Altruist Financial Advisors LLC
Fee-Only Investment Management

Custodial Fees

 

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Altruist never takes custody of any client assets, except the very limited case of withdrawing fees from your account, and then only if you authorize it in advance.

It is therefore necessary to utilize a third party custodian to handle your assets.  Altruist currently utilizes TD Ameritrade Institutional as its principal custodian, primarily due to their exceptionally low custodial/brokerage fees.

Unless other arrangements are made, ALTRUIST Portfolio Management Service clients are generally charged for all custodial expenses incurred on their behalf.  These fees are levied by the custodian and charged directly to their account.  Altruist makes no profits from them.  A complete schedule of custodial fees is available on request. 

Note that Registered Investment Advisers genrally pass on these custodial fees to their clients.  The only such services which may not be subject to custodial fees are those designated as "wrap fee" programs (and "wrap fee" programs are generally to be avoided because they actually provide a disincentive to execute beneficial transactions, as well as being generally more expensive than non-wrap fee programs).

Follows is a condensed summary of the custodial fees most relevant to Altruist clients (fees are subject to change; follows are fees beginning 5/12/07):

bulletMutual Fund Transaction Fees.  Each mutual fund transaction incurs a custodial fee of $24.00 (for clients with a household value of $500,000 or more, OR clients who receive electronic statements and confirms; other clients incur custodial fees of $31.00).
 
bulletIndividual Equity Brokerage Fees.  Each individual equity transaction (e.g., buying shares of an Exchange Traded Fund) incurs a custodial brokerage fee of $9.99 (for clients with a household value of $500,000 or more, OR clients who receive electronic statements and confirms).  Altruist clients don't typically execute many individual equity transactions nearly all investment recommendations are in the form of low cost, passively managed, no-load mutual funds or ETFs.

Remember: fee-only investment advisors generally have custodial fees.  Not all readily disclose them as we do.

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This web page contains the current opinions of Eric E. Haas at the time it is written and such opinions are subject to change without notice.  This web page is intended to serve two purposes:

bulletTo educate the public; and
bulletTo provide disclosure of Mr. Haas' opinions to prospective clients.  We believe that prospective clients are well-served by being made aware of what they are buying and what they are buying is advice that is based on these opinions.

We believe the information provided here to be useful and accurate at the time it is written.  Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. 

No investor should invest solely on the basis of information listed here.  Before investing, it is important to consult each prospective investment's prospectus and consider both its risk/return characteristics and its effect on your overall portfolio.

This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice.  Where specific advice is necessary or appropriate, Altruist recommends consultation with a qualified tax adviser, CPA, financial planner, or investment adviser.  If you would like to discuss the rationale or support for any particular idea expressed on this web page, feel free to contact us.

 

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