Quote:
Originally Posted by rmd2
If you get a brokerage account you will pay a management fee.
|
I currently have accounts at three separate brokerages: Ameriprise, Schwab and Vanguard. I pay no management fees as I manage my own investments and trade on-line without consulting or engaging an "advisor" in any capacity even though Ameriprise and Schwab have assigned advisors to me. I am certain the advisors are paid based on the size and number of accounts assigned to them. The brokerages of course make money on trade spreads, uninvested funds in accounts and in other ways. Ameriprise charges modest commissions but I rarely trade and have had the accounts since it was Olde Discount back in the 1970s which was bought by H & R Block after which Ameriprise bought the advisory business from H & R. Whew!