tag:blogger.com,1999:blog-5465015914589377788.post8019013734928902959..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Does Garth Turner Collect Advisor Commissions or Not?Michael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-5465015914589377788.post-71034254309128210362020-11-02T09:01:45.410-05:002020-11-02T09:01:45.410-05:00The second reply above is (in part) a reply to Can...The second reply above is (in part) a reply to Canadian Capitalist's comment:<br /><br />My understanding of how this works based on discussions with friends who have investment accounts at other advisors is that fees are collected in different ways.<br /><br />Example: The advisor might charge a flat 2% for a stock portfolio which includes advice, commissions etc. But if the advisor then sells the client say a GMWB product, she won't collect any fees because she will receive commissions.<br /><br />I don't know how it works at Mr. Turner's company.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-69267375586625252372020-11-02T08:47:32.098-05:002020-11-02T08:47:32.098-05:00Garth Turner left the following comment 2011-05-05...Garth Turner left the following comment 2011-05-05:<br /><br />Your blog post was brought to my attention. My financial advisory practice is 100% fee-based, and sells no products such as mutual funds. I do not accept commissions. Nor do I accept any fees from trades made on behalf of my clients. They pay a fee, typically 1% of assets under management, to have their portfolios designed, implemented, monitored and rebalanced as necessary.<br /><br />The inconsistency you detected on the web site is in a section which relates to Investment Choices offered by Wellington West Capital, the company which provides back office services for my practice. There are advisors within WW who do sell products and collect commissions. I am not one of them.<br /><br />Had you asked, I would have clarified this. It's called 'research.'<br /><br />Regards,<br />Garth TurnerMichael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-72452448561018200112011-05-04T15:57:17.179-04:002011-05-04T15:57:17.179-04:00@Jak: It does look like the variety of available ...@Jak: It does look like the variety of available choices, but it seems to be at adds with the claim that they take no commissions.<br /><br />@CC and @Mike: Perhaps they take commissions but reduce the client's flat fee by the amount of the commission. This would be effectively the same as not charging the client for commissions.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-28531277445802600222011-05-04T12:33:43.560-04:002011-05-04T12:33:43.560-04:00Have you sent them an email?
I have no idea what ...Have you sent them an email?<br /><br />I have no idea what the answer is - although I do know that fee-based investment advisors (ones who charge a percent of assets per year) can buy "F" series mutual funds. These are similar to the regular (expensive) retail funds, but don't pay any trailer commission to the advisor.<br /><br />Hopefully they are using that option.Mike Holmanhttp://www.moneysmartsblog.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-27927737481468054242011-05-04T09:36:07.495-04:002011-05-04T09:36:07.495-04:00Looks like a blanket statement to me (referring to...Looks like a blanket statement to me (referring to the "instruments" bit). I'd interpret that going in as being a statement of the variety of choice on offer.<br /><br />Reasonable question, but hardly one specific to Turner especially. Questioning the fee structure of any advisor is pretty much #1 in the book.Jaknoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-15663626821119552102011-05-04T09:13:59.117-04:002011-05-04T09:13:59.117-04:00@Anonymous: I guess if they find out about this p...@Anonymous: I guess if they find out about this post that could be the outcome. I'd actually be interested in an explanation that resolves the apparent contradiction.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-61284653686634504352011-05-04T09:11:09.961-04:002011-05-04T09:11:09.961-04:00Cue the rabid 'greaterfool' blog followers...Cue the rabid 'greaterfool' blog followers who will bash this post. And Garth's reply, which takes any criticism as vindication of his position - on anything everything.Anonymousnoreply@blogger.com