Fee account charges

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Sep 11, 2009 1:34 pm

Do wires/regionals have specific charges for feebased accounts depending on size? Or does the advisor get to pick?

Sep 11, 2009 8:41 pm

mssb - 3% standard on mgd, 2.25% on fee for advice, but FA can discount up to 50% without needing approval, but if request is for more than 50% discount, it is almost always approved

These are the base rates, not taking into account breakpoints, which i think start at $250k, but not sure about that number

Sep 12, 2009 9:47 am

Over 2% to wrap funds? That is insanse.. Do they have discretionary accounts where I can use whatever I want?

Sep 12, 2009 12:36 pm

I am considering a move from indy to MSSB, I currently charge between 1.00-1.75 depending on asset size for a full discretionary account... Will I be able to do that at MSSB?

Sep 12, 2009 1:58 pm
chief123:

I am considering a move from indy to MSSB, I currently charge between 1.00-1.75 depending on asset size for a full discretionary account... Will I be able to do that at MSSB?


Down to 1.5% yes, below 1.5% you need manager approval. You may not be able to do everything in a Discretionary account at MSSB though that you can do at an Indie.
Also note, i am referring to the SB platform, i left SB just before the merger was finalized, i dont know where they are in the integration, and am not familiar with the MS program. However, from what i last heard, at MS you needed to have $75MM assets to qualify to do discretionary business
At SB, there is no asset requirement, you just need to pass an exam which isnt that difficult to do GPM which is the first level of discretion - stocks, etf'S OK, no MF's. And there are limitations - cant buy stocks SB rates a sell, limits on sector exposure, individual stock exposure, and exposure to stocks rated 'speculative"
The second level requires if i remember correctly, $100,000,000 in assets, Council level producer, etc, and has very few limitations.

Why on earth would you want to go from indie to that place?

Sep 12, 2009 2:01 pm

Though i might be able to pull in more assets. Do you think that is the case?

Sep 14, 2009 12:38 pm
chief123:

I am considering a move from indy to MSSB


Quite possibly the dumbest thing I've heard in my time on this forum.  Wow.

Sep 14, 2009 1:08 pm

Yeah turns out I didn't know that...Had another interview this morning and found out about 15 reasons why i would never go back to the w-2 world.

Sep 14, 2009 8:02 pm
chief123:

I am considering a move from indy to MSSB, I currently charge between 1.00-1.75 depending on asset size for a full discretionary account... Will I be able to do that at MSSB?


You are joking, right?

Who brings in the asests, you or your firm?
If you think its your firm, you need to find a job selling shoes to old ladies. No disrespect meant