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Rationale? With a significant breakpoint, A shares (cost wise) will be somewhere between ETF/no-loads and a managed account in most cases.
Look, I’ve been in the business over 20 years and I’ve got tons of real client examples where performance-wise a good A share pack of funds has served clients better than a managed account at a 1% fee.
I’ve used A shares in my own investments (mostly because of NAV pricing at the firm) as well as several clients. For a disciplined investors, it’s a great option
If you’re going to hold it for the long-term, an A share can be cost effective. If it’s a short-term investment I’m not sure what the rationale would be
A shares pay a commission, that’s one rationale
A shared 11+ years and C shares 3 years or less for those clients who do not want active trading. If they do managed account with 1% fee includes annual planning.