ING Advisors Network Reduces Ticket Charge Fees for Producers; Advisory-related fees down 10-25 percent
The broker-dealers of ING have announced that they are significantly lowering ticket charges (fees on trades) for their financial representatives and advisors on an array of transactions, a reduction intended to make the cost a representative or advisor pays to execute a securities transaction among the lowest in the industry.
The charge reduction goes into effect for trades settled on or after Oct. 1, 2008, and will be particularly significant for advisory representatives. Compared to its 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 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,” said 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.”
Changes for Advisory Representatives
For advisors, the ticket charge changes will result in significantly lower costs — ranging from 10 percent to 25 percent — in every transaction category. 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.
Changes for Retail Representatives
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,” Simmer said, adding that, unlike many broker-dealers, “ING Advisors Network does not require its reps to pass ticket charges through to their clients on all programs.”
Phil Margolis, ING, 860-580-2676, or firstname.lastname@example.org
About the broker-dealers of ING
ING Advisors Network is an independent broker-dealer network consisting of Financial Network Investment Corporation, ING Financial Partners, Inc., Multi-Financial Securities Corporation and PRIMEVEST Financial Services, Inc. With approximately 8,000 financial professionals, these four firms specialize in financial planning, asset management, insurance and third-party bank marketing. The broker-dealers of ING are members of the Securities Investor Protection Corporation.
ING is a global financial institution of Dutch origin banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 130,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 17 million customers across the nation. For more information, visit www.ing.com.