Adam Bold lectures on saving smartly for retirement during his Saturday morning Mutual Fund Show, but not unlike his more animated cable television colleague Jim Cramer, the former Smith Barney broker isn't afraid to tell callers what's hot and what's not, according to a report from SmartMoney.
On one recent episode, Bold lauded the Excelsior Value & Restructuring Fund and torpedoed the Janus Fund. Odds are, more then one investor listened, as Bold also operates Mutual Fund Store franchises all over the country. The stores offer investors fast service and information on more than 18,000 funds. The stores are independently run, but they advocate the funds that Bold recommends on the radio.
"My bread and butter are normal people," said Bold, whose typical client has a $200,000 portfolio, although some have more than $1 million. "This is a part of the market that is being abandoned by the major financial services firms."
He charges a fee that can be upwards of 1.9% of assets, which may seem high on top of fund management fees, but is actually competitive with the online brokerage route.
"I didn't want to have to think about my portfolio on a day-to-day basis," said John Edwards, a mortgage banker in Kansas City, Mo., who gladly pays for Bold's management.
Bold now helps manage $1.8 billion for 8,500 clients.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.