You don’t ask how much their AUM is - you ask how much their AUM fee is (all in - and if they can break it down to show how much their fee is, along with the custodian’s fee and other expenses are, the better).
I asked, and the Ameriprise WRAP fee is 1% so that apparently includes everything. I didn’t ask for them to break it down.
Monday I have a phone consult with a fee only advisor.
Shoot - I thought of another thing to ask about. Most custodians (the financial company that holds the funds) will also include a surrender fee, so they have some leverage to try to convince you to stay if you ever want to pull it all out. Those are hard to avoid.
And should you go with an AUM/wrap fee advisor, you can always negotiate a reduction.
You can always try to negotiate a reduction. And they’re welcome to say “No. And don’t forget the surrender fee if you don’t like our ultimatums.”
Franklin-Templeton has been in the news recently because one of their managers (completely on his own, I’m sure) did something irregular.
I was looking at their fees and costs. Holy Moly! That “fiduciary” FAs can be recommending their products tells you everything you need to know about how seriously to take the fiduciary label.