Mystic Asset Management
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Overview
Mystic Asset Management is a financial advisory company located in Warwick, Rhode Island. The company administers $287.8 million in total assets throughout 56 client accounts, making it a mid-tier investment advisory firm in the nation by assets under management (AUM). Mystic Asset Management has a small group, including 2 financial advisors. Mystic Asset Management does not act as a registered broker-dealer, signifying that it is not able to buy and sell securities for its accounts and those of its clients and instead has to go through a broker-dealer firm to do so. Securities are tradable financial assets like options, bonds and stocks.
Mystic Asset Management manages more than half of its accounts in a discretionary manner. Discretionary management means that buy and sell decisions for the client's account are made by a portfolio manager without needing the client's approval. It also has three non-discretionary accounts totaling $17.1 million in assets under management. The firm's average account size is $5.1 million. The average advisor at Mystic Asset Management oversees around 28 client accounts, placing it towards the middle in terms of personalization.
Mystic Asset Management's headquarters is at 1287 Post Road, Warwick, Rhode Island 2888. The firm is legally allowed to serve investors throughout a number of states, including Connecticut and Rhode Island.
Assets Under Management
Number of Advisors
Disclosures
Office Location
Mystic Asset Management by the Numbers
$287.8 million
3
56
$5.1 million
Products and Services
Mystic Asset Management provides a variety of services, which can consist of financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, selection of other advisers and other services. Notably, the company did not provide any of its customers with financial planning services in the previous fiscal year. The firm is involved in selling products or offering services other than investment advice to its customers.
Core Advisor Services
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Offered by 31% 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.
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Offered by 46% of firms
Portfolio Management
This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.
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Market Timing Services
This is the practice of attempting to make short-term profits on investments by buying low and selling high.
Other Services
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Offered by 20% of firms
Selection of Other Advisors
This is the firm's assistance with choosing other advisors to work with who may have different specialties.
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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.
Fee Structure
Fees charged by financial advisors largely are based on which services the firm provides the client. Fees charged by the firm likely are comprised of the following fee structures: asset-based, hourly, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are not offered by Mystic Asset Management.
Available
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Offered by 69% of firms
Percentage of Assets
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Offered by 21% of firms
Hourly
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Offered by 1% of firms
Commissions
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Offered by 32% of firms
Fixed
Unavailable
Types of Clients
The company caters to retail investors, high net worth investors and charitable organizations. Out of its 56 customers, Mystic Asset Management's largest client group by number of accounts is high net worth investors, though it also caters to 24 high-net-worth individuals. The SEC defines a high-net-worth individual as an individual who has at least $750,000 under management or a net worth of more than $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). None of the company's accounts are represented by non-U.S. persons.
- High-Net-Worth Individuals* - 43.64%
- Other Individuals - 38.18%
- Corporations - 0%
- Charitable Organizations - 18.18%
* 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
Mystic Asset Management does not have any disclosures.
Please visit its Form ADV for more details.
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The content in this profile was updated by SmartAsset on 4/16/2023. All advisor details come from publicly available data, and we cannot guarantee the accuracy of the content. We are unable to make individual profile updates. If you want your profile removed temporarily or permanently, please contact profile-compliance@smartasset.com.
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