NEW YORK--()--Advisor Group, one of the largest independent broker-dealer networks in the nation, has announced the elimination of, or significant reduction in, mutual fund fees charged to clients of its financial advisors.
“Financial advisors and their clients are focused on receiving good value for the services they pay for”
Effective August 1, 2012, mutual fund fees associated with exchanges, systematic transactions, account inactivity and low balances have been eliminated within brokerage accounts and advisory platforms. Other fees involving mutual fund only IRAs have also been reduced.
“Financial advisors and their clients are focused on receiving good value for the services they pay for,” said Advisor Group’s Executive Vice President, Strategy & Advisor Experience, Matthew Schlueter. “These new fee adjustments give our advisors the ability to operate competitively in a marketplace that is increasingly sensitive to operational fees and also make maintaining a brokerage account even more cost effective for clients.”
The firms’ “no transaction fee” (NTF) offerings have also been enhanced. The number of mutual funds currently available to advisors now exceeds 4,500 mutual funds. In addition, minimum mutual fund purchase size and required holding period have been reduced, as have early redemption charges.
“Enabling our advisors to conduct business on their own terms is the foundation of our All Ways Open Architecture® philosophy,” explained Advisor Group’s President and CEO, Larry Roth. “Reduced fees, expanded offerings, enhanced technology and outstanding service are tools each of our advisors has come to expect from our broker-dealers. These tools allow them to better serve their clients and further expand their practices.”
Advisor Group is one of the largest independent broker-dealer networks in the United States and consists of FSC Securities Corporation, Royal Alliance Associates and SagePoint Financial, Inc. These independent broker-dealers, with more than 4,800 independent financial advisors, are all wholly-owned subsidiaries of Advisor Group. In July 2012, Advisor Group announced its parent company, SunAmerica Financial Group, signed a definitive agreement to purchase Woodbury Financial Services. This transaction is expected to be finalized by the end of 2012.