daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 19, 2013
- Messages
- 9,358
How would you churn an account to generate commissions in a fee account?
It depends on what the advisers do with their money but most would not work in a vacuum. They would have a parent company, affiliate or friends that could profit from sales and transaction fees
We saw some guy who worked at one of the full service type big investment companies who wanted an annual fee to "find the right investment manager" to actually manage our money, who would also charge an annual fee. Of course the investment manager is going to do business with the investment company where he gets his referrals from and not Sharebuilder or eTrade. And of course the first guy also had an accountant he wanted to refer us to who could help us save on taxes. And of course the accountant would cost $5K a year to help us "save" money on our taxes, because you have to pay for the best, right?
Gullible investors just get treated like cash cows with these kind of people.