ML, MSSB, WFA, UBS order handling fees

3 replies [Last post]
brady12's picture
Offline
Joined: 2012-11-29

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?

Paranoid Android's picture
Joined: 2013-09-26

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"?

brady12's picture
Offline
Joined: 2012-11-29

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?

Paranoid Android's picture
Joined: 2013-09-26

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

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×