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Were they talking About MERs or a fee based charge?

perhaps the $500 is their trailing commission....ie. they earn $500 of the $5000 charged in MERs?
... $500 per year is his fee for his recommendations of "stocks" with a $250K AUM portfolio and some other financial planning advice such as tax, estate planning etc. I was more interested in the latter services than the need for stocks recommendations as I told him I already had mutual funds with no further interest in them other than converting over.

In hindsight how much of his time would I have gotten for $500 ...maybe a generic list of "stocks" ... from the Dividend Aristocrat list? Too funny.
 
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