If M&A transactions and the financing behind them are handled like widgets on a conveyor belt, an advisor’s ‘partnership’ with their broker/dealer may not be as strong as they thought.
While overall fees have decreased over the last decade, the industry has done little to level the playing field for investors and solve the real problem — aligning fees to the value of active management and improving the probability of a favorable outcome depending on manager skill and efficiency of the asset class.
