MacGuire,
Cheswick & Tuttle Investment Counsel LLC
1020 Boston Post
Road - Suite 220
Darien, CT 06820
203-655-3323
www.mct-advisors.com
This Brochure provides information about the qualifications and
business practices of MacGuire, Cheswick & Tuttle Investment Counsel LLC
(“MCT”). If you have any questions about
the contents of this Brochure, please contact us at 203-655-3323 or
info@mct-advisors.com. The information in this Brochure has not been approved
or verified by the United States Securities and Exchange Commission (“SEC”) or
by any state securities authority.
Additional information about MCT is available on the SEC’s website at
www.adviserinfo.sec.gov.
MCT is a registered investment adviser. Registration of an Investment
Adviser with the SEC does not imply a certain level of skill or training.
Material Changes
MCT’s most recent update to Part 2 of Form ADV was made in September
2009. MCT’s business activities have not changed materially since the time of
that update. However, in 2010 the SEC required significant changes to the
content and format of Part 2 of Form ADV. This Brochure is a new document
prepared according to the SEC’s new requirements and rules. As such, this Brochure is materially
different in structure and requires certain new information that our previous
Brochure did not require. In the future,
this Item will discuss only specific material changes that are made to the
Brochure and provide a summary of such changes.
In the past we have offered or delivered information about our
qualifications and business practices to clients on at least an annual
basis. Pursuant to new SEC Rules, we
will ensure that you receive a summary of any materials changes to this and
subsequent Brochures within 120 days of the close of our business’ fiscal year,
which is currently December 31. We may
provide other ongoing disclosure information about material changes as
necessary. We will provide you with a
new Brochure as necessary based on changes or new information, at any time,
without charge.
Currently, our Brochure may be requested by contacting Adele Kaoud,
Joann Dunn or Lissette Villacis at 203-655-3323 or at
info@mct-advisors.com. Our Brochure is
also available on our web site, www.mct-advisors.com, free of charge.
Additional information about MacGuire, Cheswick & Tuttle
Investment Counsel LLC is available on the SEC’s web site
www.adviserinfo.sec.gov. The SEC’s web
site also provides information about any persons affiliated with MCT who are
registered, or are required to be registered, as investment adviser
representatives of MCT.
Table of
Contents
Cover Page
Material Changes ii
Table of Contents iii
Advisory Business 1
Fees and Compensation 2
Performance-Based Fees and Side-By-Side Management 4
Types of Clients 4
Methods of Analysis, Investment Strategies and Risk of Loss 4
Disciplinary Information 7
Other Financial Industry Activities and Affiliations 8
Code of Ethics 8
Brokerage Practices 10
Review of Accounts 12
Client Referrals and Other Compensation 13
Custody 13
Investment Discretion 14
Voting Client Securities 14
Financial Information 15
Brochure
Supplement.... 16
Advisory
Business
MacGuire, Cheswick & Tuttle Investment Counsel LLC (“MCT”)
provides investment advisory services on a discretionary, separate account
basis to individuals, corporations and other organizations, trusts, estates,
charitable organizations and employee benefit plans.
MCT works closely with each client to understand their specific
financial situation, investment objectives and risk profile. MCT's investment discretion is exercised in a
manner tailored to meet the divergent objectives and risk profiles of different
clients and different types of accounts.
When determining asset allocation, sector allocation, security selection
and position size, MCT considers the investment objectives, risk profiles,
limitations and restrictions of the client.
The client may submit investment guidelines or restrictions to MCT at
any time. Such guidelines become part of
the investment advisory agreement only upon written acceptance by MCT. MCT may choose, but is not required to act
upon the client’s oral instructions.
Accounts are reviewed regularly and changes to investment policies may
be mutually agreed to in light of all pertinent facts.
MCT was founded in 2001 under the name K.A. MacGuire & Company
LLC by Kevin A. MacGuire. It changed its
name to MacGuire, Cheswick & Tuttle Investment Counsel LLC in 2009 in
connection with the addition of Susan Cheswick Brewer and David P. Tuttle,
formerly of Cheswick Wright Wealth Management LLC (“CWWM”), which was founded
in 2006 by Susan Brewer, David Tuttle and others. CWWM succeeded to the business of Cheswick
Investment Co. Incorporated, which was founded in 1986. Kevin A. MacGuire, Susan Cheswick Brewer and
David P. Tuttle are the owners, Managing Directors and Portfolio Managers of
MCT, and constitute its Investment Committee.
MCT offers advice on many types of investments, including equity
securities of domestic and foreign issuers, warrants, options, corporate debt
securities, commercial paper, certificates of deposits, municipal securities,
investment company securities (mutual funds), exchange-traded funds (ETFs) and
U.S. government and agency securities.
In connection with providing investment advice, MCT may discuss
legal, estate planning, financial planning, accounting, tax and other wealth
management issues with clients. However,
MCT is not engaged in the business of rendering legal, estate planning,
financial planning, accounting or tax advice.
Accordingly, such discussions shall not constitute specific advice to
the client in those areas, and MCT will not be liable for any actions taken by
the client as a result of such discussions.
Clients should seek guidance from qualified professionals in those
fields.
As of December 31, 2010, MCT managed assets of $342,000,000, all of
which were managed on a discretionary basis.
Fees and
Compensation
Fees for investment management services are charged quarterly in
advance. Fees are based upon the market
value of each account at the beginning of each billing period. Clients generally authorize MCT to directly
debit fees from client accounts, though certain clients are billed directly for
fees. MCT reserves the right to adjust
fees by credit or additional charge for net deposits and withdrawals in excess
of $100,000 made during the previous quarter.
Accounts initiated or terminated during a calendar quarter will be
charged a prorated fee. Upon termination
of an account, any prepaid, unearned fees will be promptly refunded, and any
earned, unpaid fees will be due and payable.
The applicable fee schedule or rate is attached to or incorporated in
the client's investment management agreement.
Fees are generally 1% per annum on the assets under management, though
certain accounts may be charged a higher fee.
Fees may be modified, reduced or eliminated where portfolios contain a
mix of investment funds and separate securities, where large portfolios are
under management, or under other circumstances.
Fees for management of mutual funds and exchange-traded funds represent
charges to clients for fund selection and monitoring, asset allocation and
wealth management services. They are in
addition to the internal expenses of the funds, including fees paid by the
funds, which are detailed in the fund prospectuses and financial reports.
MCT’s fees are exclusive of brokerage commissions, transaction fees,
and other related costs and expenses, which shall be incurred by the
client. Clients may incur certain
charges imposed by custodians, brokers, and other third parties such as
custodial fees, deferred sales charges, odd-lot differentials, transfer taxes,
wire transfer and electronic fund transfer fees, and other fees and taxes on
brokerage accounts and securities transactions.
Mutual funds and exchange-traded funds also charge internal management
fees, which are disclosed in a fund’s prospectus. Such charges, fees and commissions are
exclusive of and in addition to MCT’s fee, and MCT shall not receive any
portion of these commissions, fees, and costs.
Please see the Brokerage Practices section below for a discussion of our
brokerage practices.
Performance-Based
Fees and Side-By-Side Management
MCT does not charge any performance-based fees (fees based on a share
of capital gains on or capital appreciation of the assets of a client). Some investment advisers experience conflicts
of interest in connection with the side-by-side management of accounts with
different fee structures. However, these conflicts of interest are not
applicable to MCT.
Types of Clients
Most of MCT's clients are high net worth individuals, but MCT also
advises select non-high net worth individuals, corporations and other
organizations, trusts, estates, charitable organizations and employee benefit
plans.
The minimum account size is $1,000,000. This minimum may be waived for related
accounts, referrals from existing clients or for other reasons, or a minimum
fee may be charged.
Methods of
Analysis, Investment Strategies and Risk of Loss
MCT emphasizes traditional methods of “bottoms up” fundamental
security and industry valuation and analysis and an investment philosophy of
investing in high-quality securities over a long-term horizon. We also analyze “top down” global economic,
political and demographic factors, business and credit cycles, sentiment swings
and other general market influences. We
combine dynamic asset allocation and sector selection with active portfolio
management. Stock picking, sector
allocation and asset allocation are important drivers of portfolio construction.
MCT's methods of security analysis emphasize traditional techniques
of fundamental analysis, starting with detailed financial information on
publicly owned corporations. MCT uses
comparative analyses to identify companies of superior investment quality. MCT also considers business and credit cycles
and technical analysis as part of its security analysis.
MCT uses a wide variety of sources for information, including
corporate reports, corporate press releases and statements, financial news
wires, financial news and publications, corporate rating services, and
government reports and publications. In
addition, MCT has access to research material prepared by certain Wall Street
and independent research firms and to presentations by company managements,
security analysts, economists and other qualified observers of the markets.
MCT's investment strategies are tailored to meet the divergent
objectives of different types of clients and accounts. MCT's general strategy for all accounts is to
seek reasonable, risk adjusted, after-tax returns through an emphasis on
long-term investments in high quality securities. We strive to be tax efficient by being
sensitive to capital gains and other taxes when possible, and attempting to
maintain relatively low portfolio turnover.
The investment philosophy that guides the management of equity
portfolios is based on the belief that over a sufficiently long period of time,
the price of a company’s common stock reflects the growth of its earnings, cash
flow, dividends and book value.
Securities selected for inclusion in equity portfolios are primarily
corporations with (1) outstanding financial strength, (2) above-average rates
of consistent profitability, and (3) comparatively superior growth of earnings,
cash flow, dividends and shareholders’ equity.
Within this group, MCT emphasizes the purchase of equities that are
priced at reasonable levels relative to their historical valuations, their
peers and/or their prospects. It is
generally our intention to hold stocks we buy for 3-5 years, or longer. However, investment evaluations of approved
stocks are continuously monitored and updated as necessary.
MCT's fixed-income investment policies are based on the same
fundamental quality requirements as those for equities. We primarily focus on investing in debt
securities of issuers with superior financial strength. The selection of debt securities is based
primarily upon the outlook for the demand/supply relationships of money,
credit, and the security markets in general and of interest rates in
particular. Selection is directed to
those bonds whose coupon rates and maturities are evaluated as offering the
best opportunity for capital preservation and the greatest total investment
return (market price appreciation plus current income). The advantages of tax exempt versus taxable
bonds, long-term versus short-term maturities, of current income versus yields
to maturity, and of discounted, low-coupon issues versus new issues are
continually reviewed, and portfolio changes are made when appropriate.
It is generally our preference to purchase individual
securities. However, we will use mutual
funds or exchange-traded funds where individual security selection is believed
to be impractical or inefficient or commingled funds provide other
advantages. Where mutual funds and
exchange-traded funds are included in portfolios, MCT's investment
professionals evaluate, approve and monitor the quality of such funds.
Investing in securities involves risk of loss that clients should be
prepared to bear. The value of
investments may fluctuate in a wide range in response to events specific to the
issuers, as well as economic, political or social events in the U.S. or abroad.
Common stocks are generally subject to greater fluctuations in market
value than other asset classes as a result of such factors as a company’s
business performance, investor perceptions, stock market trends and general
economic conditions. MCT tends to be
invested in a relatively small number of stocks. As a result, the appreciation or depreciation
of any one security held will have a greater impact than it would if MCT
invested in a larger number of securities.
Although this strategy has the potential to generate attractive returns
over time, it may also increase volatility.
There is the additional risk that poor security selection or focus on
securities in a particular sector, category, or group of companies will cause
investments to underperform relevant benchmarks or other funds with a similar
investment objective.
Bond risks, include: interest rate risk, which is the risk that the
price of a bond will decline if market interest rates rise; income or
reinvestment risk, which is the risk that an investor’s income will decline if
interest rates fall because proceeds of the bond must be reinvested at lower
rates; credit risk, which is the risk that the issuer will fail to pay interest
and principal in a timely manner, or that negative perceptions of the issuer’s
ability to make such payments will cause the price of the bond to decline; and
call or prepayment risk, which is the risk that during periods of falling
interest rates, the issuer of a callable bond may call (repay) a bond with a
higher interest rate before its maturity date.
Disciplinary
Information
MCT and its management team have not been involved in any legal or
disciplinary events that would be material to a client’s or prospective
client’s evaluation of MCT’s advisory business or the integrity of MCT’s
management.
Other Financial
Industry Activities and Affiliations
MCT and its management team do not engage in other financial industry
activities and do not have other financial industry affiliations or
relationships that pose material conflicts of interest.
Code of Ethics
The management and employees of MCT typically invest in many of the
same securities, which are purchased for client portfolios. Clients are informed of this when they first
become clients. However, the management
team and employees are not permitted to trade in a manner that would be in
conflict with a client’s interests.
Conflicts of interest are minimal since most investments have a large
number of outstanding shares and wide marketability; also, most securities are
held for relatively long periods of time and the positions that any manager or
employee might make are too small to affect the market to any significant
degree.
To avoid any potential conflicts of interest involving personal
trades or otherwise, MCT has adopted a Code of Ethics describing its high
standard of business conduct, and fiduciary duty to its clients. The Code of Ethics includes provisions
relating to the confidentiality of client information, a prohibition on insider
trading, restrictions on the acceptance of significant gifts and the reporting
of certain gifts and business entertainment items, and personal securities
trading procedures, among other things.
All MCT employees must acknowledge and abide by the terms of the Code of
Ethics.
MCT's Code of Ethics requires, among other things, that employees:
· Act with
integrity, competence, diligence, respect, and in an ethical manner with the
public, clients, prospective clients, employers, employees, colleagues in the
investment profession, and other participants in the global capital markets;
· Place the
integrity of the investment profession, the interests of clients, and the
interests of MCT above
their own personal interests;
· Conduct all
personal securities transactions in a manner consistent with the Code of
Ethics;
· Comply with
applicable provisions of the federal securities laws.
MCT and its related persons do not buy shares from clients nor do
they sell shares to clients. MCT and its
related persons may from time to time (i) recommend to clients that they buy or
sell securities owned by MCT or a related person; or (ii) purchase or sell for
themselves securities that MCT may recommend to its clients. The foregoing recommendations are made only when
such action is appropriate to the client’s investment objective.
MCT and its related persons believe it desirable and proper that they
generally invest a portion of their own personal funds in the same securities
recommended to clients in order to align their interests more fully with their
clients. It is MCT’s policy to allocate
purchases and sales fairly among clients and MCT related persons. Decisions to buy or sell securities, which
are owned by MCT related persons are made without consideration as to such
holdings.
Employee trading is continually monitored under the Code of Ethics to
reasonably prevent conflicts of interest between MCT and its clients. MCT’s Code of Ethics requires employees to
pre-clear certain personal securities transactions, report personal securities
transactions on at least a quarterly basis, and provide MCT with a detailed
summary of certain holdings (both initially upon commencement of employment and
annually thereafter) over which such employees have a direct or indirect
beneficial interest.
MCT’s clients or prospective clients may request a copy of the firm's
Code of Ethics by contacting David P. Tuttle.
Brokerage
Practices
MCT has been granted the authority by many of its clients to place
security orders with any broker-dealer it approves for the execution of
investment transactions for its clients.
Clients are permitted to direct execution of transactions in their
accounts to a specific broker-dealer.
Many clients have exercised this right.
Clients who direct MCT to use a specific broker-dealer may pay higher
commissions on some transactions than might be obtainable by MCT, or may
receive less favorable execution of some transactions, or both. In the event a client is referred to MCT by a
broker-dealer, MCT may have a potential conflict between the client's interest
in obtaining best execution and MCT's interest in receiving future referrals
from the broker-dealer.
In selecting broker-dealers to be used in portfolio transactions,
MCT’s guiding principle is to seek to obtain the best overall execution on
client transactions. Except as noted
above, commission charges and discounts by all brokers, regardless of whether
or not they provide to or receive from MCT other services, are substantially
the same as those made by other brokers utilized by MCT and at rates which are
generally charged for similar transactions in the securities industry. Brokers are selected for each transaction by
MCT on the basis of previous experience with the broker and MCT’s judgment as
to the broker’s competence to execute the transaction efficiently.
In determining whether to effect brokerage transactions for its
clients through brokers or dealers who provide applicant with “research
services,” as that term is used in Section 28(e)(3) of the Securities Exchange
Act of 1934, MCT will determine in good faith that the amount of commission is
reasonable in relation to the value of the products and brokerage and research
services received from such broker-dealer, viewed with respect to either the
particular transactions involved or MCT’s overall responsibilities to all of
its clients. The research services
obtained may include a broad variety of financial and related information and
services, including economic, political and investment strategy research and
commentary, or other similar services or information believed to assist MCT and
its advisory functions and services. MCT
believes that its ability to obtain such products, research and services, is an
integral factor in the level of the advisory fees charged to clients and may
benefit all clients.
MCT does not currently maintain any formal, written soft dollar
arrangements. However, there are
relationships that MCT believes fit within the Rule 28(e) safe harbor for soft
dollar arrangements. MCT places trades
with JPMorgan and obtains access to research from JPMorgan and International
Strategy & Investments, but no hard dollar amount of commissions is
specified for the receipt of the research.
MCT typically recommends that clients establish accounts with Pershing
or Charles Schwab, independent broker-dealers who provide MCT with access to
their institutional trading and custody services, as well as research and other
services. While Pershing and Charles
Schwab are recommended to clients on the basis of the same criteria as other
broker-dealers used by MCT, a potential conflict of interest could occur if
MCT's recommendations to its clients were to be based on continued access to
the broker's research and services.
Economic and securities research obtained by MCT from third parties
would normally benefit many accounts rather than just the one(s) for which the
order is being executed, and not all research may be used by MCT in connection
with the account(s) which paid commissions to the broker providing the
research.
MCT may combine purchase and sale transactions with similar
transactions for other accounts whenever, in the discretion of MCT, it is in
the best interests of the particular client and of other clients of MCT and
does not impair the segregation of client property. Such transactions may be blocked, which may
sometimes reduce the cost of brokerage.
Each client is then allocated the stock on an average cost basis.
Review of
Accounts
The three Managing Directors/Portfolio Managers conduct account
reviews and meet with clients either in person or by telephone whenever they
deem it advisable or the client requests it.
Continuous and systematic reviews of all client accounts in accordance
with established procedures are made to ensure compliance with client guidelines
and investment policy, prompt investment of income and new deposits, as well as
proper disbursement or reinvestment of sales proceeds. In addition, asset allocation, security
selection and position size are under continuous review. All accounts are individually reviewed at
least monthly and most of them are reviewed more often.
Each client’s portfolio is reviewed by a Managing Director/Portfolio
Manager specifically assigned to that account.
Review triggers include: (i)
decisions to change asset allocations or weighting of individual securities or
industries; (ii) decisions to change maturity schedules of bond holdings; (iii)
decisions to sell or purchase individual stocks and bonds; (iv) bond calls and
maturities; (v) material cash infusions or withdrawals; and (vi) client
meetings and discussions.
All clients receive directly from their custodian at least quarterly,
and in some cases also from MCT, a detailed written statement that lists all
securities held, their cost and market value and other pertinent
information. Statements generated by MCT
are available upon request as needed and in some cases are provided monthly or
quarterly. Our statements may vary from
custodial statements based on accounting procedures, reporting dates, or
valuation methodologies of certain securities; however, such variances are
typically immaterial. Periodic
discussions are held with clients, often several times a year. Some clients may receive occasional
commentaries from MCT, which discuss the investment outlook and/or address
wealth management issues.
Client Referrals
and Other Compensation
MCT does not have any arrangement where it receives an economic
benefit from a non-client in connection with giving advice to clients.
From time to time, MCT may pay fees to third parties for client
referrals as permitted by Rule 206(4)-3 of the Investment Advisers Act of
1940. Such fees are paid by MCT rather
than the client, and the fee charged by MCT is not increased. Written fee sharing disclosures are made to
all clients referred by a paid third party.
Custody
MCT does not maintain physical possession of client securities. All client accounts are held in custody by
unaffiliated broker-dealers or banks.
Clients receive at least quarterly statements from the broker-dealer,
bank or other qualified custodian that holds and maintains the client’s
investment assets. MCT urges clients to
carefully review such statements and compare such official custodial records to
the account statements that we may provide to you. Our statements may vary from custodial
statements based on accounting procedures, reporting dates, or valuation
methodologies of certain securities; however, such variances are typically
immaterial.
Investment
Discretion
MCT receives discretionary authority to manage client securities
accounts pursuant to its investment advisory agreement and third party
custodial account opening agreements. In
all cases, however, such discretion is to be exercised in a manner consistent
with the stated investment objectives and any restrictions for the particular
client account.
When determining asset allocation, selecting securities and
determining position sizes, MCT observes the investment policies, limitations
and restrictions of the client. The
client may submit investment guidelines to MCT at any time. Such guidelines become part of the investment
advisory agreement only upon written acceptance by MCT. MCT may choose, but is not required to act
upon the client’s oral instructions.
Voting Client
Securities
Notwithstanding MCT’s discretionary authority to make investment
decisions on behalf of the client, MCT will not exercise proxy-voting authority
on behalf of clients. The authority to
vote client proxies shall remain with the client. Clients will receive proxies or other
solicitations directly from their custodian or a transfer agent. The client may contact MCT for advice or
information about a particular proxy vote.
Should MCT inadvertently receive proxy information for a security held
in a client’s account, MCT will immediately forward such information on to the
client, but it will not take any further action with respect to the voting of
such proxy.
Financial
Information
MCT does not require or solicit prepayment of more than $1,200 in
fees per client, six months or more in advance.
As such, MCT is not required to include a balance sheet for its most
recent fiscal year.
MCT has no financial commitment or condition that is reasonably
likely to impair its ability to meet contractual commitments to clients.
MCT has never been the subject of a bankruptcy proceeding.
Brochure
Supplement
Kevin A.
MacGuire, Susan Cheswick Brewer and David P. Tuttle
(Supervised
Persons)
MacGuire,
Cheswick & Tuttle Investment Counsel LLC
1020 Boston Post
Road – Suite 220
Darien, CT 06820
203-655-3323
This Brochure
Supplement provides information about Kevin A. MacGuire, Susan Cheswick Brewer
and David P. Tuttle that supplements the MacGuire, Cheswick & Tuttle
Investment Counsel LLC (“MCT”) Brochure.
You should have received a copy of that Brochure. Please contact David P. Tuttle, Chief
Compliance Officer, if you did not receive MCT’s Brochure or if you have any
questions about the contents of this supplement.
Additional
information about Susan Cheswick Brewer and David P. Tuttle is available on the
SEC’s website at www.adviserinfo.sec.gov.
Educational
Background and Business Experience
Kevin A. MacGuire (born 1947), B.A. History,
Georgetown University; Managing Director, Member of the Investment Committee
and Portfolio Manager of MacGuire, Cheswick & Tuttle Investment Counsel LLC
2009 to present; President and Chief Investment Officer of K.A. MacGuire &
Company, LLC, 2001-2009; Managing Director and co-head of the Private Clients
Group of Credit Suisse Asset Management 2000-2001; Managing Director and
portfolio manager at Donaldson, Lufkin & Jenrette and member of the DLJAM
management committee and head of the DLJAM Private Clients Group 1993 2000;
Vice President and senior portfolio manager in the Private Bank of J.P. Morgan
& Co. Inc. 1984-1993; assistant portfolio manager, analyst and ultimately
Director Investment Services and portfolio manager Lepercq, de Neuflize &
Company 1973-1984; Bankers Trust Company management training program and trust
department 1969-1973.
Susan Cheswick Brewer, (born 1955),
B.A. Wellesley College 1977; MBA Finance
New York University 1984; Managing Director, Member of the Investment Committee
and Portfolio Manager of MacGuire, Cheswick & Tuttle Investment Counsel LLC
2009 to present; Owner, Managing Director, Member of the Investment Committee
and Portfolio Manager of Cheswick Wright Wealth Management LLC 2006-2009;
President, Member of the Investment Committee and Portfolio Manager of Cheswick
Investment Co., Incorporated 1997-2006; previous experience includes a
management position at the Lotus Development division of IBM and management
training program and branch manager at Citibank.
David P. Tuttle, CFA (born 1960), A.B. Economics
cum laude, Princeton University 1982; J.D., Duke University Law School 1985;
Managing Director, Member of the Investment Committee and Portfolio Manager of
MacGuire, Cheswick & Tuttle Investment Counsel LLC 2009 to present; Owner,
Managing Director, Member of the Investment Committee and Portfolio Manager of
Cheswick Wright Wealth Management LLC 2006-2009; Vice President, Member of the
Investment Committee and Portfolio Manager of Cheswick Investment Co.,
Incorporated 1999-2006; Of Counsel, Whitman, Breed Abbott & Morgan,
1999-2006; Partner, Whitman Breed Abbott & Morgan 1994-1999. CFA is an abbreviation for Chartered
Financial Analyst, a designation issued by CFA Institute. To earn the CFA
charter, candidates must have at least 4 years of qualified investment work experience
and complete a graduate-level self-study program, among other qualifications.
Successful candidates report spending an average of 300 hours preparing for
each six-hour exam for each of the 3 levels.
Completing the CFA Program exams requires a minimum of 18 months, but on
average takes about 4 years.
Disciplinary Information
MCT and its
management team have not been involved in any legal or disciplinary events that
would be material to a client’s or prospective client’s evaluation of MCT’s
advisory business or the integrity of MCT’s management.
Other Business Activities
The supervised
persons do not engage in other financial industry activities and do not have
other financial industry affiliations. The supervised persons are not engaged
in any other business or occupation representing 10% or more of the supervised
person’s time or income.
Additional Compensation
As managers and
owners of MCT, the supervised persons share in the economic benefits of certain
client fees, client referrals and new accounts. The supervised persons do not
receive any economic benefit from a non-client in connection with providing
advisory services to clients.
MCT is owned and
operated by the supervised persons. The
supervised persons are members of the Investment Committee and work together as
a team to make investment decisions and provide wealth management advice to clients.
Each of the supervised persons has primary responsibility for managing a number
of client relationships. The supervised persons regularly work together on
client matters in a collaborative review process. Clients are free to contact any of the
supervised persons at 203-655-3323.