Miller Investment Management, Lp

CRD#108380
Investment Advisor Firm

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Overview

Miller Investment Management, Lp operates as a financial advisory firm based in Conshohocken, Pennsylvania. The company manages $2.4 billion in total assets over 242 client accounts, making it one of the biggest firms in the country by assets under management (AUM). The firm has a small group of 26 employees, of which 14 are financial advisors. Miller Investment Management, Lp is not a registered broker-dealer, signifying that it cannot buy and sell securities for its clients' and own accounts and instead must go through a broker-dealer company to do so. Securities are defined as exchangable financial assets such as equities, bonds and options.

Miller Investment Management, Lp manages most of the company's client assets in a discretionary manner. Discretionary management is a structure in which buy and sell judgments for the client's account are made by a portfolio manager without requiring client consent. The company also has 49 non-discretionary accounts with a total of $1.0 billion in AUM. The firm's average account size is $10.1 million. The average advisor at Miller Investment Management, Lp manages around 17 client accounts, placing it among the more personalized financial advisor firms in the country.

The company's central office is located at One Tower Bridge, Ste 1500, Conshohocken, Pennsylvania 19428-2874. The company is registered to serve investors across a few states, including California, Delaware, Florida, Massachusetts, New York, Ohio, Pennsylvania, South Carolina and Texas.

Assets Under Management

$2.4 billion

Number of Advisors

14

Fee Structure

Asset-based, Fixed, Performance-based

Disclosures

No

Office Location

One Tower Bridge, Ste 1500
Conshohocken, PA 19428-2874

Miller Investment Management, Lp by the Numbers

Total Assets Under Management

$2.4 billion

National Average: $3.3 billion
Total Number of Employees

26

National Average: 4,943
Total Number of Accounts

242

National Average: 2,522
Average Account Size

$10.1 million

National Average: $1.3 million

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Products and Services

Miller Investment Management, Lp offers a number of financial services, including financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for institutional clients and selection of other advisers. In the last fiscal year, Miller Investment Management, Lp provided 11-25 of its accounts with financial planning services. The firm does not sell products or offer services aside from investment advisory services to its investment advisory accounts.

Core Advisor Services

  • Offered by 45% of firms

    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 63% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

  • Find a firm that offers this service

    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 23% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

  • Find a firm that offers this service

    Publication of Periodicals

    This is the publication of various financial education materials.

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    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Fees for financial advisory services depend on the financial services provided. However, fee types billed by Miller Investment Management, Lp can consist of the following fee types: asset-based, fixed or performance-based. The company does not supply a wrap fee program, in which the firm offers a bundle of services for a comprehensive fee.

Available

  • Offered by 75% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 17% of firms

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

  • Offered by 40% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 37% of firms that offer this fee type

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Find one of the 3% of firms that offer this fee type

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Find one of the 1% of firms that offer this fee type

    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 12% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

It works with retail investors, high net worth investors, pooled investment vehicles and charitable organizations. Out of its 242 clients, Miller Investment Management, Lp's largest client type by number of accounts is high net worth investors, though it also caters to 130 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an investor who has at least $750,000 in AUM or a net worth of more than $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the firm's clients are represented by non-U.S. persons.

  • High-Net-Worth Individuals* - 71.04%
  • Other Individuals - 13.11%
  • Corporations - 11.48%
  • Charitable Organizations - 4.37%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Miller Investment Management, Lp does not have any disclosures.

Please visit its Form ADV for more details.

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This content was compiled from the SEC and FINRA