The investment manager favors a debt financed dividend similar to the transaction Icahn is proposing.

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Asset managers earn a markedly higher advisory fee from active investment strategy and rightly so, since given the relatively more trading of assets, active investing incurs higher transaction costs but more importantly because active management relies on the skill of the asset manager which needs to be duly compensated with a higher advisory fee.

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Someone who invests with an adviser who outsources the portfolio to another firm could pay four different layers of fees: one from his primary adviser, another from the portfolio manager, one from the underlying ETFs and another for the portfolio's transaction costs, says Rick Ferri, founder of Portfolio Solutions, an investment adviser in Troy, Mich.

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Gabriel Weissman, public-relations manager at TD Bank, says the plans let customers avoid the hassle of a transaction being declined, especially in an emergency.

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