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City National Rochdale Review

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City National Rochdale

You can find City National Rochdale, a financial advisor firm, in New York City. It’s quite a large firm, boasting more than 33,000 clients and nearly $39 billion in assets under management (AUM). Individuals (both with and without a high net worth), pension plans, businesses and more make up its massive client base. Recently, the firm was named to the 2020 edition of the Financial Times 300 Top Registered Investment Advisers (RIA).

City National Rochdale was founded in 1986, and it offers portfolio management services. It is also a fee-only firm, meaning all of its earnings come from fees paid by clients. This is in contrast with a fee-based firm, which might have the opportunity to receive commissions from insurance or securities sales.

City National Rochdale Background

City National Rochdale first opened for business in 1986. The firm is a subsidiary of City National Bank (CNB), which is a wholly owned subsidiary of RBC USA Holdco Corporation, a financial services holding company. RBC USA Holdco is in turn under the ownership of the Royal Bank of Canada.

The firm is led by CEO Garrett R. D’Alessandro, and it employs a massive team of advisors. Many of these advisors have earned professional certifications such as chartered financial analyst (CFA), certified financial planner (CFP), accredited investment fiduciary (AIF) and chartered alternative investment analyst (CAIA).

City National Rochdale Client Types and Minimum Account Sizes

City National Rochdale works with more than 33,000 clients. Two-thirds of this client base is a fairly even split between high-net-worth individuals and pension plans. The firm’s remaining clients include non-high-net-worth individuals, investment companies, charitable organizations, corporations and other investment advisors.

For the most part, City National Rochdale works with clients who have $250,000 in investable assets with at least a $1 million net worth. However, the firm may decide to lower or waive this minimum at its discretion.

Services Offered by City National Rochdale

City National Rochdale’s flagship offering is money management services, which it provides both to clients and to City National Bank (CNB) as a sub-advisor. This offering can include, but isn’t limited to:

Investment planning based on:

  • Risk tolerance
  • Tax situation
  • Time horizon
  • Cash flow needs
  • Financial goals
  • Tax planning
  • Asset allocation planning
  • Portfolio customization
  • Regular portfolio monitoring

City National Rochdale also provides investment management services to the City National Rochdale Funds, an investment company offering a few different mutual funds. The firm offers interests in these funds, as well as closed-end and private funds that it manages.

Additionally, the firm provides access to a wrap fee program. This service bundles investment management, brokerage and custodial services into a single, percentage-based fee.

City National Rochdale Investment Philosophy

City National Rochdale chooses from a wide range of different investment strategies to find the proper asset allocation for each client’s risk tolerance, time horizon and financial goals. Within the firm’s Galaxy strategy, advisors will perform a Monte Carlo analysis that allows for the simulation of thousands of different asset allocations so advisors can pick the one with the highest probability of success. The firm also has many investment strategies that are more specific, ranging from large-cap equities to short and intermediate fixed-income.

Fees Under City National Rochdale

City National Rochdale charges advisory fees according to several different fee schedules, which apply based on which service you choose.

 Investment Management Fees
Assets Under Management (AUM) Fee Percentage
Up to $1 million 1.25%
$1 million - $5 million 1.00%
$5 million - $10 million 0.75%
Above $10 million 0.50%

 

 Conservative Growth & Income Strategy Fees
Assets Under Management (AUM) Fee Percentage
Up to $1 million 0.80%
$1 million - $5 million 0.65%
$5 million - $10 million 0.40%
Above $10 million 0.30%

 

Fixed-Income Strategy Fees
Assets Under Management (AUM) Fee Percentage
Up to $5 million 0.50%
$5 million - $10 million 0.40%
Above $10 million 0.30%

 

Wrap Fee Program
Account Value Advisory Fee Percentage Transaction Fee Percentage
$750,000 - $1 million 1.00% 0.19%
$1 million - $2 million 1.00% 0.14%
$2 million - $3 million 0.80% 0.14%
$3 million - $5 million 0.80% 0.09%
$5 million - $10 million 0.60% 0.07%
$10 million and above 0.50% 0.05%

What to Watch Out For

City National Rochdale has one disclosure listed on its Form ADV. However, this disclosure is related to an event involving the firm’s owner, the Royal Bank of Canada.

Some of the advisors who work at this firm may be able to earn commissions from insurance or securities sales. Despite the potential conflicts of interest that arise from this arrangement, the firm is legally required to act in clients' best interests no matter what.

City National Rochdale does not offer financial planning services to its clients, preferring to focus exclusively on portfolio management. So if financial planning is a must-have for you, then you may want to find another financial advisor in your area

Opening an Account With City National Rochdale

To start the process of working with City National Rochdale, you’ll need to get in touch with the firm. The easiest way to do this is by filling out the contact form on the firm’s website with your first and last name, email address, phone number and a message. You can also call the firm’s toll-free phone number at (800) 245-9888.

All information is accurate as of the writing of this article.

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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 the cost of living in retirement for that location.

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

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. 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. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

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