Q: Will Breckinridge work directly with individuals?
A: We primarily work through investment intermediaries. This allows greater efficiency and enables us to stay focused on managing municipal bond portfolios. Individual investors are welcome to contact us for the names of participating consultants.
Q: Where are client assets custodied?
A: Breckinridge has custodial relationships with a number of national and regional institutions and is open to establishing new custodial relationships when circumstances warrant.
Q: How is Breckinridge compensated?
A: We are a fee-only advisor and receive absolutely no compensation from trading. Fees are based on a percentage of assets and are billed to the client's account either directly or through the consultant.
Q: What is the minimum account size?
A: Please contact us for information on account-size requirements.
Q: How much trading is there in a portfolio?
A: Portfolio turnover can vary significantly, but usually averages between 20 percent and 25 percent annually. Trading tends to be greater when rates are rising, as opportunities to build a portfolio’s income stream are more prevalent. Our reluctance to recognize capital gains reduces portfolio activity as rates are declining.
Q: Will Breckinridge accept existing fixed income securities?
A: Yes. However, it is our practice to review existing holdings prior to having them placed under management. Please contact us for details about transferring securities in-kind.
Q: Is Breckinridge a broker/dealer?
A: No. Breckinridge is a Registered Investment Advisor and does not sell proprietary product. Bonds are purchased and sold through an extensive network of institutional bond dealers to ensure that the client receives the best execution.
Q: Can I speak with a representative of your firm regarding my portfolio?
A: Yes. While your investment consultant is the primary contact, we encourage all questions regarding the management of the portfolio.
