Many advisors in the bank channel these days like to claim that they are doing “mostly fee-based” business. After all, a decade of anemic portfolio performance has left many clients with a bad feeling about the transaction side of the business, and going fee-based is supposed to better align the interests of advisor and client.

The truth is, however, that at least in the bank channel, fee-based business remains a small part of what most advisors are doing -- especially in terms of revenues generated.

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