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|
|$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|
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
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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