Desciplined, Consistent and Long Term

Mitchell McLeod Pugh & Williams discusses its approach to investing.

by Lindsay Mott Fletcher

Mitchell McLeod Pugh & Williams (MMPW) was founded in 2006 by Rick Mitchell, Doug McLeod, Kyle Pugh and Carmen Williams. In the almost 19 years since the firm was founded, it has established itself as one of the largest independent investment advisory firms on the Gulf Coast. As of November 30, 2024, the firm’s regulatory assets under management were approximately $2.35 billion. MMPW is a Registered Investment Advisor (RIA) as defined by The Investment Advisers Act of 1940. As an RIA, MMPW has a fiduciary duty to its clients, which means that it has a fundamental obligation to provide suitable investment advice, to always act in clients’ best interests and to always put clients’ interests above its own. The firm is employee-owned, completely independent and free from potentially conflicting proprietary funds or products. 

In preparing for this issue of Bay Business News magazine, key officials from MMPW took time to discuss the firm’s services, the current financial climate and the future with your author (LMF).

LMF: What specific services do you offer to clients? Is it mostly individuals/families or businesses?
MMPW: Our clients include individuals, cities/municipalities, pension and profit-sharing plans, 401(k) plans, IRA rollovers, trusts and estates, family partnerships, 529 Plans, endowments and charitable foundations. The core wealth management services that we provide are investment management, retirement/financial planning, tax management, cash management and financial education.

We also manage many of the largest and most complex retirement plans on the Gulf Coast. In doing so, we act as an ERISA section 3(38) adviser, effectively assuming the liability and full responsibility for the selection and monitoring of the plans’ investments. This is the highest level of fiduciary responsibility available to participant-directed plans. Because we are an independent advisor, we are able to work with the service providers and fund managers that best fit our clients’ particular plans, and importantly, we do not participate in revenue sharing of any kind.

LMF: How would you describe your firm’s philosophy when it comes to managing client portfolios?
MMPW: We believe that money is made and maintained by following a disciplined, consistent and long-term approach to investing. We manage money through the use of high-quality, low-cost securities and through broad diversification across asset class, market capitalization and industry sector. We believe strongly in a disciplinedmadherence to a properly selected asset allocation target based on a number of variables including (but not limited to) age, income requirement, account objectives and perceived risk tolerance.

LMF: What sets your firm apart from others in the area?
MMPW: We service each of our clients individually and tailor our recommendations based on each client’s objectives, goals and circumstances.

LMF: What are the biggest challenges you are facing in today’s market, and how do you guide your clients through them?
MMPW: We believe the two main risks to capital markets today are an escalation in current geopolitical conflicts and an uncertainty with regard to future inflationary pressures. We guide our clients through these challenges by ensuring that they are proactively positioned for uncertainty based on their individual risk tolerances and overall financial situations.

LMF: Do you foresee any significant shifts in the investment landscape in the next three to five years, particularly in the context of inflation, interest rates or global events?
MMPW: The new regime in Washington is expected to cut government regulation, promote pro-growth economic policies and drastically reduce government spending. Artificial Intelligence is expected to create efficiencies across the corporate landscape in the years ahead. Any of these developments are likely to have a positive impact on the economy generally and on the continued growth of capital markets specifically.

LMF: What role does your firm play in the local community?
MMPW: While we don’t necessarily promote our community involvement, all of our principals and staff are active in various civic activities, and the firm supports a number of local charities and community organizations.

LMF: Are there any upcoming changes/news for MMPW? What does the next few years look like for the firm? What does the future look like?
MMPW: We continue to add quality people as our firm has grown substantially over the years, ensuring that a seamless succession plan is in place so that our clients and their assets are not disrupted unnecessarily. We feel that we are well positioned to take advantage of the opportunities that exist in our community and in this region in the years ahead.

LMF: What does success look like for MMPW today and moving forward? (This can be beyond finances: happy clients, good community relationships, etc.)
MMPW: Our success depends on the success of our clients. If we do a good job for clients, the results tend to take care of themselves in terms of our growth in assets under management, client retention and referrals, as well as the recruitment of knowledgeable and reliable employees and owners.