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!!