Effective on August 1, Price eliminated several policies which were particularly friendly to small investors.
The minimum subsequent investment on retail accounts was raised from $50 to $100.
The waiver of the minimum investment for accounts with an Automatic Asset Builder has been eliminated. Rather than requiring a $50 minimum and $50/month thereafter, AAB accounts now require $2500 minimum and $100/thereafter (though it doesn't need to be monthy).
The small account fee has been raised to $20 per account under $10,000. The fee will be assessed in September. You can dodge the fee by signing up for electronic document delivery.
Price changed the policies in response to poor behavior on the part of investors. Too many investors started with $50, built the account to $300 and then turned off the asset builder. Price then had custody of a bunch of orphaned accounts which were generating $3/year to cover management and administrative expenses. This is the same problem that long-ago forced a bunch of firms to raise their investment minimums from $250- 500 to $2500.
Artisan remains one of the few firms (almost the only firm) to waive their investment minimums for accounts with a $50 automatic investment plan.
Comments
Also, if you pull completely out (move your stash elsewhere) they've imposed a $20 "close-out" fee. I talked to them and appears best thing is to consolidate all your funds into 1 before pulling out or each will be hit with the fee.
I have some funds with other fund families that were set up prior to increased AIP amount changes, but my accounts were "grandfathered" since the AIP was in place prior to the change. Any new account established after the change was subject to the AIP change.
FWIW
I am sure I am not the only one in this situation.