Item 5 – Fees and Compensation
A. Fee Schedules
Fees for all Comerica Securities investment advisory programs are described below. Fees are
negotiable and discounts on fees are available based on, but not limited to, the household
relationship with Comerica Securities and amount of assets under management. Additionally,
some Program Accounts may be on a fee schedule that is no longer offered. As a result, clients
with similar assets will have differing fee schedules.
INVESTMENT ADVISORY SERVICES
411 W. Lafayette Blvd., Detroit MI 48226 800.232.6983
www.comerica.com
Cash and money market funds (collectively “cash”) in an MPS Program Account are included in
calculating the Client Fee. This includes, but is not limited to, cash that a client chooses to
designate as “protected” within a Program Account. Protected cash is not invested, managed,
nor included in a Program Account’s model. If you plan to maintain a large amount of cash, it is
recommended that you do so in a brokerage (i.e., non-fee-based) account. It can cost you less
to hold cash in a brokerage account.
The fee you pay will change over time due to the investments chosen, the effects of market
conditions, and investment performance on your account asset value. Any additions or
withdrawals made in your account will also affect the fee you pay. Any fees you pay reduce the
overall value of and net performance of your Program Account. You should consider the
aggregate costs and expenses of investment advisory services and products as a whole.
The Firm generally does not permit clients to hold non-advisory assets (i.e., non-Program Assets)
in their Program Accounts. If the Firm agrees to do so, these assets will be deemed to be
“Unsupervised Assets” (i.e., assets for which you will not receive investment advice).
Unsupervised Assets are excluded from the Client Fee calculation. Unsupervised Assets are also
excluded from Program Account performance calculations, including performance reports created
by the Platform Manager.
The Advisor Fee and (PPA) Overlay Fee portions of the Client Fee received from Program
Accounts is considered compensation paid to Comerica Securities and to your Financial
Consultant. A portion of the Client Fees paid by you can be shared with Comerica Securities
employees who do not provide investment advice or other advisory services for your Program
Account. This can include individuals in administrative roles or be based on certain partnership
arrangements with your Financial Consultant.
For additional information regarding wrap program fees, please refer to the MPS Wrap Brochure,
Item 4 – Services, Fees and Compensation, section B. Fee Based Accounts.
1. Managed Portfolio Solutions (“MPS”) Program
Comerica Securities MPS Program Accounts are investment advisory accounts for which you pay
a Client Fee for services provided by Comerica Securities, your Financial Consultant, and third-
party vendors such as Envestnet and Pershing. Examples of services include research,
investment selection, asset allocation, execution of transactions, overlay services, custody of
securities, and performance reporting for your Program Account.
The Client Fee for all MPS Program Accounts consists of an Advisor Fee and, as applicable, an
Overlay Fee and Manager Fee for the pertinent category of Program Assets. (An SMA Platform
Fee can be included in the Manager Fee.)
INVESTMENT ADVISORY SERVICES
411 W. Lafayette Blvd., Detroit MI 48226 800.232.6983
www.comerica.com
For all MPS Program Accounts (items a. to d. below) in addition to the Client Fees clients will also
pay indirect management and expense fees to mutual funds and ETFs when utilized in their
portfolio. Mutual fund trades are executed as “no load” (without commissions or sales charges).
Please refer to Item 5C - General Information on Fees and Incentives for additional information.
a. Personal Portfolio Advisory (“PPA”) Accounts
Advisor Fee Schedule:
Assets Managed Advisor Fee
On first $2 Million 1.35%
On next $3 Million 0.90%
On next $5 Million 0.60%
On Balance >$10 Million 0.40%
For all PPA accounts, the Client Fee will include an Advisor Fee and an Overlay Fee. Advisor
Fees are charged by Comerica Securities for investment advisory services provided, including
but not limited to investment management services. The Overlay Fee represents the costs
associated with account oversight and investment management by your Financial Consultant as
the Portfolio Manager. This includes, for example, account trading and portfolio rebalancing. The
Overlay Fee is 0.10% and will be assessed against total Program Assets. The Advisor Fee and
Overlay Fee are considered compensation paid to Comerica and your Financial Consultant.
b. Fund Strategist Portfolios (“FSP”), Comerica Managed Portfolios (“CMP”), Separately
Managed Account (“SMA”), and Unified Managed Account (“UMA”)
Advisor Fee Schedule:
Assets Managed Advisor Fee
On first $2 Million 1.35%
On next $3 Million 0.90%
On next $5 Million 0.60%
On Balance >$10 Million 0.40%
For all CMP, FSP, SMA, and UMA accounts, the Client Fee will include an Advisor Fee and, when
applicable, a Manager Fee and a SMA Platform Fee. When an SMA Manager(s) is included as
part of a portfolio, a Manager Fee will be added to the Advisor Fee paid by the client. Certain
FSPs can also be subject to a Manager Fee. Manager Fees are only assessed against the
portion of Program Assets managed by the SMA Manager(s). Manager Fees vary based on the
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