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The money is in addition to their basic $50,000 fee for steering the board.
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Some financial advisory firms receive a portion of fees for steering their clients to certain money management funds.
Too many brokers were far more interested in earning fat fees for steering their clients to ruinously priced loans that the borrowers could never hope to repay.
Those fees were for steering a certain volume of business to an insurer or for arranging a particularly profitable form of coverage.
Similar questions may arise for the dozens of banks and hedge funds around the world that reaped extraordinary fees for steering investments to Mr. Madoff over the last decade.
[Page A1.] A Ruling Bans Fees for Steering Customers to Funds The Labor Department issued an advisory opinion saying banks and investment firms cannot accept payments from mutual fund companies in exchange for steering retirement account customers into those funds.
There are a lot of very fine financial advisors out there, but there are also financial advisors who receive backdoor payments or hidden fees for steering people into bad retirement investments that have high fees and low returns.
Even if the fees from advice transactions don't add up to much, Schmergel can tick off other revenue opportunities: selling digital versions of his experts' academic papers for $10 or $20 apiece, charging fees both for affiliating with gardening or cooking content sites and for steering visitors to commerce sites like Amazon.
Even if the fees from advice transactions don't add up to much, Schmergel can tick off other revenue opportunities: selling digital versions of his experts' academic papers for $10 to $20 apiece; charging fees both for affiliating with, say, gardening or cooking content sites; and for steering visitors to commerce sites like Amazon.
Marsh already has agreed to stop collecting $845 million in annual revenue-one-third of parent Marsh & McLennan's operating profit-from the fees at the heart of the Spitzer complaint: "contingent commissions" paid to Marsh by the winning insurers for steering business their way.
A1 Banks Barred From New Fee The Department of Labor has issued an advisory opinion that banks, brokerage firms and investment firms cannot accept payments from mutual fund companies in exchange for steering retirement account customers into those funds.
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