Frequently Asked Questions

How are MMPW’s client relationships formalized?
Does MMPW utilize proprietary mutual funds in the portfolios under its investment management?
What type of client does MMPW represent?
What type of investments does MMPW use to manage its client portfolios?.
How often does a client receive an account statement and what does it consist of?
Does MMPW provide wealth management services to clients?
How often does a representative from MMPW meet with each client?
What is a Registered Investment Adviser?
Will your firm hold my assets? Are you also my custodian?
Who reconciles and reports on activity within my account?
How is your firm compensated? Do you charge commissions?

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How are MMPW’s client relationships formalized?
Both the client and MMPW sign an investment management agreement which details the duties, responsibilities and obligations of MMPW in general terms and pursuant to regulatory considerations. The contract may be terminated by either party upon written notice.
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Does MMPW utilize proprietary mutual funds in the portfolios under its investment management?
No. MMPW does not serve as investment adviser to any mutual funds, so it does not receive investment advisory fees from any mutual fund. In addition, the Firm does not receive any 12(b)(1) fees from mutual funds; nor does the Firm receive any fees from mutual funds pursuant to any revenue sharing arrangement. Mutual funds used by MMPW in the investment management of its clients’ portfolios are selected strictly on their merits pursuant to the Firm’s mutual fund selection process.
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What type of client does MMPW represent?
MMPW manages stock and bond portfolios for individuals, 401-(k) and profit sharing plans, IRA rollovers, trust and estates, and private foundations.
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What type of investments does MMPW use to manage its client portfolios?
MMPW uses individual stocks and bonds, no-load mutual funds, exchange traded funds (ETFs) and money market funds. The selection of these types of investments depends on the size of the client’s portfolio, whether the portfolio is taxable or tax-exempt, the portfolio’s asset allocation and whether there are periodic cash flows to (or from) the account.
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How often does a client receive an account statement and what does it consist of?
MMPW provides statements to each client on a quarterly basis. This report provides clients with a detailed summary of the assets in the account reflecting (among other things) the cost basis and current market value of each security. In addition, the client receives an investment performance report which provides the portfolio’s time-weighted rates of return for each asset class and compares the return to an appropriate benchmark over various periods of time (including since the inception of the account). The client also receives a year end capital gains and loss report, a year end summary of the portfolio’s income and expenses, and quarterly summaries of the portfolio’s purchases and sales.
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Does MMPW provide wealth management services to clients?
Working with the client’s other professional advisers, MMPW coordinates portfolio management with other aspects of the client’s financial affairs. This includes such matters as income tax planning, retirement planning, estate planning, life insurance and charitable giving.
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How often does a representative from MMPW meet with each client?
MMPW is flexible and will meet with its clients as often as requested. These meetings are important not only to review the status and performance of the portfolio but to review the client’s overall financial situation and the possibility of a change in investment objectives, as well.
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What is a Registered Investment Adviser?
MMPW is an employee-owned investment advisory firm registered with the United States Securities and Exchange Commission under the Investment Adviser's Act of 1940. As a Registered Investment Adviser (RIA), the Firm is bound by law to act in a FIDUCIARY capacity to each client. This fiduciary standard requires a Registered Investment Adviser to place the interests of its clients ahead of all other interests. Other “non-fiduciary” financial advisers (such as a stockbroker or insurance agent), on the other hand, are held to a mere “suitability” standard which does not require such an adviser to place the interests of his clients first or to disclose any potential conflicts of interest.
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Will your firm hold my assets? Are you also my custodian?
MMPW serves as an investment adviser only – not as custodian. Therefore, the Firm never takes possession of a client’s assets, and a separate custodian is required to do so. The custodial relationship allows for the separation of investment advisory services from the possession and control of client assets.
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Who reconciles and reports on activity within my account?
There is a dual level of responsibility for reporting on client assets provided both by MMPW and by the custodian. This separation of advisory services from the custody of assets allows for a system of checks and balances with respect to the accounting of the assets in the client’s account. At month end, each account is balanced and reconciled by MMPW against the custodian’s records. In addition to MMPW’s quarterly report, the client also will receive a monthly or quarterly report from the custodian.
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How is your firm compensated? Do you charge commissions?
MMPW is a fee-only advisory firm and does not charge commissions. Its investment management fees are the sole source of compensation for the Firm. They are charged according to a published fee schedule based on the assets under management or as a flat-fee, subject to negotiation. MMPW does not receive any compensation or benefit from the financial products that the firm utilizes to manage client accounts.
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  The purpose of this Web site is to provide general information about services provided by Mitchell, McLeod, Pugh & Williams, Inc. This site is not intended to provide investment advice nor is it in any way a solicitation or offer to sell investment advisory services in any jurisdiction in which it would be unlawful to do so. Visitors to this Web site should neither act nor refrain from acting on the basis of any information found on this site without first obtaining advice from a licensed professional.