Mystic Asset Management, Inc. (Warwick)

Mystic Asset Management, Inc. is a large advisory firm based in Warwick. It manages $189.41 million of regulatory assets for 122 client accounts. It has been registered with the SEC as an adviser since 2014 and has operated in the jurisdictions of Connecticut and Rhode Island.

Mystic Asset Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, selection of other advisers, and trust account management. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Mystic Asset Management: assets under management

The assets under management (AUM) of Mystic Asset Management, Inc. is $189.41 million. The firm's AUM has gone down by -1% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $181.86 million in discretionary accounts and $7.55 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $1.5 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $7.55 million.

Investments

The firm invests in exchange traded securities the most. They account for 65% of the total AUM. The second-largest asset type is state and local bonds, which make up 19% of the firm’s portfolio. Investments in investment grade corporate bonds form 10% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Mystic Asset Management, Inc. for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and commissions. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Mystic Asset Management serves?

The firm provides services to individuals, charitable organizations, and high net worth individuals. The largest group of clients of Mystic Asset Management is high net worth individuals with 73 clients and $122.9 million of assets under management. Among the 11 most similar advisory firms, Mystic Asset Management has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $145.96 million for 121 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Mystic Asset Management doesn't advise any private funds.

Careers at Mystic Asset Management, Inc.

The company employs 2 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 2 employees are registered as investment adviser representatives with the state securities authorities.

There are 3 people with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
David William Allaire	Vice president	1 Sep 2002	50% - 75%	1906408
Sotirios Mike Pappas	President & cco	1 Sep 2002	50% - 75%	3203303

Based in Warwick

The principal office where Mystic Asset Management, Inc. performs its advisory services is located at 1287 Post Road, Warwick, RI 02888, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 866-206-5272 or by fax 401-421-1451. The normal business hours are 9:30-4pm on Monday - Friday.