Seriously?

"Merrill Lynch has lowered its top charge on fee-based accounts to 2.2% from 2.7%, a move that could save smaller investors as much as $5,000 a year, The Wall Street Journal reports.

The reduction affects clients with under $1 million in assets at the firm. Those clients with $1 million to $4.9 million in assets will continue to pay a maximum of 2.2%, while investors with $5 million or more in assets will continue to pay a top rate of 2%.

Last year, Merrill began a process of changing its brokerage accounts, making its fee structure more transparent and, in some cases, less expensive, the Journal story said."

Seriously folks if you are paying 2% to a brokerage firm for investment management you are paying way too much.  The average RIA charges about 1%.   Those returns from your broker better be really stellar to merit that kind of fee.  You can like your broker but you shouldn't have to pay him over a hundred basis points more than the RIA average for him to be your friend.

Link:  Merrill Lynch Cuts its Top Rate on Fee Accounts.