Full Disclosure

Boone, Norman M.
September 2000
Journal of Financial Planning;Sep2000, Vol. 13 Issue 9, p32
Academic Journal
This article comments on several proposed changes by the Certified Financial Planner Board of Standards Inc. to its Code of Ethics and Professional Responsibility that requires financial planners to fully disclose commissions, potential deferred sales charges, referral fees and fees for services. The author says that he has been both a commission-only and a fee-only planner. He appreciates the concerns that both methods of compensation bring to this issue. The change from commissions to fees was generally a positive one, allowing him to develop a business with which he is more comfortable, although there were some philosophical concerns. As a fee-based investment advisor, he charge a $1 million account approximately $10,000 a year, whereas that same client, if he was being compensated by commissions through mutual funds, might very well have been able to use breakpoints to invest the same money with no sales charges. The shorter the time period, the more the advantage appears to be with fee-based compensation.


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