 The Wild Wild World of Wealth |  |
Like all good things (including commissions paid per trade), wrap fees can and do work well and they can and do work very poorly. As always it depends more on the skills, experience, and integrity of the advisor and the investment firm training, guiding and supervising him or her than it does on the method of compensation.
Uneven regulation. Here’s what I don’t understand. For years, I worked for brokerage firms on Wall Street. I was subject to licensing and ongoing education. You could do a background check on me by going to FINRA’s website. Then, I joined a Registered Investment Adviser (“RIA”) and became a “fiduciary,” I think. I did the same job, but my licenses were no longer necessary. I disappeared on FINRA’s website, because the SEC monitors RIAs. But the SEC only provides information on companies, not individuals. It became more difficult to check me out because FINRA dropped my information two years later. What’s with that?
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