blackdiamond.advent.com | info@advent.com Adding Value in a World of Free The New Paradigm for Financial Advisors Thanks to continual innovation in technology, virtually every cost in the delivery of investment management services has been eliminated or reduced to just a few basis points. As a result, between product innovation and back-end revenue sources, many traditional investment activities, most notably commission-based trading, are now being offered for free. Low-cost robo advisory services are passing the savings on to clients in the form of lower fees. In the face of free competition from major online brokers with millions of accounts, such as Charles Schwab, Fidelity, E*trade, and even such Wall Street firms as Merrill (through its Merrill Edge subsidiary), the enti

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