ML, MSSB, WFA, UBS order handling fees

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Mar 12, 2014 9:54 am

Hey y'all, I'm at Ameriprise on the franchise side, and they charge our clients a $6.00 order handling fee for every trade placed in a standard brokerage account.  So doing an NAV exchange ends up costing the client $6.  This was not the case when I was at Edward Jones.  Do ML, MSSB, WFA or UBS have something like this as well?

Mar 21, 2014 4:44 pm

It is absolutely the case at Edward Jones, along with everyone else. When you were at Jones, you weren’t telling your clients about the $4.95 “transaction fee”?

Mar 23, 2014 12:40 am

Hi Paranoid Android, thank you for the reply. There was a $4.95 transaction fee for stock and bond transactions, but not for say, a $1000 mutual fund purchase or redemption, nor was there a fee for an NAV exchange within the same fund family. Are/were you at Jones? Where are you now?

Apr 3, 2014 11:16 am

Ahhh gotcha. Yes I started my career at jones but have since moved on to a wirehouse.

We’ve got a $6 trade processing fee but NAV exchanges, systematic investing and withdrawing, and most SEPs, Simples, etc. are exempt from it.

I don’t believe that’s common practice to charge a fee on mutual fund exchanges, that’s pretty strange IMO