Marks Group Wealth Management, Inc. (Minnetonka)

Name: Marks Group Wealth Management, Inc.
Address: 4350 Baker Road, Minnetonka, MN, 55343
Telephone: 952-582-6100

Marks Group Wealth Management, Inc. is a large advisory firm based in Minnetonka. It manages $908.41 million of regulatory assets for 2,301 client accounts. It has been registered with the SEC as an adviser since 2008 and has operated in the jurisdictions of California, Illinois, Indiana, and 3 other states.

Marks Group Wealth Management provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, and selection of other advisers. It prepares financial plans for more than 100 clients. On top of advisory services, the firm doesn't engage in other business activities.

Marks Group Wealth Management: assets under management

The assets under management (AUM) of Marks Group Wealth Management, Inc. is $908.41 million. The firm's AUM has grown by 582% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $803.34 million in discretionary accounts and $105.06 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $354.36 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $3.09 million.

Marks Group Wealth Management has custody of $58.19 million in cash and securities for 117 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 38% of the total AUM. The second-largest asset type is exchange traded securities, which make up 38% of the firm’s portfolio. Investments in investment grade corporate bonds form 18% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Marks Group Wealth Management, Inc. for their services and products based on a percentage of assets under management and fixed fees. Flat-fee based compensation is the most transparent and the one you can safely predict in advance. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Bennett Eldon Marks serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, and pension and profit sharing plans. The largest group of clients of Bennett Eldon Marks is high net worth individuals with 146 clients and $367.67 million of assets under management. Among the 10 most similar advisory firms, Marks Group Wealth Management has the 2nd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $901.13 million for 570 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.

Marks Group Wealth Management doesn't advise any private funds.

Careers at Marks Group Wealth Management, Inc.

The company employs 13 people that are either part- or full-time employees. 62 percent of the employees work as investment advisers or researchers. 8 employees are registered as investment adviser representatives with the state securities authorities.

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

Bennett Eldon Marks has been acting as President since 1 Nov 2008. John Christian Feste joined the executive team most recently as the Managing Principal.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Bennett Eldon Marks	President/chief investment officer/ chief compliance officer	1 Nov 2008	75% - 100%	1081385
John Christian Feste	Managing principal	1 Nov 2008	Other	3246453
Brian Bates Nietzel	Chief compliance officer	1 Nov 2008	Other	2413900

Based in Minnetonka

The principal office where Marks Group Wealth Management, Inc. performs its advisory services is located at 4350 Baker Road, Minnetonka, MN 55343, 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 952-582-6100 or by fax 952-582-6110. The normal business hours are 8:30 am - 4:30 pm on Monday - Friday. You can find more information about the New York firm at marksgroup.com.