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Snappy Kraken, an advisory marketing firm already known for its outside-the-box thinking, has formed a partnership with a turnkey asset management platform provider. The firm announced Dec. 5 that the first 100 advisors to put $10 million on Sawtooth Solutions, a 10-year-old TAMP based in Minneapolis, will have zero upfront marketing costs. Advisors that sign up won't be billed monthly, which is Snappy's standard pricing model, but will in turn be charged five basis points on the revenue generated from Snappy Kraken’s ads to investors. The promotion will last until March 31.
What’s included? Advisors who join Sawtooth's unified management account platform will get zero transaction fees from Schwab and TD Ameritrade, and investment advisor reps will get 100% payout on earnings. Sawtooth charges a platform fee that starts at 0.25% and slides down as assets increase (Sawtooth wouldn't give specifics on what those lesser fees are), but the TAMP recently started offering certain advisors a zero-platform fee. The TAMP wouldn't state which advisors would benefit from the zero-platform fee. The first 100 advisors will get Snappy’s automated...