I’ve seen this nonsense even with “boring” banks. I had a tax client where the fees were approximately equal to the income on the account. I pointed this out (we cannot give financial advice but can highlight items on the brokerage statement and they can draw their own conclusions).Reading the EJ accounts services agreements and schedule of fees requires a magnifying lens, a legal mind, and probably a conspiratorial mind too.
Looks like $95 closure fee, not clear on fund sales fees, probably as much as a 2% fee on ETFs (i'll suggest they transfer in-kind).
BTW, there is a 1.35% AUM fee for the the advisor and ANOTHER 0.05% for the PLATFORM.
Lots of gobbly gook about conflicts of interest that makes it sound like they don't have any, but they are working hard to avoid them all the while telling you how much they are compensated in revenue sharing with the funds. They average 0.1% to 0.13% per fund purchased in the account.
So all in it is looking like EJ is making aver 1.5% on this poor naive investor.
Statistics: Posted by jebmke — Sun Aug 18, 2024 5:22 pm — Replies 10 — Views 292