saluki9
Thinks s/he gets paid by the post
- Joined
- Feb 23, 2005
- Messages
- 2,032
To me the main issue with FAs seems to be the cost. The conventional percentages paid seem way out of proportion to the service rendered. If the conventional % fees (at least for >$1M accounts) were much lower, it wouldn't be such an issue.
Um - that is if the issue of fiduciary responsibility is also addressed. And the tendency to put clients in funds with high ERs due to conflict of interest. And the temptation to "churn" accounts.
Audrey
The problem is that the services rendered can vary so much. It runs the gamut from firms that don't even return phone calls all the way to firms offering family office type services. For the latter I've seen and worked at places where people get every cent and more than they pay for.
Also, I can't see the temptation to churn a fee based account. What would there be to gain?