The Investment Scientist

Posts Tagged ‘financial advice

Morgan Stanley Smith Barney

Morgan Stanley Smith Barney

Last weekend, I went to New Jersey to meet a potential client who is an executive at a pharmaceutical company.

He told me that, as part of the executive benefit package, the company refers executives to Morgan Stanley where they get “free” financial advice. I smirked and said: “Well, we will find out how free it is. One thing I know, though, Wall Street firms are not known for charity.”

It turns out that Morgan Stanley advised him to open several, separately managed accounts (SMA), each with a management fee of 1.5%. The reason for the multiple accounts?

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Conflict of Interest

Goldman Sachs, Rating Agencies Blamed in Senate Crisis Probe by CNBC

Where to Find Financial Advice? Probably Not Your Brokerage Firm by Oblivious Investor

Asset Protection

Protecting 401(k)s, IRAs From Creditors by


10 Ways to Beat the Market by Nathan Hale of Money Watch

Variable Annuities Don’t Belong in Retirement Plans by Mel Lindauer of

5 Sexiest Things about Indexing by Allan Roth of Money Watch

Value of Full-Service Brokers? By CXO Advisory

What’s My Job? By DIY Investor.


Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC.

Twitter: @mzhuang

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