Michael Penn
Michael Penn is a CFP-designated registered investment advisor at Spc, based in Dearborn, MI, with 30 years of industry experience. Michael operates on a fee-only basis, meaning they do not earn commissions from product sales. Their practice areas include Financial Planning & Coaching, Investment Management, Retirement Planning. Their firm serves 30,881 clients with $5.7B in assets under management.
Compensation
Firm Size
Number of Clients
Average Client Portfolio
Assets Under Management
Fee Structure
SPC offers investment management through the SIGMA Managed Account program. Clients pay an annual account management fee based on a percentage of their account assets. The fee includes a program fee and the IAR's compensation. For example, if your account AUM is $1,500,000, the first $500,000 is billed at 2.50%, the next $250,000 at 1.75%, the next $250,000 at 1.50%, and the remaining $500,000 at 1.25%. The maximum annual advisory fee is 2.5%. The program fee is 0.15% on all assets. There is a $30 minimum annual program fee.
SPC also offers direct-at-fund programs where clients pay an annual asset-based investment management fee of 0.5%.
Location
20100 West Outer Drive, Dearborn, MI, 48124
Get directionsHistory
Regulatory History (2)
Customer Dispute
April 2011Customer Dispute
December 2002Other Business ActivitiesSells Insurance
Michael has an accounting and tax practice and sells health insurance through Harvard Agency Inc. He also serves as a trustee and manages the personal finances for the Rita Romeo Trust, dedicating minimal time to this.
Employment History
Current Registrations
Spc
Sigma Financial CorporationBroker
Previous Registrations
Mariner Financial Services, INC.Broker
State Registrations8 states
You can work with an advisor not registered in your state. Most advisors can legally serve a small number of clients across state lines without registering.