Copper Financial, formerly known as CommunityAmerica Financial Solutions, LLC, prides itself as being one of the only credit union-owned, broker-dealer and registered investment advisor (RIA) firms working directly with other credit unions and their clients, according to its website.
Copper Financial Background
The firm has been in business as a broker-dealer and investment advisor since 2001 and rebranded in August 2021 from CommunityAmerica Financial Solutions to Copper Financial. Owned by CommunityAmerica CUSO One, LLC, the firm strives to provide comprehensive financial planning services to help its members achieve financial peace of mind, according to its website.
The firm's president is Mike Haggerty, and Justin Steitz is the firm’s chief operating officer (COO). The firm’s owner, CommunityAmerica CUSO One, LLC, is owned by CommunityAmerica Credit Union.
Copper Financial Client Types and Minimum Account Sizes
Copper Financial serves individuals, high-net-worth individuals, pension and profit sharing plans, charitable organizations, foundations, endowments, trusts, state or government municipal entities, investment advisors, insurance companies, corporations and other businesses.
The firm has a minimum initial investment amount that varies based on account type
Services Offered by Copper Financial
The firm provides the following advisory services:
- Portfolio management
- Financial planning
- Selection of other advisors (including private fund managers)
- Educational seminars/workshops
Copper Financial Investment Philosophy
The firm specializes in providing customized investment solutions for credit unions and their members. It invests in exchange-traded equity securities, U.S. state and local bonds, investment-grade corporate bonds, securities issued by registered investment companies, cash, cash equivalents and other investments.
Fees Under Copper Financial
For financial planning, the firm charges at an hourly rate of $250. The maximum amount the firm will charge for each financial plan is $5,000. When it comes to investment advisory services, the firm’s Asset Allocation Managed Portfolio (AAMP) accounts come with an annual rate of 2.5%. Third-Party Managed Accounts (TPMAs) bear an annual asset-based fee of 3.0%.
|*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount. Fee estimates are based on maximum AAMP annual rates.|
|Estimated Investment Management Fees at Copper Financial*|
|Your Assets||Copper Financial Fee Amount|
|$500K||Up to $12,500|
|$1MM||Up to $25,000|
|$5MM||Up to $125,000|
|$10MM||Up to $250,000|
Learn more about advisors' typical costs here.
What to Watch Out For
Copper Financial doesn’t have any disclosures on its record; however, conflicts of interest can arise when advisors sell products for commissions. This is because advisors may become incentivized to favor products with higher fees over more suitable, non-commissioned products. The firm says it limits this risk by abiding by a fiduciary duty.
Opening an Account with Copper Financial
Copper Financial offers multiple options for getting in touch. You can visit the firm’s office in person, or you can call the firm at (913) 905-3600. The firm's website also provides a contact form.
All information is accurate as of the writing of this article.
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