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Hi Fishes!
I have joined Accenture on April 22 & got selected in a project since then.
I suddenly heard that my project is rolling off few new joiners because of budget & I am one of them.
My first variable pay should be on Nov/Dec 2022. What will happen to that?
Thank you for your guidance in advance 🙏🏻Accenture
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Hi Fishes,
I have 5 months and 10 years of experience in Fullstack .NET application development. I am actively looking for a change. Plz do suggest any openings.
Skillset: C#, ASP.NET MVC, HTML, CSS, Bootstrap, JavaScript, AJAX, Sql Server, Entity Framework, RESTful apis. Have work experience in all phases of the SDLC in Agile delivery model.
Thanks in advance.
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I’ve heard that too, but then found out they were incorrect. I think they hear things like “The more you make, the more I make. If you lose, I lose.” And interpret it to mean they are not being charged when losses occur.
Sure, and my surgeon only charges me when the surgery is successful. My attorney only charges me when he wins. My CPA only charges me when I get a refund. Good Grief!!!
This recently happen to me, a prospect told me that an advisor from Ed Jones stated the same thing however it’s hard to believe an experience advisor would make such a statement. I’m hoping the client misunderstood the advisor.
The possibility exists that she is being charged incentive comp with a high water mark. I doubt it tho. I think response above is more likely correct.
...and how is your progress toward reaching your goals? Is you tax bill too big? Are there hidden risk landmines in your holdings? Are your returns keeping up with markets?
A fool knows the price of everything and the value of nothing. Who cares what she is paying, what is she buying? If all she is getting is portfolio management then she overpaid
It’s super rare for an advisor to charge performance based fees but it’s possible (although very unlikely). I agree with one of the commenters above, the client is most likely mistaken. Look up the advisors ADV on brokercheck to be sure.
Great point. When I was in the space some of the advisors would look up everything the company has told finra they offer so they could call BS on comments
I've definitely had 3 prospects in 9 years tell me that same story. I feel like 1 had no clue and 2 were bullshitting me to see if I'd bite. I told all 3 that arrangement doesn't exist but if they find it best of luck to them.
I know someone personally that does the same, it’s a incentive for the advisor to make her more money.
is a fools game; she is simply giving incentive to take more risk.
Yes, performance-based fees exist, but are very uncommon because they incentivize the advisor to take unnecessary risk. The advisor doesn’t get paid whether the portfolio is flat or down 50%, so they’re going to swing for the fences and try to generate excess returns to get paid more.
It’s like the hedge fund “2 & 20” model, which was when hedge funds charged a 2% AUM fee and then kept 20% of the growth. So a billion dollar hedge fund gets paid $20 million fee (2%) and would get another $20 million (20% of growth) if the fund returned 10%.
Whoever the other advisor is is a moron. He makes zero money during down markets? 😂
I would say, “I doubt that is true, and if it is, I’ll tell you. Can you find me your December 2018 statement and I can tell you for sure?” There should be a way for them to send it to you electronically, even with social distancing.
Dennis Rodman’s financial advisor told him that too before she stole all of his money. It was just on American greed.
You get what you pay for.
I’m guessing percentage of gains.. but it will only be profitable during a bull market.. would anyone believe in a bear market these same advisors would keep working for zippo? I think not
I’ve heard that before as well. If it exists at a traditional investment firm, it’d be news to me and I’ve been around 20 years at my company.
Hedge funds and PE funds can work that way but not FA’s.
Thus they probably misinterpreted or are being lied to.
Sounds like the advisor didn’t make it clear how advisory accounts work.
There’s a certain firm touting that philosophy right now. It’s really quite BS.. We make money when you make money. That’s code for fee based strategy buying strictly large cap stocks, oh, and only if you have $500,000 or more to invest.