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Thomas Mingone

Personal Finance, Retirement, Lifestage Based Planning
“My mission is that through a disciplined financial planning process, we help our clients crystalize their life goals and concentrate their financial energy towards achieving them.”

Capital Management Group of New York

Job Title:

Founder / Managing Partner


Tom Mingone is the Founder and Managing Partner of Capital Management Group of New York, a financial services firm that has been serving high net worth investors and their families for nearly 25 years.

Tom started CMG because he wanted to help people live their life to the fullest extent. He implements a balanced approach to wealth management by integrating tax-advantaged investing, asset allocation, protection planning, charitable gifting, legacy and estate planning strategies, and more into clients’ financial plans.

Tom earned his Certificate in Retirement Planning from The Wharton School, University of Pennsylvania, and graduated Cum Laude from the University of Richmond with a Bachelor of Science degree in Finance. He earned the Chartered Financial Consultant (ChFC) as well as the AIF (Accredited Investment Fiduciary) designation from The Center for Fiduciary Studies. His other designations include Accredited Estate Planner (AEP), Certified Funds Specialist (CFS) and the Chartered Life Underwriter (CLU) designation.

Tom is looked to as a thought leader in the financial community and his comments have appeared in the Wall Street Journal, the New York Times, USA Today, Money Magazine and US News & World Report.

As an active member of his community, Tom has been recognized as one of Rockland’s “40 under 40” business leaders. He has established several scholarship funds including the Romolo Mingone memorial Scholarship Fund, the Rockland Conservatory of Music Fund and St. Gregory Barbarigo Church Scholarship Fund. In addition he is an avid supporter of the Make-a-Wish Foundation of Hudson Valley and is a member of the New York City and Rockland County estate planning councils.

A native of Rockland County, he lives in Stony Point, NY with his wife Christine and their two children Alexa and Christopher.


BS, University of Richmond, Cum Laude
The Wharton School, Certificate in Retirement Planning

Fee Structure:


CRD Number:



Tom Mingone offers securities through AXA Advisors, LLC (NY, NY 212-314-4600), member FINRA/SIPC, offers investment advisory products and services through AXA Advisors, LLC, an investment advisor registered with the SEC, and offers annuity and insurance products through AXA Network, LLC. AXA Network conducts business in CA as AXA Network Insurance Agency of California, LLC, in UT as AXA Network Insurance Agency of Utah, LLC. 

AXA Advisors, AXA Network, and their financial professionals do not offer tax or legal advice.  Be sure to consult with your professional tax and legal advisors regarding your particular circumstances.

Capital Management Group of New York is not a registered investment advisor and is not owned or operated by AXA Advisors or AXA Network.

PPG112733 (3/16)(exp3/18)

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June 2017
    Investing, Mutual Funds

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    Investing, ETFs, Mutual Funds
What is the difference between exchange traded funds (ETFs) and closed end funds?
74% of people found this answer helpful

It’s important for investors to understand the key differences between closed-end funds (CEFs) and exchange-traded funds (ETFs) as each has its advantages and disadvantages. You should always consult with your financial and tax professionals before deciding whether investments are suitable for your current goals and risk tolerance. Below I have listed the major differences between the two types of investments.

 Fees: The expense ratios of ETFs are generally lower versus CEFs. Most ETFs are copying the holdings in major indexes and the cost of managing them is less compared to actively managed portfolios. Also, indexed ETFs will only make trades to mirror any changes in the index it is tracking. Since there typically is less portfolio turnover, ETFs will often have lower internal trading costs versus their actively managed fund counterparts. The ETF cost savings can be significant, especially for long-term investors and should be a consideration when choosing which is right for you. Financial Institutions can also vary with the fees and expenses that they charge and information on specific fees, charges, and expenses is obtained in the fund prospectus.

Leverage: Many CEFs are leveraged (borrowing capital expecting profit to be more than interest owed), which magnifies the fluctuations of the NAV. If portfolio managers are correct about their selections, leverage is beneficial. At the opposite spectrum, poor investment decisions in a leveraged portfolio can be damaging. There are a handful of ETFs that use leverage at this time and investments, but these are relatively newer to the ETF world.

Style Drift: Active CEFs are more susceptible to style drift versus index ETFs. Style drift is common with actively managed portfolios as money managers will sometimes divert from their original investment strategy. On the other hand, ETFs are generally insulated from style drift because a portfolio manager’s freedom to hand pick securities outside the scope of an index is limited.

Fund Transparency: Because fund components are often pegged to an index, the transparency of most ETF holdings is excellent. Investors can easily identify the underlying stocks, bonds, or commodities of a fund by consulting the index provider or fund sponsor. CEFs have less transparency because their portfolios are actively managed, but holdings can be uncovered by viewing quarterly or semiannually fund disclosures.

Net Asset Value (NAV): ETFs generally trade close to their net asset value (NAV). It’s rare to see ETFs trading at a large premium or discount to their NAV, but it can happen. Historically, institutions have seen this as an arbitrage opportunity and this process keeps ETF share prices closely tied to the NAV of the underlying index. On the other hand, CEFs are more likely to trade at a premium or discount to their NAV. The premium is usually a result of greater demand (more buyers than sellers) for a fund’s shares, whereas a discount would imply less demand (more sellers than buyers).

Taxes and Portfolio Turnover: Every year, both ETFs and CEFs are required to distribute dividends and capital gains to shareholders. This is usually done at the end of each year and these distributions can be caused by index rebalancing, diversification rules, or other factors. Also, anytime you sell your fund this could generate tax consequences. Please check with your tax professional for more details.

PPG 117192 (8/16)(Exp 8/18)

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