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    • howticklediam
    • By howticklediam 6th Feb 18, 4:08 PM
    • 329Posts
    • 67Thanks
    Fees for liquidating a managed portfolio on death
    • #1
    • 6th Feb 18, 4:08 PM
    Fees for liquidating a managed portfolio on death 6th Feb 18 at 4:08 PM
    A relative of mine has died and I am the beneficiary of the will. Some of the estate is in a portfolio managed by a well known wealth management company.

    I don't want to continue with the management firm, so I want to sell the shares and other investments. As selling the shares now is on an execution-only basis, i.e. I am not asking for investment advice, can they charge me the very high commission rate that they charged my relative for an advisory service?
Page 2
    • bowlhead99
    • By bowlhead99 7th Feb 18, 1:49 PM
    • 7,974 Posts
    • 14,508 Thanks
    But I was a little dismayed when the conversation basically was, 'yes of course you can have your legacy but we'll charge you 0.6%.' I would have expected the conversation to go more like, 'in your circumstances the best thing we can do is...'
    Originally posted by howticklediam
    Well, in your circumstances perhaps the best thing they could do for you is exit your investments for the agreed exit cost of 0.6% or whatever they want to charge. But letting you sell stock on an execution only basis for 5 per trade - or whatever some other groups with different fee structures might offer that you hope you can get from these guys - is not a service available on their menu.

    An alternative option of them transferring the assets to some other party so that you can try to engineer a cheaper exit route, adds market risk to the exit you want to achieve.

    Presumably when they said it would cost 0.6% to exit, you had the natural reaction of saying, "up yours, you bunch of chancers trying to exploit me!" and went off to have a think. But in the last five business days, world stock markets dropped by greater than 0.6%, which is counterproductive compared to the option of taking the "path of least resistance" which is to engage the current broker to exit the assets regardless of cost, to eliminate market risk from the equation.

    useful to see how you've framed it from the perspective of the manager.
    Whether you call that sort of thing, playing devil's advocate, or whatever - seeing the situation through all the possible sets of eyes is the key to tolerance and not getting upset by whatever trials and tribulations you think you face.

    The answer from a service provider to the "why can't I get what I want" question is sometimes "well, you can get what you now want if you can find someone who will give you what you want and go back in time where necessary to set the wheels in motion to be ready to do that. Like have your relative use an entirely different service provider even though they had all their marbles and were happy with this one. But if you want me to help you here and now, this is what I propose we do..."
    • howticklediam
    • By howticklediam 7th Feb 18, 2:13 PM
    • 329 Posts
    • 67 Thanks
    Yes, in comparison to market fluctuations, 0.6% seems rather insignificant.
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