An advisor friend of mine who does almost all direct mutual fund business asked me about "100% payouts" at barebones service broker dealers. Does anyone out there have any information on how the advisor experience is at these types of firms? What is the quality of service to these advisors? Is it actually a 100% payout, or is it more like 90 or 95%??
Any help would be appreciated?
I don't know but my guess is the payout is in theory 100% but since
they charge you for everything the amount you realize is going to be
cut. How else would they be in business if they didn't make some
money off of you SOMEHOW?
You advisor friend will need to look at his business, what he needs
from his clearing firm and determine for himself what he wants.
We get charged a higher than normal ticket charge but for our business
- that was fine because we aren't traders. It depends upon what