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Evercore telling the truth about fees
Old 05-18-2013, 09:37 AM   #1
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Evercore telling the truth about fees

Interesting "Wealth Matters" column in the New York Times today about Evercore Wealth Management's "transparency on fees". The two founders talked with the columnist and showed him how they would present the returns on a portfolio. Mind you, their average client portfolio is $10 million, but it's still interesting to see how they want to reveal not only their fees, but also the impact of taxes and the fees of the products they sell.

My favorite quote from the chief investment officer is "Most advisors talk in percentages, or, worse, basis points, and no one knows what a basis point is." Thank you!!

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Old 05-18-2013, 01:12 PM   #2
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Interesting article, but talk about cherry-picking a time frame for results!

As a real-life example, he said that the $800 million that the firm manages as a balanced portfolio had returned an average of 10.75 percent annually from February 2009 to March 2013. With several caveats for taxes, Mr. Apruzzese said that became 9.89 percent after fees, 8.21 percent after taxes and 5.85 percent when the Consumer Price Index over that time was factored in.
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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