More than 26% of advisory firms surveyed by technology firm Advyzon now use flat dollar fees.
Chicago-based Advyzon, which provides a range of technology to registered investment advisory firms, said that among the 1,000 of its users it surveyed, flat fees are more popular with firms managing more than $100 million in assets. Those firms also are more likely to have multiple fee schedules than other firms (89% versus 81%).
Quarterly billing remains the industry standard (74% of firms surveyed), based on beginning or ending balances, which “creates potential for big revenue fluctuations in volatile markets,” the company said in a release.
Other firms are using monthly billing (21%) and a growing number (16%) are calculating their fee based on average daily balances.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
