Editorial Note: The content of this article is based on the author’s opinions and recommendations alone and is not intended to be a source of investment advice. It may not have not been reviewed, commissioned or otherwise endorsed by any of our network partners or the Investment company.
Updated on Wednesday, January 13, 2021
Florida Financial Advisors provides financial planning, wealth management and insurance services specifically designed for people living in Florida. With 85 advisors and fewer than 50 clients, the firm’s service is personal and individualized. It currently oversees $5.8 million in assets under management (AUM), and has three office locations in Florida.
All information included in this profile is accurate as of January 13, 2021. For more information, please consult Florida Financial Advisors’ website.
|Assets under management: $5,843,643|
|Minimum investment: None|
|Fee structure: A percentage of AUM; fixed fees; a percentage of net worth or assets for financial planning clients|
|Headquarters:||2330 W. Horatio Street
Tampa, FL 33609
- Overview of Florida Financial Advisors
- What types of clients does Florida Financial Advisors serve?
- Services offered by Florida Financial Advisors
- How Florida Financial Advisors invests your money
- Fees Florida Financial Advisors charges for its services
- Florida Financial Advisors highlights
- Florida Financial Advisors downsides
- Florida Financial Advisors disciplinary disclosures
- Florida Financial Advisors firm onboarding process
- Is Florida Financial Advisors right for you?
Overview of Florida Financial Advisors
Florida Financial Advisors was founded in 2017 by Jason Mickool, who currently serves as the firm’s chief compliance officer. Mickool also owns Trinity Wealth Securities, a brokerage firm in Tampa, Fla., and some employees of Florida Financial Advisors are registered representatives of Trinity Wealth Securities. Florida Financial Advisors is also the parent company of Tristate Financial Advisors in Philadelphia, which provides the same investment advisory and insurance services to those in the tristate area of New Jersey, New York and Pennsylvania.
Florida Financial Advisors currently has 85 employees that provide investment advisory services and are licensed insurance agents. Beyond the firm’s Tampa headquarters, it also has offices in Miami and Winter Park, Fla.
What types of clients does Florida Financial Advisors serve?
Florida Financial Advisors offers services to individuals, trusts, estates, charitable organizations, corporations, businesses and state and municipal government entities. The firm currently has fewer than 50 clients, all of whom are individual investors. It specifically caters to those who live in Florida and have “Floridian” goals, which may include owning a boat or beach house, in addition to traditional goals, such as saving for children’s education and getting ready for retirement.
Florida Financial Advisors doesn’t require a minimum account balance for clients.
Services offered by Florida Financial Advisors
Florida Financial Advisors offers financial planning, wealth management and insurance services, specializing in the needs of Florida residents.
The firm’s services include the following:
- Asset management
- Financial planning
- Retirement planning
- Trust and estate planning
- Education planning
- Tax strategies
- Cash flow forecasting
- Spending analysis and budgeting
- Long-term care planning
- Debt management
- IRA and 401(k) rollovers
- Family hardships
- Insurance/risk management
- Employee benefit plan fiduciary services; 401(k) and pension consulting
- Workshops and seminars, newsletters, videos and other publications
How Florida Financial Advisors invests your money
Florida Financial Advisors uses three primary types of analysis to make investment recommendations to its clients:
- Fundamental analysis: This method looks at a company’s overall financial health both now and as projected in the future.
- Technical analysis: This method attempts to predict the trading behavior of a security by analyzing past market trends and patterns.
- Cyclical analysis: While the firm states that it does not try to time the market, it does use cyclical analysis in which trends and the status of the economy nationwide and globally are considered.
The firm also subscribes to Modem Portfolio Theory, which refers to diversifying investments to minimize risk and looks at the market as a whole when considering investments.
Florida Financial Advisors typically recommends one of six model portfolios determined by a client’s goals, timeline and risk tolerance. The portfolios range from conservative to extremely aggressive. Most frequently, the firm recommends the following investment strategies:
- Long-term purchases (securities held for a year or more)
- Short-term purchases (securities sold within a year)
- Trading (securities sold within 30 days)
- Short sales
- Margin transactions
- Option writing
Fees Florida Financial Advisors charges for its services
Clients of Florida Financial Advisors pay an annual fee for investment management services, with the rate based on a percentage of their total assets under management. Maximum rates range from 1.40% to 2.65% depending on the value of a portfolio (see table below for specifics).
While no client will owe more than the maximum rate for each portfolio tier, fees may vary based on factors such as anticipated future earning capacity and anticipated future additional assets. Additionally, because the advisors determine the exact rate within the parameters outlined in the table below, there is potential for a conflict of interest to arise, as advisors stand to earn more when they charge clients a higher rate.
|Florida Financial Advisors Asset Management Fee Schedule|
|Portfolio value||Maximum rate|
In some cases, Florida Financial Advisors may recommend that its clients work with a third-party investment advisor, such as Morningstar Advisory Services or Brinker Advisory Services. In these cases, Florida Financial Advisors receives a portion of the fee that the third-party advisor receives, as outlined in the charts below.
|Annual Fee Schedule for Morningstar Advisory Services|
|Total assets||Florida Financial Advisors’ fee||Morningstar’s fee||Total fee|
|$2,000,001 and up||0.75%||0.40%||1.15%|
|Annual Fee Schedule for Brinker Advisory Services|
|Total Assets||Florida Financial Advisors’ fee||Brinker’s fee||Total Fee|
|All assets||Up to 2.51%||0.14%||Up to 2.65%|
A client may also owe additional third-party fees, which could include costs like brokerage commissions, transaction fees and other expenses.
For financial planning and consulting, clients are either charged a fixed fee, which ranges from $200 to $7,500, or a fee based on their net worth or assets, which may be up to 2%. The exact rate will vary based on the scope of the services provided and the advisor’s discretion.
Florida Financial Advisors highlights
- Specializes in Florida residents’ unique needs: Florida Financial Advisors specializes in meeting the specific needs of those living in the state of Florida. In addition to offering the standard fare, like investment management and financial planning, the firm can also help clients to achieve dreams specific to their Florida residency, such as someday owning a boat or a beach house.
- Personalized service thanks to low client-to-advisor ratio: Florida Financial Advisors stands out for having more advisors than it does clients. The firm currently has fewer than 50 clients and 85 employees serving in investment advisory functions, translating to a roughly 1:2 client-to-advisor ratio. This means that clients will likely receive personal attention and individualized service.
- Clean disciplinary history: Florida Financial Advisors reports no legal or disciplinary incidents, meaning it has a clean record. See more on this below.
Florida Financial Advisors downsides
- Potential for conflict of interest due to insurance and broker affiliations: Advisors at Florida Financial Advisors may earn additional compensation and be able to receive incentive rewards from the sale of some insurance policies, which could present a conflict of interest. Some members of Florida Financial Advisors’ team also represent Trinity Wealth Securities and other broker-dealers, through which they may receive a commission for recommendations to clients. This could also present a conflict of interest.
- Fee schedule could present further conflicts of interest: While there are maximum fees for various portfolio tiers provided in the firm’s fee schedule, advisors ultimately determine the exact rate within those tiers. Again, this could present a conflict of interest, as advisors may be financially incentivized to charge higher rates.
- Higher than average fees in comparison to national averages: Florida Financial Advisors’ rates may be higher than the national average fee for investment advisors. Clients may pay up to 2.65% of assets for the first $250,000 in their portfolio, which is significantly higher than the national average of 1.17%, according to a 2019 study by RIA in a Box. That being said, Florida Financial Advisors only lists its maximum rates, so clients may end up paying a lower rate than what’s listed in the publicly available fee schedule.
Florida Financial Advisors disciplinary disclosures
Florida Financial Advisors reports no disclosures. This means that neither the firm nor its employees or affiliates have faced any civil, criminal or regulatory events in the past 10 years.
For more information, you can visit the firm’s Investment Adviser Public Disclosure (IAPD) page, where you will find the firm’s Form ADV, which all registered investment advisors must file with the SEC. One section of this form asks for disclosure information that may be pertinent to current or potential clients’ evaluation of the firm.
Florida Financial Advisors firm onboarding process
Florida Financial Advisors begins by analyzing a client’s overall financial status, including their taxes, debt, credit, business planning, retirement savings and insurance needs. It will then provide services for all or some of these areas. The firm consults with clients on an initial and ongoing basis, though it doesn’t state a minimum number of times that its team reviews or rebalances portfolios each year.
Florida Financial Advisors offers free consultations, which you can sign up for through its website to get started. The firm also provides free workshops, newsletters, online videos and other resources to current and prospective clients.
Is Florida Financial Advisors right for you?
If you live in Florida and are looking for a financial advisor, Florida Financial Advisors may be worth considering. As a small, local firm, it provides personalized service to meet the unique needs of state residents. That service may come at a cost, however, as Florida Financial Advisors’ fees may be higher than average, though it is difficult to predict your exact fee as the firm only provides maximum rates.
Be aware that advisors at the firm may stand to make financial gains by recommending certain products, so there is potential for conflict of interest. Additionally, while the firm may be of interest to Florida residents, its specialized focus on Floridians and the fact that all of its offices are located in the Sunshine State means it may not be a good fit for residents of other states, who may be better served by another financial advisor firm.