Wealth Advisors Background

MJP Wealth Advisors was founded by Mort Potoff in 1981, though the firm didn't register as an investment advisor until 1983. Potoff is still involved with the firm today, but Brian and Michele Vendig are the principal owners of the business. Brian Vendig serves as president and managing executive, while Michele Vendig acts as senior vice president. The firm is headquartered in Farmington, but it has a secondary office in Westport, Connecticut.

Across the firm's advisory staff, there are a number of certifications. These include four certified financial planners (CFPs), one certified public accountant (CPA), two accredited investment fiduciaries (AIFs) and one chartered financial consultant (ChFC).

MJP Wealth Advisors Client Types and Minimum Account Size

MJP Wealth Advisors mainly works with non-high-net-worth individuals. The firm also has a few high-net-worth individuals as clients, along with some pension and profit-sharing plans, charities and businesses.

In order to open an account with MJP, you'll need at least $500,000 in investable assets. This minimum is generally non-negotiable, though total family assets that meet the aforementioned requirement may allow for lower individual account minimums.

Services Offered by MJP Wealth Advisors

MJP Wealth Advisors offers a range of financial planning, consulting and investment management services to clients. All of the firm's services are designed to help clients meet their individual and family financial goals.

Investment management services are provided on both a discretionary and non-discretionary basis. Financial planning and consulting services relate to issues like estate planning, retirement planning or tax planning.

Retirement plan services are available to employer plan sponsors, though financial planning and consulting services may also help individuals with their own retirement plans. The firm also provides third-party management services and online-only wealth management.

MJP Wealth Advisors Investment Philosophy

Regardless of whether you want to invest, make a financial plan or do both, the firm and its advisors look to tailor all advice based on your specific needs and objectives. This includes determining the appropriate information when it comes to your investment history, time horizon, risk tolerance, income needs and more. Advisors use these insights to craft strategies that work for each client on an individual level. The firm offers strategies that range from preservation to growth, with risk-averse clients remaining on the safer side of that spectrum.

MJP tends to use stocks, exchange-traded funds (ETFs), mutual funds and bonds when crafting clients' portfolios. Advisors here utilize many different methods of analysis to properly evaluate investments, such as fundamental analysis, technical analysis, charting and intermarket analysis. They also focus on third-party research to further inform their respective investment decisions. All portfolios are designed with long-term returns and sustainability in mind.

Fees Under MJP Wealth Advisors

Fees for portfolio management services at MJP Wealth Advisors are charged based on a percentage of each client's total AUM. If your account surpasses $4.5 million in value, then the firm will negotiate a separate fee with you.

Portfolio Management Fees
Assets Under Management Annual Fee
First $750K 1.35%
$750K - $1.25MM 1.15%
$1.25MM - $2MM 0.95%
$2MM - $3MM 0.80%
$3MM - $4.5MM 0.75%
$4.5MM and up Negotiable

Here is the estimated dollar amount you'd pay in advisory fees based on the size of your account:

*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.
Estimated Investment Management Fees at MJP Wealth Advisors*
Your Assets MJP Wealth Advisors Fee Amounts
$500K $6,750
$1MM $13,000
$5MM Negotiable
$10MM Negotiable

Fees for financial planning services are charged on either a flat or hourly basis. Flat fees range from $1,500 to $5,000, whereas hourly fees can be anywhere from $100 to $450. 

What to Watch Out For

MJP Wealth Advisors not have any disclosures of legal or disciplinary events on its most recent Form ADV.

Since MJP Wealth Advisors is a fee-based firm and has advisors that receive commissions for the sale of certain financial products to clients, there exists the potential for a conflict of interest to arise. However, the firm is still bound by fiduciary duty to act in your best interest at all times.

Opening an Account With MJP Wealth Advisors

If you're interested in opening an account with MJP, you can go online to the firm's website and submit a contact form. You can also call (860) 677-7755 to schedule an appointment.

Tips for Financial Planning

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  • SmartAsset’s investment calculator can help you understand how quickly your money can grow. And our asset allocation calculator can help you determine an ideal mix of investments based on your risk tolerance. 

How Long $1mm Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We analyzed data on average expenditures for seniors, cost of living and investment returns to determine how many years of retirement a $1 million nest egg would cover in cities across America.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research