Going by Miller Russell Acquisitions at some point in its nearly 30 years, the firm now does business as MRA Associates. It is based in Phoenix and has satellite offices in Las Vegas and Wayzata, Minnesota. With more than $2.3 billion in assets under management (AUM), the firm employs 27 advisors and 56 employees overall.
MRA Associates Background
MRA was founded in 1991 by people who have since sold their stakes and left the firm. It currently has six managing partners - CEO Mark Feldman, Brad Lemon, Christina Burroughs, Maureen Rzeppa, Chief Investment Officer Nathan Erickson and Mike Hirte - plus five partners. Bill Hodges, who also owns an interest, serves as chairman.
What Types of Clients Does MRA Associates Accept?
MRA’s individual clientele is close to evenly split between high-net-worth individuals and non-high-net-worth individuals. The firm also works with businesses, retirement plans, trusts, estates, sovereign nations, endowments, foundations and other charitable organizations.
MRA Associates Minimum Account Sizes
Though minimums may be lowered or waived at its discretion, the firm generally requires a $2 million minimum for investment advisory services and $3 million minimum for retirement plan consulting services. The robo-program requires only $5,000 to open an account and $50,000 to have the tax-loss harvesting feature.
Services Offered by MRA Associates
MRA primarily offers investment management and consulting services. It also manages private investment funds and serves as sub-advisor to an affiliated fund. On request, the firm can provide income tax consulting and return preparation - and may be able to help with wealth management services, including cash flow planning, estate planning, charitable giving and wealth transfer.
Additionally, MRA offers an automated investment program through Charles Schwab & Co.’s Institutional Intelligent Portfolios platform. Charles Schwab would be the brokerage for the client account and the portfolio would be invested in exchange-traded funds (ETFS), mutual funds and cash.
MRA Associates Investing Philosophy
The firm bases investment decisions on both academic theory and informed market judgment, though it notes that “qualitative considerations play an important role,” too. It primarily prefers long-term investment strategies and emphasizes the importance of diversification. It generally selects securities from a broad universe of mutual funds, fixed-income instruments, separately managed stock or bond portfolios, ETFs or notes and multi-strategy vehicles.
Fees Under MRA Associates
Like most investment advisors, MRA collects management fees based on a percentage of the client’s AUM. It may, though, charge a fixed fee for retirement plan consulting services or it may negotiate the fee at its discretion. The annual fee for the robo-program is 0.75% of AUM. Here is the standard fee schedule for investment management services:
|First $2 million||1.00%|
|Next $3 million||0.75%|
|Next $45 million||0.50%|
|$50 million or more||0.25%|
MRA Associates Awards and Recognition
For two years running - 2018 and 2019 - Forbes named CEO Feldman to its Best-In-State Wealth Advisors list.
Also, MRA has been named to the Financial Times’ 300 Top Registered Investment Advisers every year since 2015 (including 2019).
Additionally, since 2015, MRA has earned Financial Advisor Magazine’s top RIA ranking every year (including 2019).
What to Watch Out For
Except for its automated program, MRA does not work with small investors. So if you have less than $2 million to invest and want personalized investment advice, this firm will likely not be the right fit.
MRA reported two disclosures in its most recent SEC filings. One involved a senior client advisor and the other a senior client associate. Both remain with the firm, as the legal or disciplinary events are not related to services provided by MRA in its history.
Opening an Account With MRA Associates
To contact MRA, you can send a message on its website, https://www.mraassociates.com/contact/. Or you can call the office nearest you:
- Phoenix, Arizona (headquarters) - (602) 737-2750
- Las Vegas, Nevada - (702) 479-2799
- Wayzata, Minnesota - (888) 655-4210
Where Is MRA Associates Located?
The main office is at 3200 East Camelback Road, Suite 300, Phoenix, Arizona 85018.
The other offices are located at:
- 9139 West Russell Road, Las Vegas, Nevada 89148
- 1907 Wayzata Boulevard, Suite 200, Wayzata, Minnesota 55391
All information was accurate as of the writing of this article.
Tips for Finding a Financial Advisor
- Don’t have $2 million to invest - but want more personalized help than a robo-advisor can offer? Use SmartAsset’s financial advisor matching tool. Simply answer questions about your financial situation and preferences, and the program will match you with up to three suitable advisors in your area.
- Ask how advisor candidates get paid. Those whose only compensation is the fees they collect from you will likely have fewer conflicts of interests than those who also receive commissions. That said, if any advisors say they are fiduciaries, that means they will work in your best interests.