Brokers, independent advisors or hybrids: Who charges clients the most?

We had a fun discussion in our morning news meeting the other day. Which type of investment professional charges customers the most?

Maybe the gut reaction is brokers. They get a bad rap, as we talked about in our September magazine cover story.

We love this image from the cover of that issue, btw. Scarlet B!

But, no, it's not brokers. It's actually hybrids —?those advisors who wear both the broker and independent advisor hats. And the fee hikes hit mass market investors and the affluent alike.

That makes some sense if you think about it. The whole idea of a hybrid might make clients believe they're always working with a fiduciary, while the advisor can slip in and out of a broker role.

Our story, based on research from Nicole Boyson at 美国东北大学 , delves deeper into the topic: Hybrid advisors charge clients the most — even more than brokers

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