Date: Tue, 5 Apr 2005 04:06:52 CST
From: "Jason W. Richardson, Esq., CPA" 
Newsgroups: misc.invest.financial-plan
Subject: Wachovia Securities - "FundSource"
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My advisor has given me some information on a relatively new program they
have for managed accounts through Wachovia.  Is anyone here familiar with
their "FundSource" program?  It seems to me that it is essentially using
Wachovia as your money manager as they "manage the managers."  The fees I've
been quoted are 1/2 of 1% per year.  Our assets are in a "conservative
growth" allocation, with 70/30 equities/fixed income, with the 70% of
equities being broken down (of the total 100%) 15% international, 15% large
cap, 25% mid cap, and 15% small cap.

Plus, they used this software simulation called "Envision" to map out our
risk tolerance, plug in our incomes and retirement and education goals, and
see what the resulting FundSource asset allocation and risk model should be.

It all sounds good.  Plus, as I read this, I think its saying that this 1/2
of 1% is the only fee - no 12(b)(1) fees, no transaction costs, etc.  I was
told it normally is closer to 1% but got a break in the "points" for the
size of the account.   We've interviewed two other financial planners and
this was our favourite of the three.

Anyone with experience with this please advise.  This is my first time not
just pumping funds into American Funds in my SEP, wife's IRA, 529 plans for
the kids (American Funds 529 of Virginia, 25% Capital Income Builder, 75%
Growth Fund of America, I believe, which we max out), or the after-tax
account.  I've gotten pretty significant breaks in American Funds' A share
fees for size of amounts, but I think they have the added fees associated
with them.  I think they rebate/refund the fees charged and only take the
1/2 of 1%.

Not that I'm trying to be cheap - the fee sounds reasonable for someone
who's managing assets.  If they don't make a profit on me the world doesn't
work, so I'm not trying to get something for nothing -- just want to know if
anyone has experience with FundSource.

Thanks in advance,

Jason

Attorney, CPA
Sherman, Texas