The depth and quality of various firms' IPSs varies widely from the skinny version given to Viscount clients to the full and comprehensive version generated by Merrill Lynch's Frontiers program. The higher level of service primarily refers to the more personalized performance reporting that is standard with such programs. You should expect personalized rates of return compared against some benchmark that is customized to your investment strategy. Costs Standard fees for wraps range from 2.5 to three per cent per year and can range quite a bit higher. In fact the lower end of the range is downright fuzzy.
Some programs define clear upper and lower ranges while others only define a maximum fee.
Discounts in excess of a certain amount usually come entirely out of the advisor's pocket. Also, beware of additional fees that may be charged. While nearly all wrap programs provide monitoring and rebalancing as standard features, not all do, so make sure you ask. That's just a bunch of baloney. Sure, wrap fees may be tax deductible but so are mutual fund management expense ratios or MERs.