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5min chapter
Disrupting Giants With Guest Jason Wenk
The Perfect RIA
How to Understand Fidelity and Schwab's Custody Business
Jason Johnson: A lot of advisors don't understand how Fidelity and Schwab really make their money. He says they have a strong impetus to make sure your customers have lots of cash in their accounts. This means that you're going to always be paying at higher internal expense ratios, even if you're using low-cost ETFs,. You're still paying something for those, right? It's sort of like, hey, if I make a change, I might miss out on something I'm used to having," he says.
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