Rockefeller Capital Management disclosed in a recent regulatory filing that it will impose a new relationship quarterly fee of 3.5 basis points on advisory accounts beginning October 1. As reported by AdvisorHub, the fee applies to most accounts except those governed by ERISA or holding $75 million or more in assets.

The filing states that the quarterly fee will be assessed at the end of each billing cycle. It will be calculated based on the closing market value of assets on the final business day of the quarter, adjusted for net inflows and outflows, and then applied on a pro rata basis. As reported by AdvisorHub, Rockefeller explained that the charge supports the "continued support of our wealth management capabilities."

According to AdvisorHub, this development follows the firm's November rollout of a "platform fee" that also capped charges at 3.5 basis points to offset administrative expenses. Like the new relationship fee, the platform fee exempts accounts above $75 million.

Despite those changes, the client fee structure remains unchanged. According to AdvisorHub, clients continue to pay a combination of advisory, custodial, execution, and reporting service fees through Fidelity Investments, capped at 2 percent of assets annually. In addition, clients are responsible for manager fees to product manufacturers, ranging from zero to 1.02 percent of assets, based on assets under management by third-party managers.

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