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Calamos Wealth Management Review

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Calamos Wealth Management

Calamos Wealth Management, LLC is a fee-only financial advisor firm that calls Naperville, Illinois home. You’ll also find Calamos office locations in New York City and Coral Gables, Florida. The firm has nearly $1.5 billion in assets under management (AUM) that’s divided across a team of 22 advisory employees.

As its name indicates, Calamos’ specialties lie in private wealth management and investment management. Calamos also boasts services specifically for professional athletes, entrepreneurs, lawyers and doctors.

Calamos Wealth Management Background

Calamos Wealth Management can trace its roots back to 2007 when founder John Calamos, Sr. created the firm. It is a subsidiary of Calamos Investments, LLC, which is ultimately owned by a combination of Calamos Family Partners, Inc., John Calamos, Sr. and John Koudounis.

Clients of Calamos Wealth Management will find six certified financial planners (CFP), two chartered financial analysts (CFA), two certified investment management analysts (CIMA), one accredited investment fiduciary (AIF) and one accredited estate planner (AEP) working at the firm.

What Types of Clients Does Calamos Wealth Management Accept?

Individuals with and without a high net worth make up around 94% of Calamos Wealth Management’s client base. This group includes families, professional athletes, doctors, lawyers and entrepreneurs. Calamos also has advisory relationships with private foundations, endowments, charitable organizations, estates, guardians of persons, retirement plans for self-employed individuals, Taft-Hartley plans, profit-sharing plans, pension plans and businesses.

Calamos Wealth Management Minimum Account Size

Calamos Wealth Management has a variable account minimum that ranges from $1 million to $5 million for its wealth advisory and institutional services, respectively.

Services Offered by Calamos Wealth Management

The array of services available through Calamos Wealth Management are rather extensive, with offerings such as:

  • Private wealth management
    • General wealth consulting
    • Retirement planning
    • Customized asset allocation planning
      • Risk tolerance
      • Personal investment objectives
      • Time horizon
    • Proprietary investments
    • External investment manager selection
    • Income distribution planning
    • Separately managed account (SMA) management for both tax-deferred and taxable accounts
    • Multi-generational investment policy creation
    • Deferred compensation plan management
    • Trust services
  • Investment management
    • Wealth Advisory program, including:
      • Mutual funds
      • Exchange-traded funds (ETFs)
      • Equities
      • Limited partnerships
    • Calamos Managed Mutual Fund program, including:
      • Proprietary Calamos funds
      • Non-Calamos external funds
  • Institutional advisory services for corporations
    • General investment consulting
    • External investment manager selection
    • Proprietary investments
    • SMA management
    • Individualized account reporting
  • Investment consulting services
    • Non-discretionary management
    • Review of assets
    • Personalized investment advice

Calamos Wealth Management Investment Philosophy

In order to understand the specifics of your investment needs, Calamos Wealth Management opens all client relationships with a in-depth meeting. During this, you and your advisor will ultimately nail down your risk tolerance, investment goals and time horizon and condense them into your investment policy statement. Based on this, you’ll receive a personalized asset allocation and investment strategy that will consist of varying percentages of common and preferred stocks, ETFs, mutual funds, options, warrants, corporate bonds, municipal bonds, government bonds, notes and Treasury bills.

Although strategies may shift from client-to-client, Calamos generally adheres to a long-term investment ideology. Occasionally you may see your advisor introduce short-term investments into your portfolio. This is customarily done to help satisfy liquidity requirements. All of the investment philosophies used by Calamos are under constant scrutiny from the firm’s investment committee. Should this board see a shift in the economy or market, changes may be made to its typical strategies.

Fees Under Calamos Wealth Management

The fees for most Calamos Wealth Management’s services follow the schedules below. If you’re enrolled in the wealth advisory program and your assets are invested in the firm’s proprietary funds, the management fees will be waived. This does not apply to the Calamos managed mutual fund program.

All of the following rates will be divvied up into four quarterly charges that must be paid in advance. You can choose to have them invoiced directly to you, or they can be automatically deducted from your account’s balance.

Wealth Advisory Program Fees
Assets Under Management Annual Fee
Up to $2MM 1.25%
Next $3MM 1.00%
Next $5MM 0.75%
Over $10MM negotiable

 

Calamos Managed Mutual Fund Program Fees
Assets Under Management Annual Fee
Up to $2MM 0.50%
Next $3MM 0.35%
Next $5MM 0.25%
Over $10MM 0.20%

Institutions working with Calamos Wealth Management are subject to a fee of between 0.30% and 1.00% annually. The fee rate you receive is decided based on the complexity of the services that will be provided to you. Calamos specifies clients' rates in their investment advisory agreements.

Check out the table below to see how Calamos’ fees for its asset management services compare to those at similar financial advisor firms. Note that these fees are only estimates and actual costs may vary.

*Fee estimates only consider the maximum base fees for the services each firm provides. You may also pay manager fees and other fees, which can vary in amount. **All figures are based on median fee levels according to Bob Veres' 2017 Planning Profession Fee Survey. The above estimates solely take into account AUM-only fees. Total costs will likely be higher due to additional expenses.
Estimated Fee Comparison*
Your Assets Calamos Wealth Management Wealth Advisory Program National Median Advisory Fees**
$500K $6,250 $5,000
$1MM $12,500 $8,500 - $10,000
$5MM $55,000 $25,000 - $32,500
$10MM $92,500 $50,000

What to Watch Out For

Calamos Wealth Management distinguishes itself in that it offers a proprietary collection of investment products that revolve around Calamos-managed mutual funds. This creates a conflict of interest, as Calamos’ advisors may have an incentive to utilize its own mutual funds to flesh out some of their clients’ investment portfolios.

As a way to mitigate this possible risk, Calamos allows clients to direct their advisor to avoid including these mutual funds within their accounts. On top of this, Calamos Wealth Management and its advisors are fiduciaries, meaning they are legally bound to act in your best interests no matter what.

Disclosures

According to its SEC-filed Form ADV, Calamos Wealth Management’s regulatory and legal record is completely clean.

Opening an Account With Calamos Wealth Management

Prospective clients of Calamos Wealth Management can either call or visit one of the firm’s three branches or email cwm@calamos.com to find out more about joining. Here are the numbers you can call:

  • Naperville, Illinois (headquarters): (630) 245-7200
  • New York, New York: (212) 474-6800
  • Coral Gables, Florida: (315) 699-0007

Where Is Calamos Wealth Management Located?

Calamos Wealth Management has three locations spread out across the U.S. Its headquarters are in Naperville, Illinois at 2020 Calamos Court. However, the firm also operates offices at 610 Fifth Avenue (Seventh Floor) in New York, New York and 220 Alhambra Circle (Suite 300) in Coral Gables, Florida.

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How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about cost of living in retirement there.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology SmartAsset calculated the average cost of living for retirees in the largest U.S. cities. Using that calculation, we determined how many years $1 million would last in retirement in each major city.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors throughout the country. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%, reflecting the typical return on a conservative investment portfolio. Finally, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would last in each of the cities in our study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research