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Sep 24, 2009 10:33 pm

I’ve heard most people using td ameritrade’s ria platform only chage a one percent flat fee. True or bs? How much will you net using sma and map accounts? I rock at sales but hate managing money.

Sep 25, 2009 1:27 pm

At Jones, the SMA program charges anywhere from 50 BPS (for a large, fully discounted, all-fixed income account), up to 210 BPS (small, undiscounted, all-equity portfolio).  These are all-in costs to the client.  The manager gets 35 BPS for FI, and 45 for Equity.  Any discounting comes from the FA/Jones.

  For example, a $1mm 50/50 portfolio, discoutned 15% would end up at 1.60 all-in.   However, other than for Muni's, SMA's just don't intrigue me.  The risk-adjusted returns are just not that good with most managers.
Sep 25, 2009 2:43 pm

If you had no other assets invested through the SMA program, it would be about 150 at 250K and 500K, and 140 at 1mm.  But that is UNdiscounted.  You could get it down to about 130 and 117 respectively through discounting.  If you discount beyond that below $1mm, you take a haircut on payout.  $1mm and above, you can get it discounted down to about 100 bips, $2mm and above, you could get it down to about 70 bips without a haircut.  For a REALLY big portfolio, you can get it almost to 50 bips and still get a 40% payout.

Sep 25, 2009 3:40 pm

Is anyone familiar with the TD UMA program? 
Pro’s/Con’s, likes/dislikes?

Sep 25, 2009 8:20 pm

If your looking for comparison purposes, one of my most popular Fixed Income Privately Managed Accounts Pricing:

25 - 60 bps for taxable and 30 - 35 for tax exempt; all in -- depends on the portfolio selected of course.  It's a bit less for accounts larger than $1,000,000 by about 3 - 7 bps reduction.