a 12b-1 fee or a sub-TA fee, functionally, the end result is the same. Because it misses the point. And it creates an opportunity for us to choose whichever one is the lower cost in the long run. Which ultimately will lead to consumers (and advisors) adopting whichever fund is cheaper in their situation, putting further pressure on custodians to offer less conflicted models where investors (or advisors) are simply charged a transparent basis point fee for the clearing and custodial services provided. Because Vanguard probably told them, Not only are we going to not pay you basis points to put Vanguard ETFs on your E-Trade platform, but were going to open our own competing NTF platform. Speed zone mt holly. Shelf-Space And Revenue-Sharing Agreements For NTF ETF Platforms. And in part, because they really do make it up for the consumer by making their mutual funds and ETFs cheaper, and passing along that savings of what theyre not paying in distribution payments to the consumer. And frankly, will pull even more assets away from NTF platforms because every advisor is going to do a map and figure out, Is it cheaper to pay the upfront trading fee into the lower-cost fund, or to avoid the trading fee and just pay. So theyre stuck mired in obscurity.
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Executive summary, earlier this week, Vanguard announced that in August it will begin offering commission-free ETF trading through its m online brokerage platform on a whopping 1,800 ETFs which includes not just its own ETFs, which were available commission-free already, but virtually all, eTFs, including those from. The real news is that this may be a fatal disruption to NTF platforms themselves, and a step towards a more transparent model of custodial services over the more conflicted models of back-end distribution agreements that currently exist! In other words, the latest move by Vanguard isnt a price war against ETF trading fees; instead, its declaring war on the entire model of asset managers being forced to pay back-end revenue-sharing and shelf-space agreements to get onto those platforms in the first place. Thats why most RIA custodians sweep client cash to proprietary money market and related bank entities that pay.5.1 or some literally zero, and Vanguards online brokerage platform is going to sweep to a Vanguard money market fund that yields.82. Or even marine pump direct promo code if they can get known a little, its so hard for most fund companies to become so known and so popular that consumers will choose to take that upfront transaction fee slap to the face just to have a chance to own that. Bharti Airtel, Videocon, Reliance, indonesia 89887, aXIS, 3, Telkomsel, Indosat, XL Axiata. And if it doesnt work, well, itll be interesting to see if Vanguard does decide to take the process one step further and actually launch some kind of more full-service RIA custodial platform and expand this kind of less conflicted version of the NTF platform. But ultimately, the key point is to acknowledge that the real news is not that Vanguard is simply offering a larger NTF platform than other providers. Yet once this happens, since the ETFs will be available elsewhere as well (just with a transaction cost instead) it will recreate the multiple-share-class effect we have now in mutual funds, where theres a higher cost version of the mutual fund in the NTF platform because.
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