Firm Description
Compass Retirement Group LLC (“CRG”) was founded in November 2015. Marvin L. Mitchell
is the sole owner.
CRG is a registered investment adviser that offers investment advisory services to clients
through portfolio management and the selection of third-party investment advisers. In
offering our investment advisory services, CRG generally utilizes one or more third-party
asset managers to assist CRG in the management of client assets.
Registration as an investment adviser does not imply a certain level of skill or training.
Types of Advisory Services
CRG offers investment advisory services through portfolio management and the selection of
other third-party investment advisers. CRG asks that clients provide the Firm discretionary
authority to manage client's assets. This means that the Firm has the authority to decide
which securities to purchase and sell for the Client. This also means that the Firm has the
authority to decide which third-party investment advisers to retain on behalf of the Client.
When offering its investment advisory services to Clients, CRG typically utilizes a third-party
investment management platform that enables CRG to offer one or more investment models
managed by third-party investment advisers to Clients. Through this platform, models
offered by CRG generally utilize various security products (depending on the model
selected), including but not limited to equities, bonds, exchange traded funds (“ETFs”),
mutual funds, and/or other securities in association with the model selected. As part of CRG’s
investment advisory services, CRG works with Clients to understand their individual
financial situation, including but not limited to, the Client’s risk tolerance, investment
objectives, financial / liquidity restraints, and other pertinent factors affecting the Client’s
needs. Each Client’s individual circumstances will form the basis for which model(s) are
utilized by CRG in managing the Client’s assets.
There are fees associated with CRG’s use of this third-party investment management
platform and subsequent models that are borne by the Client. Greater detail about these fees
can be located in Item 5: Fees and Compensation. Additionally, CRG will deliver the Form
ADV Part 2A, Privacy Notice, and fee schedule for the platform provider at or before the time
of entering into an agreement.
As part of our services to clients, CRG may introduce or otherwise help clients identify other
professionals (e.g. lawyers, accountants, tax preparers, realtors, etc.) to assist them with
their planning needs. CRG does not have any arrangements by which they are compensated
for these activities. However, CRG does have associates that are able to offer CRG clients
insurance products and services and those individuals do typically receive compensation in
the form of commissions. This creates a conflict of interest as a CRG investment adviser
representative may recommend a client purchase an insurance product due to this
compensation.
CRG holds seminars and workshops to educate
the public on different types of investments
and the different services they offer. The seminars are educational in nature and no specific
investment or tax advice is given.
Rollover Recommendations
As part of our investment advisory services to you, we may recommend that you withdraw
the assets from your employer's retirement plan and roll the assets over to an individual
retirement account ("IRA") that we will manage on your behalf. If you elect to roll the
assets to an IRA that is subject to our management, we will charge you an asset-based fee
as set forth in the agreement you execute with our firm. This practice presents a conflict of
interest because persons providing investment advice on our behalf have an incentive to
recommend a rollover to you for the purpose of generating fee-based compensation rather
than solely based on your needs. You are under no obligation, contractually or otherwise, to
complete the rollover. Moreover, if you do complete the rollover, you are under no
obligation to have the assets in an IRA managed by our firm.
Many employers permit former employees to keep their retirement assets in their
company plan. Also, current employees can sometimes move assets out of their company
plan before they retire or change jobs. In determining whether to complete the rollover to
an IRA, and to the extent the following options are available, you should consider the costs
and benefits of: (1) Leaving the funds in your employer's (former employer's) plan; (2)
moving the funds to a new employer's retirement plan; (3) cashing out and taking a taxable
distribution from the plan; and/or (4) rolling the funds into an IRA rollover account. Each
of these options has advantages and disadvantages and before making a change we
encourage you to speak with your CPA and/or tax attorney. Our recommendations may
include any of them, depending on what we feel is in your best interest.
We are fiduciaries under the Investment Advisers Act of 1940 and when we provide
investment advice to you regarding your retirement plan account or individual retirement
account, we are also fiduciaries within the meaning of Title I of the Employee Retirement
Income Security Act and/or the Internal Revenue Code, as applicable, which are laws
governing retirement accounts. As a fiduciary, we are required to document the reason(s)
for why the recommendation we made is in your best interest.
Client Tailored Services and Client Imposed Restrictions
The goals and objectives for each Client are documented in our Client files. Investment
strategies are created that reflect the stated goals and objectives. Clients may impose
restrictions on investing in certain securities or types of securities. Agreements may not be
assigned without written Client consent.
Wrap Fee Programs
CRG does not sponsor any wrap fee program.
Client Assets under Management
As of December 31, 2023, CRG had $99,385,948.53of discretionary assets under
management. The Firm had no non-discretionary assets under management.