Avantax imposes new fee on held-away accounts
October 13, 2020 By Bruce Kelly, Investment News The new charges will be levied on a popular pathway for advisers to conduct business directly with mutual fund companies Avantax Investment Services Inc., which caters to advisers who are tax professionals, is in the process of levying a new $60 annual fee for advisers’ accounts at outside money managers, a popular way for advisers to conduct business directly with mutual fund companies like American Funds. Called direct to fund, or DTF by advisers, the method is a simple way for advisers to sell mutual funds to clients. The new fee by Avantax, while only $15 per quarter, could cost some advisers thousands of dollars each year because some of the firm’s leading advisers have hundreds of such accounts. The new charge is scheduled to hit the...
