Primerica
| Fee Type | Annual Fee |
| Program Fee | 2.24% |
| Up Front Revenue Sharing | 0.25% |
| Quarterly Revenue Sharing | 0.0175% |
| Annual Cost to Clients in the First Year | 2.56% |
Disclosure of Revenue Sharing Regulatory Filings for Advisory Services
Merrill
| Fee Type |
Annual Fee |
| Merrill Lynch Fee Rate |
2.00% |
| Style Manager Rate |
0.65% |
| Revenue Sharing |
? |
| Annual Cost to Clients in the First Year |
2.65%+ |
Regulatory Filing for Advisory Services 1 & 2
Morgan Stanley
| Fee Type |
Annual Fee |
| Morgan Stanley Wealth Management Fee |
2.00% |
| Overlay Manager Fee |
0.07% |
| Sub-Manager Fee |
0.75% |
| GIS Investment Manager Fee |
0.30% |
| Platform Fee |
0.04% |
| Proprietary Fund Average Expense Ratio |
0.85% |
| Annual Cost to Clients in the First Year |
4.64% |
Regulatory Filing for Advisory Services
Wells Fargo
| Fee Type |
Annual Fee |
| Custom Blend Portfolio Fee |
2.50% |
| Revenue Sharing Agreements |
0.15% |
| Annual Cost to Clients in the First Year |
2.65% |
Regulatory Filing for Advisory Services
Disclosure of Revenue Sharing 1 & 2
Thrivent
| Fee Type |
Annual Fee |
| Advisory Fee |
2.00% |
| ME&A Fees |
1.25% |
| Annual Cost to Clients in the First Year |
3.25% |
Regulatory Filings for Advisory Services
Edward Jones
| Fee Type |
Annual Fee |
| Advisory Fee |
1.35% |
| Portfolio Strategy Fee |
0.19% |
| SMA Manager Fee |
0.40% |
| Revenue Sharing |
0.25% |
| Annual Cost to Clients in the First Year |
2.19% |
Regulatory Filings for Advisory Services
Ameriprise
| Fee Type |
Annual Fee |
| Advisory Fee |
2.00% |
| Platform Fee |
0.17% |
| Portfolio Manager Fee |
0.80% |
| Investments & Infrastructure Support Fee |
0.03% |
| Revenue Sharing |
0.42% |
| Annual Cost to Clients in the First Year |
3.42% |
Regulatory Filings for Advisory Services
Changepath LLC
| Fee Type |
Annual Fee |
| Advisory Fee |
3.25% |
| Annual Cost to Clients in the First Year |
3.25% |
Regulatory Filings for Advisory Services
UBS
| Fee Type | Annual Fee |
| Advisory Fee | 2.50% |
| SMA / MAC Equity Fee | 1.00% |
| Annual Cost to Clients in the First Year | 3.50% |
Regulatory Filings for Advisory Services
To Be Clear
This is not an exhaustive list. We share these tables and links only to share the material fact that all of these firms can charge clients well above 2% for their services and that in many cases, revenue is received from 3rd parties or through the sale of proprietary products that ultimately comes out of the client’s pocket when the client engages these firms in their services. Whether that is good or bad is entirely up to you, but I think it’s safe to say that we proved other local firms can charge more than 2% of assets under management for their services. If you want to read more about research into where these expenses come from and the effect they have on clients, you can read excellent research by Dr. Nicole Boyson of Northeastern University here.
Last Updated 6/21/2021
Comments 2
I think we consumers, have suspected that we are being taken advantage of, but it is not possible for the average person to investigate these subtleties. We wouldn’t even know where to start. It would take a financial advisor to know what to look for – isn’t that the cat protecting the canary? or something like that?
Seeing these rates quite frankly baffles, disappoints and angers me! I know this happens but seeing it “on paper” and knowing many of these advisors provide nothing more than “investment management” is a complete rip off in my humble opinion.