Utopia Wealth Management, LLC (Coconut Creek)

Utopia Wealth Management, LLC is a large advisory firm based in Coconut Creek. It manages $110.65 million of regulatory assets for 26 client accounts. It has been registered with the SEC as an adviser since 2019 and has operated in the jurisdictions of Florida and Texas.

Utopia Wealth Management provides financial planning services, portfolio management for individuals and small businesses, and advisory consulting. It doesn't provide financial planning services to its clients. On top of advisory services, the firm doesn't engage in other business activities.

Utopia Wealth Management: assets under management

The assets under management (AUM) of Utopia Wealth Management, LLC is $110.65 million, all of which is managed in discretionary accounts. The firm's AUM has grown by 0% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $110.65 million in discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $4.26 million each.

Investments

The firm invests in state and local bonds the most. They account for 86% of the total AUM. The second-largest asset type is investment and business development companies, which make up 8% of the firm’s portfolio. Investments in exchange traded securities form 4% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Utopia Wealth Management, LLC for their services and products based on a percentage of assets under management and hourly charges. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Utopia Wealth Management serves?

The firm provides services to individuals and high net worth individuals. The largest group of clients of Utopia Wealth Management is high net worth individuals with 7 clients and $107.84 million of assets under management. Among the 12 most similar advisory firms, Utopia Wealth Management has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $110.65 million for 17 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Utopia Wealth Management doesn't advise any private funds.

Careers at Utopia Wealth Management, LLC

The company employs 1 person that is either a part- or full-time employee. 100 percent of the employees work as investment advisers or researchers. Only one employee is registered as an investment adviser representative 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
Nicholas A Chiricosta	Founder/wealth advisor/managing member/chief compliance officer	1 Dec 2018	75% - 100%	7058165

Based in Coconut Creek

The principal office where Utopia Wealth Management, LLC performs its advisory services is located at 6810 N. State Rd. 7, Coconut Creek, FL 33073, 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 754-264-4778. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday.