Chartwell Consulting (USA) LLC is a SEC-registered investment adviser with its
principal place of business located in New Jersey. Chartwell Consulting (USA) LLC
began conducting business in January of 1994.
Listed below are the firm's principal shareholders (i.e., those individuals and/or entities
controlling 25% or more of this company).
Natalka O. Bukalo,
Richard D. Shaffer,
Chartwell Consulting (USA) LLC offers the following advisory services to our clients:
ASSET CONSULTING SERVICESThe primary clients for these services will be pension, profit sharing and 401(k) plans,
endowments and foundations. We offer these services, where appropriate, to
individuals and trusts, estates and charitable organizations. Asset Consulting Services
are comprised of the following distinct services. Clients may choose to use any or all of
these services.
Investment Policy Statement Preparation (hereinafter referred to as ''IPS''):
We will meet with the client to determine an appropriate investment strategy that
reflects the plan/fund sponsor's stated investment objectives for management of the
overall plan. Our firm then prepares a written IPS detailing those needs and goals,
including an encompassing policy under which these goals are to be achieved. The IPS
also lists the criteria for: selection of investment vehicles, strategic asset allocation and
rebalancing criteria, procedures and timing interval for monitoring investment
performance and any pertinent investment restrictions.
Selection of Investment Vehicles:
We assist plan/fund sponsors in constructing appropriate strategic asset allocation
targets. We will then review various investment funds (active and passive), individual
manager strategies and/or fund of funds to determine which investments are
appropriate to implement the client's IPS. The number of investments to be
recommended will be determined by the client, based on the IPS.
Monitoring of Investment Performance:
We monitor client investments continually, based on the procedures and timing
intervals delineated in the Investment Policy Statement. Although our firm is not
involved in any way in the purchase or sale of these investments, we supervise the
client's portfolio and will make recommendations to the client as market factors and the
client's needs dictate.
Employee Communications:
For profit sharing and 401(k) plan clients with individual plan participants exercising
control over assets in their own account (''self-directed plans''), we also provide
educational support and investment workshops designed for the plan participants when
the plan sponsor engages our firm to provide these services. The nature of the topics to
be covered will be determined by us and the client under the guidelines established in
ERISA Section 404(c). The educational support and investment workshops will NOT
provide plan participants with individualized, tailored investment advice or
individualized, tailored asset allocation recommendations.
AMOUNT OF ADVISED ASSETSAs of 12/31/2016, we were actively advising on $2,000,000,000 of client assets on a
non-discretionary basis.
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ASSET CONSULTING FEESChartwell Consulting provides asset consulting services as described below:
INVESTMENT POLICY FORMULATION
Work with clients to establish the risk and return requirements for management of their
assets. Investment restrictions are also identified, and performance guidelines used for
evaluations are established. The fee is $5,000 per client/plan. All fees will be due upon
presentation of the work to the client.
ASSET LIABILITY STUDY
The exposure in equities and fixed income (including international), cash equivalents
and any other client approved asset class (alternatives, private equity, real estate, etc.)
in a client's portfolio can be evaluated. Specific asset groups will be reviewed to help
better achieve the client's return or asset liability goals. The fees will typically range
from $15,000 to $25,000 depending on the number of asset classes to be evaluated
and the complexity of the client's situation. All fees will be due upon presentation of the
work to the client.
INVESTMENT COMPANY SEARCH
Chartwell Consulting can screen for mutual funds based on the specific needs of a
client. The fees for this service will range from $4,000 to $7,500 per fund search. All
fees will be due upon presentation of work to the client.
INVESTMENT ADVISER SEARCH
Chartwell Consulting will screen for investment managers for separate account or
commingled fund management based on client specific criteria. The fee for this service
ranges from $10,000-$20,000 for each search, depending on the structure of the
search (traditional management versus alternatives, for example). In the event of a
multiple manager search, an appropriate fee structure may be negotiated.
PERFORAMNCE MONITORING AND EVALUATION
Chartwell will provide performance reports and evaluation (provided that adequate and
appropriate documentation is supplied by the client and/or client's custodian). The fee
for this service is $8,000 to $12,000 per investment manager or fund evaluated, or can
be a percent of assets which are being monitored. These fees will be billed quarterly in
arrears.
GENERAL INFORMATION ON FEES
In certain circumstances, all fees and account minimums can be negotiated.
A client agreement may be canceled at any time, by either party for any reason upon
receipt of 90 days written notice. Upon termination on any account any prepaid,
unearned fees will be promptly refunded.
If a client requests a special version of any of the above services that goes beyond the
typical scope of these services, Chartwell may charge an additional fee. The size of
this fee will be determined by the complexity of each client's request. This fee will be
disclosed to the client before entering into the service and will be due and payable upon
completion of the service or quarterly in arrears, if applicable.
At the discretion of the client, and when applicable, all or part of the client's fee may be
paid directly by an investment company in 12(b)-1 fee offset arrangement or from a
client's ERISA budge/administration account. Chartwell may at the client's request,
assist in negotiating such an arrangement; however, no client is obligated to enter into
this type of arrangement.
GENERAL INFORMATIONTermination of the Advisory Relationship: A client agreement may be canceled at
any time, by either party, for any reason upon receipt of 90 days written notice. Upon
termination of any account, any prepaid, unearned fees will be promptly refunded.
Mutual Fund Fees: All fees paid to Chartwell Consulting (USA) LLC for investment
advisory services are separate and distinct from the fees and expenses charged by
mutual funds and/or ETFs to their shareholders. These fees and expenses are
described in each fund's prospectus. These fees will generally include a management
fee, other fund expenses, and a possible distribution fee. All of our clients are
institutional and would never be subject to pay an initial or deferred sales charge. A
client could invest in a mutual fund directly, without our services. In that case, the client
would not receive the services provided by our firm which are designed, among other
things, to assist the client in determining which mutual fund or funds are most
appropriate to each client's financial condition and objectives. Accordingly, the client
should review both the fees charged by the funds and our fees to fully understand the
total amount of fees to be paid by the client and to thereby evaluate the advisory
services being provided.
Additional Fees and Expenses: In addition to our advisory fees, clients are also
responsible for the fees and expenses charged by custodians and imposed by broker
dealers, including, but not limited to, any transaction charges imposed by a broker
dealer with which an independent investment manager effects transactions for the
client's account(s).
Grandfathering of Minimum Account Requirements: Pre-existing advisory clients
are subject to Chartwell Consulting (USA) LLC's minimum account requirements and
advisory fees in effect at the time the client entered into the advisory relationship.
Therefore, our firm's minimum account requirements will differ among clients.
ERISA Accounts: Chartwell Consulting (USA) LLC is deemed to be a fiduciary to
advisory clients that are employee benefit plans pursuant to the Employee Retirement
Income and Securities Act ("ERISA"), and regulations under the Internal Revenue Code
of 1986 (the "Code"), respectively. As such, our firm is subject to specific duties and
obligations under ERISA and the Internal Revenue Code that include among other
things, restrictions concerning certain forms of compensation. To avoid engaging in
prohibited transactions, Chartwell Consulting (USA) LLC may only charge fees for
investment advice about products for which our firm and/or our related persons do not
receive any commissions or 12b-1 fees, or conversely, investment advice about
products for which our firm and/or our related persons receive commissions or 12b-1
fees, however, only when such fees are used to offset Chartwell Consulting (USA)
LLC's advisory fees.
Advisory Fees in General: Clients should note that similar advisory services may (or
may not) be available from other registered (or unregistered) investment advisers for
similar or lower fees.
Limited Prepayment of Fees: Under no circumstances do we require or solicit
payment of fees in excess of $1200 more than six months in advance of services
rendered.
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Chartwell Consulting (USA) LLC provides advisory services to the following types of
clients:
High net worth individuals
Pension and profit sharing plans(other than plan participants)
Charitable organizations
Corporations or other businesses not listed above
State or municipal government entities
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METHODS OF ANALYSISWe use the following methods of analysis in formulating our consulting advice:
Asset Allocation. Rather than focusing primarily on securities selection, we attempt to
identify an appropriate ratio of securities, fixed income, and cash suitable to the client's
investment goals and risk tolerance.
A risk of asset allocation is that the client may not participate in sharp increases in a
particular security, industry or market sector. Another risk is that the ratio of securities,
fixed income, and cash will change over time due to stock and market movements and,
if not rebalanced will no longer be appropriate for the client's goals.
Risks for all forms of analysis. Our analysis methods rely on the assumption that the
companies whose securities are purchased and sold, the rating agencies that review
these securities and other publicly available sources of information about these
securities, are providing accurate and unbiased data. While we are alert to indications
that data may be incorrect, there is always a risk that our analysis may be compromised
by inaccurate or misleading information.
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We are required to disclose any legal or disciplinary events that are material to a client's
or prospective client's evaluation of our advisory business or the integrity of our
management.
Our firm and our management personnel have no reportable disciplinary events to
disclose.
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Our firm and our related persons are not engaged in other financial industry activities
and have no other industry affiliations.
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and Personal TradingOur firm has adopted a Code of Ethics which sets forth high ethical standards of
business conduct that we require of our employees, including compliance with
applicable federal securities laws.
Chartwell Consulting (USA) LLC and our personnel owe a duty of loyalty, fairness and
good faith towards our clients, and have an obligation to adhere not only to the specific
provisions of the Code of Ethics but to the general principles that guide the Code.
Our Code of Ethics includes policies and procedures for the review of quarterly
securities transactions reports as well as initial and annual securities holdings reports
that must be submitted by the firm’s access persons. Among other things, our Code of
Ethics also requires the prior approval of any acquisition of securities in a limited
offering (e.g., private placement) or an initial public offering. Our code also provides for
oversight, enforcement and recordkeeping provisions.
Chartwell Consulting (USA) LLC's Code of Ethics further includes the firm's policy
prohibiting the use of material non-public information. While we do not believe that we
have any particular access to non-public information, all employees are reminded that
such information may not be used in a personal or professional capacity.
A copy of our Code of Ethics is available to our advisory clients and prospective clients.
You may request a copy by email sent to
[email protected], or by calling us at
973 783-2900.
Chartwell Consulting (USA) LLC and individuals associated with our firm are prohibited
from engaging in principal transactions.
Chartwell Consulting (USA) LLC and individuals associated with our firm are prohibited
from engaging in agency cross transactions.
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ASSET CONSULTING SERVICESREVIEWS: Chartwell Consulting (USA) LLC will review the client's Investment Policy
Statement (IPS) whenever the client advises us of a change in circumstances regarding
the needs of the plan. Chartwell Consulting (USA) LLC will also review the investment
options of the plan according to the agreed upon time intervals established in the IPS.
Such reviews will generally occur annually.
These accounts are reviewed by: Natalka Bukalo and Richard Shaffer.
REPORTS: These client accounts will receive reports as contracted for at the inception
of the advisory relationship.
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It is Chartwell Consulting (USA) LLC's policy not to engage solicitors or to pay related or
non-related persons for referring potential clients to our firm.
It is Chartwell Consulting (USA) LLC's policy not to accept or allow our related persons
to accept any form of compensation, including cash, sales awards or other prizes, from
a non-client in conjunction with the advisory services we provide to our clients.
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The advisory services provided by our firm do not include managing client assets.
Accordingly, we do not accept investment discretionary authority nor will we manage
client accounts on a non-discretionary basis.
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As a matter of firm policy, we do not vote proxies on behalf of clients. Therefore,
although our firm may provide investment advisory services relative to client investment
assets, clients maintain exclusive responsibility for: (1) directing the manner in which
proxies solicited by issuers of securities beneficially owned by the client shall be voted,
and (2) making all elections relative to any mergers, acquisitions, tender offers,
bankruptcy proceedings or other type events pertaining to the client’s investment
assets. Clients are responsible for instructing each custodian of the assets, to forward
to the client copies of all proxies and shareholder communications relating to the
client’s investment assets.
We may provide clients with consulting assistance regarding proxy issues if they
contact us with questions at our principal place of business.
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Under no circumstances do we require or solicit payment of fees in excess of $1200 per
client more than six months in advance of services rendered. Therefore, we are not
required to include a financial statement.
Chartwell Consulting (USA) LLC has not been the subject of a bankruptcy petition at
any time during the past ten years.
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