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So the fiduciary rule got tossed yesterday
Do you dress up to go into the office?
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For individual stocks I require clients to have a minimum of 200k. ....and I use third-party money managers. If they really want to invest 10k in stocks I send them to Ethan and tell them t to do it themselves..,...
Yeah, far too little to make it worth managing and dealing with the headache that comes with it. I simply tell my clients that bring up investing in individual stocks that I have a $1M minimum to manage an account of individual stocks. It’s simply not cost effective to manage $40k. Why do they want to invest in individual stocks? The professional fund managers for the managed accounts have a full time team watching and managing the performance of their funds. What would give them, the client, the ability to outperform them?
My guess is it’s an older client that is stuck in the 1980s or before or someone that doesn’t understand how unreasonable their request is.
Either way, sounds like way too much trouble for $150k.
At least they didn't want to buy Bitcoin!
E-Trade
Which third party managers will manage $200k in individual securities ?
Thanks all. Actually talked to my client tonight after sending him an email telling him no. Obviously I had I nice explanation about our fiduciary responsibility, managing the liability etc. Conversation went really well. It’s surprising when you put your foot down and do it quickly how well clients respond to that.
Model strategy min 150k @ 65 bps. Private customized portfolios min $300k 80 BP's. Private you can customize percent eaity vs fixed. Individual bonds instead of ETFs etns, tax harvesting, able to exclude certain stck position s etc. Out of NJ. Good shop. Like any good TPAM you need to understand the strategy and appropriately match to the right client situation. Well worth a trip to NJ to do your due diligence.
AXA uses ACM a LOT. Alan greesapan is one of their board members. You can tack on your finder's fee as well.
E-trade
We do the same. E-trade
Advisors Capital Management. Individual stocks starting at 150k
Me fee starts at 1.2 and goes down depending on assets under management.
Third Party money manager out of nj
How much money are we talking?
$40k in one of our smallest accounts. 150 aum
To Owner, Financial Advisor 1: what are the fees for that at $150k?
I hope Ethan gets a cut from this convo, (and I mean Ethan!)
What's advisors capital management?