A New Way to Manage
Client Cash

The Market Savings Sub-advisory Program (“Program”) is a unique offering that allows your clients to access the upside return potential of the markets without exposing their underlying capital to market risk. Additionally, the Program allows you to treat client cash in the Program as a managed asset within your fee-based advisory model.

Establishing a new Program begins with accessing the Market Savings Advisor Portal and enrolling your interested and eligible clients in the Program. This simple, web-based process includes entering important client information, determining the principal deposit amount for their program and the appropriate investment portfolio, among other things. Once enrollment is completed and your clients electronically sign the necessary authorization, a deposit account at Customers Bank, Member FDIC and an investment account at Pershing LLC, Member SIPC will be opened on their behalf. The principal deposit amount will then be transferred from the client’s existing custodial account to their new Pershing account. Once received in the Pershing account, the funds will then be transferred to their Customers Bank deposit account. Note that your clients’ deposits will not be invested and will remain at Customers Bank for the duration of their Program’s stated maturity term (i.e., 1 year).

In lieu of your client receiving traditional interest on their principal deposit amount, Customers Bank pays Save a platform fee. Save, in turn, purchases a security on the customer's behalf in the selected portfolio with a one-year maturity. Once the trade has settled, the client will have a deposit in an FDIC- insured bank account and a security in a custodial investment account. The client’s principal deposit is not exposed to market risk. ^²

Throughout the term of the Program, the client’s portfolio performance can be monitored in real-time in the advisor portal.

At the end of the Program term, the security will mature and any investment gains will be paid out to the client’s Pershing investment account. The client can opt to reinvest their initial Program’s returns by renewing for an additional one-year term or choose to redeem and close the program. If the Program is held to maturity, the only fees paid by the client are any advisory or other fees charged by your firm. Save, in turn, will charge a sub-advisory fee of 0.35% to the advisory firm. ^​⁴

After your client has enrolled in the Program and made an initial principal deposit, Save’s investment team will work with its partners to purchase an investment tied to the portfolio selected by you and your client. Over the one-year term of the Program, this investment may accumulate a market-linked return or APY, depending on the performance of the underlying portfolio strategy. Your client’s market-linked return could be higher or lower than advertised depending on the performance of the portfolio, but it can never be less than zero if the Program is held to maturity. Below are examples of two market scenarios for illustrative purposes:

Positive Market

Investment Date (initial purchase)
On 6/16/2023, CUBI purchases Risk Controlled S&P500 index exposure equaling a 0.92 multiplier with an Index price of 248.51

Maturity Date
On 6/17/2024, investments mature one year later at a Risk Controlled S&P500 value of 284.60. Gain equals (284.60-248.51)/248.51 multiplied by 0.92, which is 13.4%.

The multiplier determines how much of the underlying investment portfolio return is contributed to the program return. If the multiplier is 0.92, the program return will be 92% of the gains generated by the underlying investment portfolio. The multiplier is a function of funding levels and the cost of investment exposure.

Negative Market

Investment Date (initial purchase)
On 2/2/2022, CUBI purchases Risk Controlled S&P500 Index exposure equaling a 0.92 multiplier with an Index price of 251.03.

Maturity Date
On 2/2/2023, investments mature one year later at a Risk Controlled S&P500 Index value of 239.76. Return is negative, which produces zero product gain (but no loss).

The multiplier determines how much of the underlying investment portfolio return is contributed to the program return. If the multiplier is 0.92, the program return will be 92% of the gains generated by the underlying investment portfolio. The multiplier is a function of funding levels and the cost of investment exposure.

It’s important to note that throughout this time period, the client’s underlying deposit remains in their Customers Bank deposit account and is not exposed to market risk.

As an advisor, you will be charged the Save sub-advisory management fee of 0.35% on each client’s principal deposit amount. Save Advisers will invoice you at the end of each client’s investment term.

To add a new client, log in to the Advisor Portal and navigate to the “Add a Client” tab in the left navigation bar. From there, follow the steps, including inputting the client’s personal details, regulatory information, investment goals, funding information, and more. Optional personal details include adding a beneficiary, which we highly recommend adding.

The Market Savings Sub-advisory Program is a cash management product that allows your clients to get more from their cash holdings by providing the opportunity to generate market returns without exposing their underlying deposit to market risk. The client’s cash deposit is placed in an FDIC-insured deposit account opened and held in their name and is safeguarded for the duration of the Program’s term. Independently of the deposit, Save will purchase an investment on behalf of the client based on the chosen portfolio which is held in the custodial investment account. Through this unique structure, your client is able to access the upside return potential of the market while their principal deposit is fully protected from downside risks.

The Market Savings Sub-advisory Program can be viewed as a unique tool to deploy clients’ more goal-oriented, strategic cash that is not held for day-to-day requirements. The Program offers capital preservation coupled with the potential for higher yields than other, more traditional cash management products like high yield savings accounts, CDs and money market funds.

The Market Savings Sub-advisory Program is offered exclusively through investment advisors that have chosen to partner with Save and Customers Bank in order to offer their clients access to a revolutionary cash management product. Like with other investments you place your clients in as their advisor, you will manage the signup process and enrollment of your clients in the Program; however, your clients will be required to confirm their initial and ongoing participation in the Market Savings Sub-advisory Program by signing all account opening and closing documentation. This is accomplished through a streamlined, user-friendly e-signature process.

The Market Savings Sub-advisory Program allows you to combine the relative safety and security of a traditional deposit account with the exposure to market upside, allowing you to convert some or most of your clients’ idle savings and investment cash holdings into a managed asset within your fee-based advisory framework.

For questions or support regarding the Program and its related investment advisory components, contact Save Advisers at 254-284-Save (7283) or ria@joinsave.com. For questions or support about getting access to the Portal and/or banking products and services provided in connection with the Program, contact Customers Bank at (833) 673-2655 or FIG@customersbank.com.

The Market Savings Sub-advisory Program utilizes a dual account structure for each client consisting of a deposit account at Customers Bank, Member FDIC and an investment account at Pershing LLC, Member SIPC. Clients’ cash deployed in the Program is deposited into an FDIC-insured deposit account at Customers Bank, is not used to fund any investment activity and is therefore not at risk of investment loss. It is important to note that Save is not a bank, but we do establish relationships with FDIC-insured banks to be able offer this feature of the Program. Likewise, Customers Bank is not an investment advisor nor does in provide any investment products or services in connection with the Program.

In lieu of clients receiving traditional interest on their deposit, Customers Bank pays Save a platform fee for each deposit. Save then purchases a strategy-linked security on the client’s behalf. Investments are not funded by customer deposits and there is therefore no customer outlay of capital to purchase investments.

Because each deposit is matched with investments based on the term selected, it is not possible to partially withdraw funds. Instead, the entire deposit and its corresponding investments must be closed in full. Save advises that clients leave their deposits in place for the investment's full term to both maximize the variable return potential and avoid costs that may be incurred in association with early withdrawal from a program.

While early withdrawals are permitted, Save highly recommends that clients maintain their program through its maturity. Clients who choose to withdraw deposited funds in a program prior to the maturity of the corresponding program investment will be responsible for the early withdrawal trade closure costs associated with such early withdrawal, including but not limited to forfeiture of the entire amount of the investment Save made on the client’s behalf and any additional trade closure or unwind costs associated with unwinding the strategy- linked security prior to maturity. More information on early withdrawals can be found in Save Advisers’ Form ADV Part 2A.