[quote=Indyone]  LPL has a default net of 12b-1 fees against the fee I charge, i.e., if I charge 1% and the funds have a 0.25% 12b-1 fee, the client sees a net charge of 0.75%.  If this happened in this account, the charges are probably net of the actual advisory fee, which makes it look even more expensive in my eyes.

That's interesting. With our system the client would see the gross fee, and 12b-1 rebates stand as a separate issue.[/quote]

Yeah...I was combing through the statement detail looking for it and then it finally dawned on me that the client's fee was considerably less than it should have been.  It was a learning experience for me.  To be honest, I'd rather see it as a line item as I believe the client would appreciate it more...

[quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead]

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

And you're happy to mislead them. Make sure you have that resume ready for your next career....

[/quote]

What's the matter? Do you work at Morgan Stanley and charge fees?

[quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead]

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

And you're happy to mislead them. Make sure you have that resume ready for your next career....

[/quote]

What's the matter?

[/quote]

You mean besides your intentional, and gleeful misleading of clients? Nothing. Good luck with that in the long term, and keep that resume handy.

[quote=knucklehead]

Do you work at Morgan Stanley and charge fees?

[/quote]

Yes, and yes, when the client prefers. Then again, neither of those two things have anything to do with your lack of ethics, which was the issue.

[quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead]

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

And you're happy to mislead them. Make sure you have that resume ready for your next career....

[/quote]

What's the matter?

[/quote]

You mean besides your intentional, and gleeful misleading of clients? Nothing. Good luck with that in the long term, and keep that resume handy.

[quote=knucklehead]

Do you work at Morgan Stanley and charge fees?

[/quote]

Yes, and yes, when the client prefers. Then again, neither of those two things have anything to do with your lack of ethics, which was the issue.

[/quote]

You don't get it...I'm IN the long-term. This is it! If YOUR firm didn't haircut annuities down to 4% and then pay you 35%, you'd like them too. If I put in $100,000 I make 7%*90%= $6,750. If YOU do it, you make 4%*35% = $1400.

It's no wonder YOU hate annuities. I think you're very unethical because you won't sell them to your clients because YOU don't make enough money off of them.

Don't you just hate it when the truth gets out and you get exposed for what you really are?

[quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead]

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

And you're happy to mislead them. Make sure you have that resume ready for your next career....

[/quote]

What's the matter?

[/quote]

You mean besides your intentional, and gleeful misleading of clients? Nothing. Good luck with that in the long term, and keep that resume handy.

[quote=knucklehead]

Do you work at Morgan Stanley and charge fees?

[/quote]

Yes, and yes, when the client prefers. Then again, neither of those two things have anything to do with your lack of ethics, which was the issue.

[/quote]

You don't get it...I'm IN the long-term. This is it! If YOUR firm didn't haircut annuities down to 4% and then pay you 35%, you'd like them too. If I put in $100,000 I make 7%*90%= $6,750. If YOU do it, you make 4%*35% = $1400.

It's no wonder YOU hate annuities. I think you're very unethical because you won't sell them to your clients because YOU don't make enough money off of them.

Don't you just hate it when the truth gets out and you get exposed for what you really are?

[/quote]

I don't recall where I said I hated annuities. After all, I sell them where I think they fit (and the haircut is to 5%, fwiw, and they are by far the biggest single ticket, payout wise, that I have).

 Nope, my comment had nothing to do with annuities and everything to do with your gleeful announcement that you misled clients about fees. I don't care what you think you're doing, if you're misleading people, you won't be around long, regardless of what products you sell or approaches you use.

The sad reality is that those of his ilk don’t get sued sooner so that they can report for duty at the used car lot before they do so much damage.

[quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead][quote=mikebutler222][quote=knucklehead]

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

And you're happy to mislead them. Make sure you have that resume ready for your next career....

[/quote]

What's the matter?

[/quote]

You mean besides your intentional, and gleeful misleading of clients? Nothing. Good luck with that in the long term, and keep that resume handy.

[quote=knucklehead]

Do you work at Morgan Stanley and charge fees?

[/quote]

Yes, and yes, when the client prefers. Then again, neither of those two things have anything to do with your lack of ethics, which was the issue.

[/quote]

You don't get it...I'm IN the long-term. This is it! If YOUR firm didn't haircut annuities down to 4% and then pay you 35%, you'd like them too. If I put in $100,000 I make 7%*90%= $6,750. If YOU do it, you make 4%*35% = $1400.

It's no wonder YOU hate annuities. I think you're very unethical because you won't sell them to your clients because YOU don't make enough money off of them.

Don't you just hate it when the truth gets out and you get exposed for what you really are?

[/quote]

I don't recall where I said I hated annuities. After all, I sell them where I think they fit (and the haircut is to 5%, fwiw, and they are by far the biggest single ticket, payout wise, that I have).

 Nope, my comment had nothing to do with annuities and everything to do with your gleeful announcement that you misled clients about fees. I don't care what you think you're doing, if you're misleading people, you won't be around long, regardless of what products you sell or approaches you use.

[/quote]

I had a feeling it might be 5%. 4% sounded low, even for MS.

How am I misleading anyone when I tell them that I am going to turn off the additional annual fee that his MS broker is charging? I disclose EVERY fee that the client pays. Believe it or not...besides being the right thing to do, it removes the suspicion and closes the deal.

I'm sorry that you can't conceive of telling the truth and closing a deal.

[quote=knucklehead]

I'm sorry you people aren't worth 2% per year. Just because YOU aren't worth it, doesn't mean that others aren't worth it. I know lots of people who charge at least 2% and a friend of mine charges some people up to 2.8%.

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

Your post shows you have very little understanding of the value of Financial Planning.  Transactional brokers like yourself do not have a long term interest in the client reaching their financial goals.

Retirement can be 30 years or more.  You take your comission upfront

What continued interest do you have in your clients?  Oh yeah, when they can pony up another 5% to buy another mutual fund. 

[quote=knucklehead]

How am I misleading anyone when I tell them that I am going to turn off the additional annual fee that his MS broker is charging? I disclose EVERY fee that the client pays. [/quote]

If you explain the fee they will pick up ending the "broker meter" you talked about isn't much of a selling point. At best, fee-wise it's a wash, more likely, you're giving them an increase.

[quote=knucklehead]

Believe it or not...besides being the right thing to do, it removes the suspicion and closes the deal.

I'm sorry that you can't conceive of telling the truth and closing a deal.

[/quote]

Yeah, you  closing honestly. That's where this exchange comes from, right?

[quote=knucklehead] [quote=mikebutler222]

No doubt that leaves them with the incorrect impression they'll no longer be paying fees.....

[/quote]

It works like a charm.

[/quote]

After you tell me it "works like a charm" to close by leaving an incorrect impression, what should I think of your honesty? In fact, what should I think of anyone who is forever stressing their profit margin on a particular type of business over all other aspects?

[quote=NASD Newbie]The sad reality is that those of his ilk don't get sued sooner so that they can report for duty at the used car lot before they do so much damage.[/quote]

Newbie you are sooooo smart.

[quote=vbrainy][quote=knucklehead]

I'm sorry you people aren't worth 2% per year. Just because YOU aren't worth it, doesn't mean that others aren't worth it. I know lots of people who charge at least 2% and a friend of mine charges some people up to 2.8%.

Personally, I don't like asset-based fees. I like upfront commissions. I steal a lot of accounts from people who charge fees by telling people that the first thing I"m gonna do is turn off the broker meter. They LOVE the sound of that!

[/quote]

Your post shows you have very little understanding of the value of Financial Planning.  Transactional brokers like yourself do not have a long term interest in the client reaching their financial goals.

Retirement can be 30 years or more.  You take your comission upfront

What continued interest do you have in your clients?  Oh yeah, when they can pony up another 5% to buy another mutual fund. 

[/quote]

I understand the value of financial planning. The value is zero.

Zero?  Hell no, when it's done right you can get a sucker, er a prospect, to pay you several hundred dollar to generate a snazzy printout that come to the conclusion that they need some more insurance and a different mutual fund.

Kajing!

[QUOTE]

 HOWEVER a 2% fee for doing nothing but re-balancing a mutual fund portfolio of the same fund family is just a tad over the top.  A fee of .5% annually would be a more reasonable amount.

[/quote]

And what exactly can you back up this arbitrary statement with?  I think that the price tag of a Lexus is just a tad over the top since it's just a jazzed up Toyota.  Doesn't mean I'm right, does it?

[quote=NASD Newbie]

Zero?  Hell no, when it's done right you can get a sucker, er a prospect, to pay you several hundred dollar to generate a snazzy printout that come to the conclusion that they need some more insurance and a different mutual fund.

Kajing!

[/quote]

I guess everything that you personally don't find value in means someone is getting screwed, huh?  Maybe the entertainment industry is screwing people by charging $9 for a move and $6 for popcorn.  Kajing!  People make their own decisions and if they see value in financial planning, so be it.