Free fee & portfolio comparison
Investing through a big brokerage firm? See what you’re really paying.
If your money is with Merrill, Morgan Stanley, UBS, Wells Fargo or another large brokerage firm, your statement probably shows the advisory fee. It probably doesn’t show the full cost underneath it. We’ll review your current statement and give you a written, side-by-side picture of your cost, what you own and the tax impact of any change, with no obligation to move.
- Your total cost, in dollars and as a percentage
- Overlap, concentration and diversification gaps in your holdings
- Unrealized gains and the tax cost of making changes
- A clear recommendation, including when staying put makes sense
What we look for
The costs that don’t show up on page one
Large national brokerage firms, sometimes called “wirehouses,” often bundle several layers of cost. Here’s what we check.
| Cost layer | Where it hides | What you’ll see from us |
|---|---|---|
| Advisory or wrap fee | A quarterly line item, sometimes tiered or bundled with trading | Your effective annual rate, in dollars |
| Fund and manager expenses | Inside mutual funds, SMAs and alternatives, never billed separately | A weighted expense ratio across your holdings |
| Cash sweep spread | The gap between what your cash earns and market money-market yields | An estimate of the yield you’re giving up |
| Revenue sharing and 12b-1 fees | Payments from fund companies to the firm, disclosed in fine print | Whether any of your holdings carry them |
| Lending incentives | Lines of credit and margin loans against your portfolio. At many big firms, the advisor is paid on the loan balance and can earn bonuses for lending growth | Any loans against your accounts, what they cost, and whether borrowing or selling makes more sense for you |
| Tax drag | Turnover, fund distributions and assets held in the wrong account type | Asset-location and tax-lot observations |
Why we ask about lines of credit
A securities-backed line of credit can be a useful tool. It can also keep assets in place that might be better sold. At some large firms, the advisor who recommends the loan is paid for as long as it stays open. Morgan Stanley’s client disclosures, for example, say its advisors are credited with revenue of up to 0.65% of the balance on certain loans and may earn bonuses tied to clients’ lending balances.
Great Point receives no compensation on loans. Our fee is based on the assets we manage, so we also have a reason to prefer that you stay invested. That is why we put the borrow-versus-sell math in writing.
How it works
Three simple steps
1. Request
Tell us a little about your situation below. We’ll reply with a secure link to upload your most recent statements. Please don’t email them.
2. Review
We analyze your holdings, costs, diversification and unrealized gains, then prepare a written comparison.
3. Walk-through
A 30-minute call to go through the findings. You keep the report whether or not you work with us.
Request your comparison
A written second opinion, at no cost
Great Point is a fee-only fiduciary. We don’t earn commissions, so our only interest is giving you an accurate picture.
Start my comparison
We’ll reply with a secure upload link. We don’t sell your information.