Canada: Lionstree advisors’ fees rise 2.5% in June
A new study suggests that Lionstree Advisors may have to raise fees on advisers that help clients navigate the financial markets.
The firm, a major player in the market, has raised fees for its advisers since at least April.
Lionstree is one of the top advisors in the U.S. and the third-largest in Canada, according to its website.
The firm’s fees are set to rise from $2,700 to $2.5, the firm’s website says.
In Canada, the fees were not increased last year.
The government’s Financial Advisory Council (FAC) says advisers should be charged a fee of up to 50% of their commissions.
Liontree Advisers’ fees have risen 2.7% to $5,936 in June, according the Financial Transactions and Reports Analysis Centre of Canada.
The fee increase comes as many of the U:s largest banks have seen their fees rise.
A month ago, Citigroup, Bank of Nova Scotia and HSBC announced new fees of at least $2 million to their advisers, the Canadian Financial Services Association said in a report.
The fees have not stopped investors from buying products from the firm.
Investors are buying and selling more than ever.
According to a survey conducted by brokerage firm Morningstar, investors are now buying $7.4 billion worth of financial products from a combined 50 firms, with the average price per contract rising 17.7%.
The firm said it is taking steps to reduce the cost of investing in advisers.
The Canadian Financial Advisory Association said it will require that advisers receive a fee from their clients that is at least 50% less than the average fee charged by the firm, and will be subject to annual fees for the next three years.
Lakeshore Advisors, a subsidiary of Lionstree, has also seen its fees rise by a little more than 2% in the past month.
In May, the company raised its fee from $5.99 to $6.49 per share.
The fee for its first two-year term was $5 million.
Liveshares has also raised fees by up to 2.6% since at the end of April.
In June, it raised its fees to $4.99 per share, up from $4,500 in May.
Livestrong, a company that manages money for people who have mental health issues, raised fees of up 0.8% to 4.6%.
The firm also announced a $50 million round of funding, according.