The independent broker-dealers of ING have announced they are lowering fees on trades for their financial representatives and advisors on an array of transactions with the aim of making the cost advisors pay to execute a transaction among the lowest in the industry, the company says.
The charge reduction goes into effect for trades settled on or after Oct. 1, 2008. Compared to current charges, ING is reducing prices in every category for its advisory reps and reducing prices or holding them stable in every category for retail reps.
The ING Advisors network includes some 8,000 financial professionals doing business as part of Financial Network Investment Corporation, ING Financial Partners, Inc., Multi-Financial Securities Corporation and PRIMEVEST Financial Services, Inc.
“The charge reduction is part of our continuing effort to make the broker-dealers of ING a highly attractive partner for independent representatives as they strive to better serve their clients,” says John Simmers, CEO of ING Advisors Network. “Our broker-dealers also offer outstanding technology and advisory programs along with a host of resources not found at most broker-dealers. This move is just another step to make sure the ING-affiliated reps maintain one of the most competitive payouts in the industry.”
For advisors, the ticket charge changes will result in much lower costs — ranging from 10 percent to 25 percent — in every transaction category, the company says. For example, load mutual funds charges were reduced by one-third. ING also is lowering the charge on Exchange-Traded Funds (ETFs), which is a highly popular and fast-growing segment of the investment marketplace.
For retail trades, there will be an overall reduction in almost every price category. For example, listed equities and load mutual funds charges were reduced by almost 10 percent.
“After a thorough market review of the going rates in the market, we are confident that our new ticket charges are highly competitive,” explains Simmer, who adds that unlike some broker-dealers, “ING Advisors Network does not require its reps to pass ticket charges through to their clients on all programs.”