Mills Wealth Advisors, LLC (Southlake)

Name: Mills Wealth Advisors, LLC
Address: 1207 S. White Chapel Blvd, Southlake, TX, 76092
Telephone: 817-416-7300

Mills Wealth Advisors, LLC is a large advisory firm based in Southlake. It manages $164.01 million of regulatory assets for 1,006 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Illinois, Louisiana, Missouri, and 3 other states.

Mills Wealth Advisors provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, and selection of other advisers. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Mills Wealth Advisors: assets under management

The assets under management (AUM) of Mills Wealth Advisors, LLC is $164.01 million. The firm's AUM has grown by 43% since the beginning of its operation, and $2.11 million of the total AUM is attributable to clients outside of the United States.

The firm manages $132.88 million in discretionary accounts and $31.12 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $164.05 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $158.79 thousand.

Investments

The firm invests in investment and business development companies the most. They account for 69% of the total AUM. The second-largest asset type is exchange traded securities, which make up 15% of the firm’s portfolio. Investments in other assets form 8% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Mills Wealth Advisors, LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and performance-based 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 Michael Alan Mills serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and pension and profit sharing plans. The largest group of clients of Michael Alan Mills is high net worth individuals with 136 clients and $122.12 million of assets under management. Among the 10 most similar advisory firms, Mills Wealth Advisors has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $164.01 million for 258 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Mills Wealth Advisors also advises several private funds. Namely, one private equity fund and one securitized asset fund. The minimum investment commitment required of non-related persons is $25,000 for each fund.

Careers at Mills Wealth Advisors, LLC

The company employs 4 people that are either part- or full-time employees. 100 percent of the employees work as investment advisers or researchers. 4 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 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
Michael Alan Mills	President/chief compliance officer	1 Apr 2003	75% - 100%	3049166

Based in Southlake

The principal office where Mills Wealth Advisors, LLC performs its advisory services is located at 1207 S. White Chapel Blvd, Southlake, TX 76092, 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 817-416-7300 or by fax 817-416-7307. 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 millswealthadvisors.com/.