What does City National Rochdale do?
City National Rochdale (CNR) now operates under the name RBC Rochdale, LLC.
The firm has been in business since 1986, is an SEC-registered investment adviser, and is a wholly owned subsidiary of City National Bank, which Royal Bank of Canada indirectly owns.
This review looks at its advisor-led investment management and private wealth portfolio management. These services are typically delivered in collaboration with a client’s financial advisor.
For direct client relationships, RBC Rochdale portfolio managers typically work with the client and the client’s financial advisor to build a personalized portfolio aligned with the client’s Investment Policy Statement.
The service includes assessing goals and cash-flow needs, applying proprietary research and asset allocation work, designing an asset management and transition plan, implementing the portfolio, and providing ongoing portfolio reviews and proactive communication.
Key services may include:
- Advisor-led investment management
- Private wealth portfolio management
- Asset allocation planning
- Tax-sensitive implementation
- Ongoing portfolio oversight
- Risk management
What are the pros and cons of City National Rochdale?
Here is a look at the pros and cons of CNR.
Pros of City National Rochdale:
- Personalized portfolio construction: Portfolios are tailored to client goals, cash flow needs, tax sensitivities, risk tolerance, and an IPS.
- Broad investment toolkit: Strategies may include U.S. equities, international and emerging markets equities, core fixed income, opportunistic income, real assets, alternatives, and external managers, where suitable.
- Private wealth orientation: the Private Wealth Solutions material is aimed at clients with more complex issues and more than $10 million in investable assets.
Cons of City National Rochdale:
- High access threshold: Direct discretionary accounts generally request a $1 million minimum.
- Layered fee structure: Clients may pay Rochdale’s advisory fee, program fees, custodian or transaction costs, third-party adviser fees, fund expenses, and possibly a separate referring-advisor fee.
- Suited to more complex portfolios: The service is built around personalized portfolio management, an IPS, advisor coordination, and active research, which may be more than some investors need.
City National Rochdale fees: How much does City National Rochdale cost?
City National Rochdale generally charges asset-based fees for its direct investment management relationships.
Investment advisory/management fee:
Account value tier | Investment advisory/management fee |
|---|---|
First $2,000,000 | 1.00% |
Next $3,000,000 | 0.80% |
Next $5,000,000 | 0.60% |
$10,000,000 and above | 0.50% |
For the annual program relationship model, clients also pay a separate program fee.
Account value | Program fee |
|---|---|
$0 to $500,000 | 0.11% |
$500,000 to $1,000,000 | 0.10% |
$1,000,000 to $3,000,000 | 0.07% |
$3,000,000 to $5,000,000 | 0.04% |
$5,000,000 to $10,000,000 | 0.03% |
$10,000,000 and above | 0.01% |
What is City National Rochdale’s minimum account size?
City National Rochdale generally requests a $1 million account minimum for both the annual program relationship model and the transaction-based relationship model.
For private wealth solutions, the threshold is higher: the service applies to the highest-net-worth clients with more than $10 million in investable assets. It is used to address more complex wealth issues in collaboration with the client’s advisor.
Who should choose City National Rochdale?
City National Rochdale may be a good fit for high-net-worth investors who want an active, customized, advisor-collaborative portfolio rather than a low-cost digital investment account.
City National Rochdale works well for:
- High-net-worth clients: The firm primarily serves high-net-worth and emerging high-net-worth individuals.
- Clients needing customization: The service supports IPS-based portfolio design, reasonable restrictions, tax-sensitive transition planning, and external manager selection.
- Investors with outside advisors: The Independent Channel is built for clients who work directly with Rochdale or through a third-party financial advisor.
Who might not benefit as much:
- Cost-sensitive investors: The fee schedule, program fees, possible referring-advisor fees, fund expenses, and custody or transaction costs can make the total cost layered.
- Smaller investors: The direct discretionary minimum is generally $1 million.
- Investors seeking a simple robo-advisor: This service is portfolio-manager-led and advisor-collaborative, rather than fully automated.
City National Rochdale: Is it secure?
City National Rochdale is an SEC-registered investment adviser.
Client assets are held with a third-party qualified custodian. Clients also receive account statements directly from their qualified custodian at least quarterly.
On cybersecurity, the firm uses protective measures and adjusts them as circumstances warrant.
City National Rochdale: Customer service
The service model is relationship-based rather than call-center-focused.
For direct accounts, portfolio managers typically work with clients and their financial advisors, provide periodic portfolio reviews, and maintain proactive client communication.
It also refers to a dedicated portfolio manager and investment consultant.
City National Rochdale: Mobile App
City National Rochdale, now RBC Rochdale, does not disclose a dedicated mobile app.
Is City National Rochdale worth it?
City National Rochdale, now RBC Rochdale, may be worth considering for high-net-worth clients who want customized, advisor-led portfolio management. Its strengths are direct portfolio-manager involvement, personalized asset allocation, and access to broader investment strategies.
However, it is not a low-cost or simple digital option; direct accounts generally require $1 million, Private Wealth Solutions applies to clients with more than $10 million, and total costs can include advisory fees, program fees, fund expenses, and other account-level charges. Overall, it suits investors who value tailored portfolio management over low fees or simplicity.
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