Mystic Asset Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Mystic Asset Management reports 144 clients. They include 68 high-net-worth individuals, 63 individual clients and 13 charitable organizations. Of its assets, 98.2% ($604M across 369 accounts) are managed with discretion; $10.9M across 2 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 44% | 3% |
| High-net-worth individuals | 47% | 65% |
| Banking or thrift institutions | Fewer than 5 | 24% |
| Charitable organizations | 9% | 8% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 63 | $21M | 3.4% | $334K |
| High-net-worth individuals | 68 | $399M | 64.9% | $5.86M |
| Banking or thrift institutions | Fewer than 5 | $147M | 23.9% | — |
| Charitable organizations | 13 | $47.7M | 7.8% | $3.67M |
| Total | 144 | $615M | 100% | — |
- Clients
- 63
- Regulatory AUM
- $21M
- AUM share
- 3.4%
- Avg. per client
- $334K
- Clients
- 68
- Regulatory AUM
- $399M
- AUM share
- 64.9%
- Avg. per client
- $5.86M
- Clients
- Fewer than 5
- Regulatory AUM
- $147M
- AUM share
- 23.9%
- Avg. per client
- —
- Clients
- 13
- Regulatory AUM
- $47.7M
- AUM share
- 7.8%
- Avg. per client
- $3.67M
Total
- Clients
- 144
- Regulatory AUM
- $615M
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Mystic Asset Management charges 0.75%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
| Asset band | Annual rate |
|---|---|
| $0–$1M | 1.00% |
| $1M–$2M | 0.90% |
| $2M–$3M | 0.85% |
| $3M and above | 0.75% |
Fee details and sources
David Allaire owns 50% to 75% of Mystic Asset Management. The leadership team of Mystic Asset Management includes President David Allaire. It has 3 employees, 2 of them in advisory roles.
Leadership
- David AllaireVice President & CFO
- Sotirios PappasPresident, CEO & CCO
Investment adviser representatives
2 representatives listed in the SEC register as of 9 October 2026.
Staff
- 3 employees
- 2 in advisory functions
- 2 state-registered reps
- 2 broker-dealer reps
- 1 insurance agent
- 1 soliciting firm
- Owns 50% to 75% of Mystic Asset Management, Inc.
David Allaire
Control person · since September 2002
- Owns 50% to 75% of Mystic Asset Management, Inc.
Sotirios Pappas
Control person · since September 2002
Mystic Asset Management’s regulatory assets grew 2.3× from $267M (March 2021) to $615M (March 2026); clients rose from 54 to 144 and employees were 3 in both filings.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $615M | 144 | 3 | 2 |
| May 2025 | $529M | 127 | 3 | 2 |
| March 2024 | $334M | 59 | 3 | 1 |
| March 2023 | $288M | 55 | 3 | 1 |
| March 2022 | $306M | 49 | 3 | 1 |
| March 2021 | $267M | 54 | 3 | 1 |
Besides its headquarters, Mystic Asset Management has 1 office, with 2 listed addresses in Connecticut and Rhode Island.
Connecticut · 1 listed address
- 100 Halls Road, Old Lyme
Rhode Island · 1 listed address
- 1287 Post Road, WarwickHQ
Contact and registration details
- Legal name
- Mystic Asset Management, Inc.
- Headquarters
- 1287 Post Road, Warwick, RI 02888
- Website
- Not reported
- Phone
- 860-495-3300
- SEC file
- 801-79418
- Structure
- Rhode Island corporation
- Fiscal year end
- December
Mystic Asset Management uses Charles Schwab ($409M) as custodian for its separately managed accounts. Mystic Asset Management does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $409M100%
At year end, Mystic Asset Management’s separately managed accounts were mostly in stocks (69%) and bonds (17%). Its reported 13F holdings for the quarter ended 30 June 2026 total $468M across 225 positions; the largest are Apple Inc. (6.2%), Microsoft Corp. (4.1%) and Nvidia Corporation (3.9%).
What the accounts hold
- Stocks69%
- Funds9%
- Bonds17%
- Investment grade corporate bonds10%
- State and local bonds6%
- U.S. government and agency bonds1%
- Cash5%
Reported 13F holdings
- $468M
- Reported 13F value
- 225
- Positions
- 32.0%
- In the 10 largest
- +8.5%
- Value vs. prior quarter
- Apple Inc.6.2%
- Microsoft Corp.4.1%
- Nvidia Corporation3.9%
- Broadcom Inc.3.7%
- JPMORGAN Chase & CO3.1%
- Invesco Qqq TR · Unit Ser 12.6%
- Alphabet Inc. · Cap Stk CL A2.2%
- Caterpillar Inc.2.2%
- Bank OF Amer Corp.1.9%
- Meta Platforms Inc. · CL A1.9%
Together, the ten largest are 32.0% of reported value.
How many clients does Mystic Asset Management have?
Mystic Asset Management has 144 clients and manages $615 million for them, as of March 2026. They include 68 high-net-worth individuals, 63 individual clients and 13 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 2 March 2026
What services does Mystic Asset Management offer?
Mystic Asset Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Mystic Asset Management charge?
Mystic Asset Management charges 0.75%–1.00% a year for its Portfolio Management Services. Each asset band is charged at its own rate. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
Source: MYSTIC ASSET MANAGEMENT FIRM BROCHURE, filed 2 March 2026
Which custodians does Mystic Asset Management use?
Mystic Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $409M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 2 March 2026
How many financial advisors does Mystic Asset Management have?
Mystic Asset Management has 2 investment adviser representatives registered with state securities authorities, out of 3 employees, and 2 perform investment advisory functions. 2 employees are registered representatives of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Mystic Asset Management invest in?
At the end of its last fiscal year, Mystic Asset Management’s separately managed accounts held 69% exchange-traded equities, 10% investment grade corporate bonds, 9% registered funds (mutual funds, ETFs, BDCs), 6% state and local bonds, 5% cash and equivalents and 1% U.S. government and agency bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Mystic Asset Management have a minimum investment?
Yes, Mystic Asset Management’s minimum account size for its Portfolio Management Services is $500K.
Source: MYSTIC ASSET MANAGEMENT FIRM BROCHURE, filed 2 March 2026
Who owns Mystic Asset Management?
Mystic Asset Management’s direct owners are David Allaire (50% to 75%) and Sotirios Pappas (50% to 75%).
Source: Form ADV Part 1A, Schedules A and B, filed 2 March 2026
How does Mystic Asset Management get paid?
Mystic Asset Management is paid through a percentage of assets under management, hourly charges, fixed fees and commissions. Its Form ADV lists no performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Mystic Asset Management registered with the SEC?
Yes, Mystic Asset Management has been registered with the SEC as an investment adviser since 7 April 2014. Its CRD number is 170361 and its SEC file number is 801-79418.
Source: Form ADV Part 1A, Item 1, filed 2 March 2026; IAPD firm record
How do I contact Mystic Asset Management?
Mystic Asset Management’s main office is at 1287 Post Road, Warwick, RI 02888. Its phone number is 860-495-3300.