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In Reply to: Re: Re: Re: PFS reps are NOT planners posted by TVO on August 24, 2001 at 20:43:35:
Really?
Why is it then that I have prospectuses in front of me, right now, from Oppenheimer, Van Kampen, Fidelity (Advisor Series) and Putnam that all show EXACTLY the same load as what PFS charges to sell those funds? Is it possible that your "truth" is only a half-truth??????
: : It is true that all planners have some bias, and so do all people. To argue otherwise shows ignorance and stupidity. However, PFS reps are definitely not strictly "captive" agents. At the time of this note, they currently represent over 30 different companies' mutual funds, not just those by sister company Salomon Smith Barney. Although they do only represent one life insurance product, most of the large firms do exactly the same thing. There is no perfect world, people, and some of you need to figure that out and get over it.
: Actually, sir, if you review carefully the prospectuses of the other non-proprietary funds PFS distributes you will find ( very well-hidden ) disclosures stating that the product offered is a look-alike product -- similar to but different in fee structure ( much higher ) that the regular street product obtainable thru other broker-dealers or the specific fund company directly. Just the truth.