[Fredslist] Need your assessment of proposed arrangement by financial advisor at major firm

[David Abeshouse]

Gotham (especially financial advisors): 

 

I have a specific and limited set of questions, and am soliciting your
opinion.  I have no decision-making role in this scenario; I simply have
been asked confidentially to gather opinions, and transmit them to my
friend. 

 

My friend says that a family member has been informed by a financial advisor
at a large firm that if my friend's family member signs up with this
advisor, the new client would be charged "discounted rates" as follows:  

 

-- 1% transaction fee on stock purchases and sales plus 1% on bond
transactions

OR 

-- 1% flat fee annually on money under management

 

Questions: 

v  What is your reaction to that fee structure?  

v  Is any aspect of it excessive or otherwise inappropriate?  

v  Or is this actually a favorable "discounted" rate structure?  

v  Does it depend on the total magnitude of the investable assets?  

v  What are the top couple of additional concerns when opening a new account
with a new financial advisor?   

 

E-mails only, please, so I can forward them to my friend.  (No phone calls,
please.)  I have no further background info - again, my only role is
gathering and transmitting your assessments.  

 

Best regards, 

 

David 

Gotham L.I. 

 

 

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David J. Abeshouse

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