Posted On: March 25, 2019 by First Citizens Bank in: Wealth Management
This is a question that all clients of financial advisors should know the answer to, but unfortunately, we suspect few people really have a good handle on. At First Citizens Wealth Management, we feel that one of the most important things we can do is be very transparent about the fees and expenses associated with being a client of our organization. Here is a brief overview of the different types of costs a client may pay when working with a financial advisor: Commissions: This was once the most common way of paying for financial services and typically involves paying a transaction-based fee to buy or sell something. Commissions can be expressed as either a percentage of the overall transaction or a flat dollar amount. This type of fee could apply to individual securities, mutual funds, annuities or insurance. Example: If you buy an “A share” mutual fund, a front-end load is charged meaning you purchase shares at $10.00 per share, the value of the shares the next
