Sure, the adviser may know to manage the rising interest rate situation better than most (not me though), but is it worth paying those fees and making someone else wealthy off of your hard work? For clients that invest $1 million or more it’s 0.79% for the first $3M, 0.69% for the next $2M, $0.59% for the next $5M, and 0.49% for over $10M. If you were put into an actively managed mutual fund created by a wealth management company that is also charging you an annual advisory fee, you’ve got to immediately ask your advisor WHY with all the lower cost options out there. These high fees clearly demonstrate why there is so much money pouring into the financial technology space. If I meet with a fee only advisor *once* to buy some ETFs, I wouldn’t consider that being actively managed. And no doubt I have my biases and beliefs. But I think I should sell some positions to diversify more into the ETF area, despite incurring fees (VS having single stocks). I just switched back to being a contractor and have to roll over my company 401K. If you invest by yourself, you won’t get research commentary on the markets, thoughts about how to position your portfolio if the Federal Reserve raises the Fed Funds rate by more than expected, or estate planning advice from a financial advisor. Check out my pre-Investment Checkup portfolio back in 2012. I can see how an adviser is worth 3% a year, especially to people who’ve really mismanaged or don’t manage their money. Paying close to $1 million fees should make you feel a little queasy if you are a client of Merrill Lynch, even if your portfolio grows into the multi-millions. Do you get a company match in your self directed IRA? We know why, but it’s good to make them explain themselves for not looking out for your best interest in order to make themselves more money. Below is a chart of how much in fees you’ll pay over 30 years per brokerage company. I had one personal finance consulting client pay $12,000 a year in fees and another $8,000 a year in mutual fund fees because his entire portfolio consisted of 20 funds created by his brokerage. The overall fee for an Advisory Solutions account includes the following: Program Fee – The Program Fee schedule on the first $500,000 is annualized at either a 1.35% or a 1.50% rate, depending on the account, and is subject to lower fees depending on account size. Bank of America's continuing investment in its Merrill Lynch wealth management business caused expenses in its global wealth sector to grow more quickly than revenue in the second quarter, the company said on Wednesday. Merrill Lynch paid out more in bonuses and other compensation to brokers than a year ago and has poured $100 million into combining a crazy-quilt of money-management and investment choices for investors into a single platform called Merrill One. Merrill Lynch boasted that its client balances reached a "milestone" $2 trillion by quarter end due to new assets and stock market advances. That’s where you can make the mega bucks as you earn double income from your clients. We used a financial advisor for 27 months. I have a long time horizon so I think the key for me is to just keep pouring money in and keep fees as low as possible. Currently I’ve been with Morgan Stanley for the past 12 years and just came to find out fees were raised again and basically I’ve already given them over $30K in fees for this same time period. Or, you can make things as complicated as you want. There are a bunch of other free features, such as their Retirement Planning Calculator you should try as well. AUM fees is the greatest invention by the financial service industry to enrich itself. 4) IMO 401ks are a ripoff created by the banks for the banks. Lending Product Guide. Merrill Edge is the marketing name for two businesses: Merrill … 95%+ of my interaction is with one or more of these 4 so it is almost like a small company feel although I know there is big company resources behind them. Asset management fees at U.S. Trust grew 9 percent from the first quarter to $413 million. "We have made some near-term investments, including training programs and hiring people in the branches," BofA Chief Executive Brian Moynihan said in a conference call with investors. Your focus should first be on building a portfolio with the proper asset allocation of stocks and bonds. Not sure why PC didn’t include them in their study. I didn’t say I had a tough time with links, I said it looked like it would take time, UBS is not in their top level list and when I typed it in I got what appeared to be rather lengthy instructions including that I had to contact UBS so I just quickly closed to do later. 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