2026-09-04_Derek-Brandon_teams_Zakir-Fee-Analysis-Delivered_chat.md
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Date: 2026-09-04 Title: JT delivers the Zakir fee reconstruction; Brandon works the agreements with him — Teams Source: teams:///chats/19%3A1fa1d6af-4c47-4789-a7a9-b3d1d56ca309_eb0146ef-afce-4404-847a-c680b7898d45%40unq.gbl.spaces and teams:///chats/19%3A30c8d276aa734bec98110a6727fc82f3%40thread.v2 What this is: Two Teams threads on 2026-09-04, as read through the Microsoft 365 connector — the JT/Brandon 1:1 running through the day, and JT's delivery of the finished analysis in the JT/Derek/Brandon group chat at 2:41 PM. Message bodies converted from HTML to plain text; times in ET. Ordered chronologically across both threads; the thread is noted on each block. --- ## JT and Brandon, 1:1 **JT — 12:02 PM ET** Putting it together now. I'm wrapping up a fresh analysis / timeline of fees for the Zakirs for Derek. I'll send it to you when i finish up to get your eyes on it **JT — 12:02 PM ET** If that's cool **Brandon Drespling — 12:06 PM ET** Of course **JT — 12:07 PM ET** Ended up on the right side of it really... followed the contract to a T. **JT — 12:08 PM ET** Here you go **Brandon Drespling — 12:24 PM ET** That's what I figured... **Brandon Drespling — 12:24 PM ET** I'll explain to you my thoughts when we talk **JT — 2:08 PM ET** Where would make the most sense to create a folder under Zakir where I can drop this fee reconciliation information. TCM Reps Derek, Branch Files RIA Derek, Branch Files RIA Eichenwald/Drespling? There might be more but those all popped up with Zakir folders. I should know this. **JT — 2:09 PM ET** Maybe doesn't matter? Triumph Capital Rep folder? **Brandon Drespling — 2:09 PM ET** Box\Triumph Capital Representatives\Derek Eichenwald\Client Files\Zakir_Raya_Rob --- ## JT, Derek and Brandon, group chat **JT — 2:41 PM ET** (attachment: 2026-09-04_Zakir Fee History & Options 1.xlsx) ## Your understanding, checked against the historical record Derek, Your recollection was correct on all fronts minus one area on bps. - While the Ascent Group DB Plan was in place, the DB Plan and the related 401(k) accounts were billed at 2.00%. **Confirmed.** April 2016 through October 2018, on the three original accounts. $21,983 over 31 months. - At some point, the DB Plan terminated and its assets were distributed into their two 401(k) accounts. **Confirmed.** October 18–22, 2018. Five transfer legs. The plan emptied on October 22. A $7 residual closed March 19, 2019. - Once the DB Plan assets were moved into the 401(k) accounts, you told the Zakirs you would treat the fee as 1.25% from that point forward, rather than continuing at 2.00%. **The commitment is as you remember it.** What the paper and the billing actually did is the correction: the Dual MAP signed October 15–17, 2018 set a flat 2.20%, and that is what was billed on the two Olive Branch 401(k)s from November 2018 through August 2026. The rate went up 20 bps across the move. - More recently, you agreed to reduce their fee to 1.00%. That was a separate change, and the paperwork was not fully executed until recently. **Confirmed.** Instructed internally April 20, 2026. Completed August 31, 2026 (133 days). In force for the September 2026 billing. ## The four items you asked 1. **The exact date the DB Plan terminated or distributed its assets into the two 401(k) accounts.** October 18–22, 2018. Fees are billed monthly in advance, so the October 2018 debit stays on the pre-move side of the line. The Olive Branch accounts start with the November 19, 2018 debit. 2. **The fee charged to each account before and after that date.** Before: 2.00% on the three original accounts (DB Plan, Raya's 401(k), Rob's 401(k)), April 2016 – October 2018, $21,983. After: 2.20% on the two Olive Branch 401(k)s, November 2018 – August 2026, $65,994. The joint account, opened later, has been at 1.00% from its first bill in April 2023. 3. **The difference between what was actually charged at 2.00% and what would have been charged at 1.25% from the distribution date through the effective date of the new 1.00% agreement.** Because they were billed at 2.20%, not 2.00%, the cash difference is $28,497. That is 94 months, November 2018 through August 2026, on the two Olive Branch 401(k)s only: $65,994 charged against $37,497 at 1.25%. If you measure from a hypothetical 2.00% instead, the figure is $22,498 — the extra 20 bps is $5,999 of it on its own. 4. **The dates the 1.00% fee-change paperwork was originally sent, partially signed, followed up on and ultimately completed.** Instructed internally April 20, 2026 (flat 0.99% draft). An envelope was outstanding by June 5. The Reduced Fee envelope reached them July 2. Raya signed August 24, Rob August 30, the Firm August 31. Client follow-ups in between: June 6, July 2, July 7, August 13, August 24. The signed agreement technically supported the fee that was billed — 2.20%, not 2.00%. You told them you would look back and determine what the adjustment would have been using 1.25% after the DB Plan ended. That lookback is $28,497, discretionary. **The two items are kept separate, as you asked.** The 1.25% look-back is one decision. The later reduction to 1.00% is another: executed August 31, already in Black Diamond, and with nothing retroactive on its face. If you chose to treat the 1.00% as effective earlier, that cost is $2,038 back to the April 20 draft, or $1,034 back to the July 1 meeting. Those figures are not added to the $28,497. ## What You Have Here – Timelines, Reports, Fee Scenarios & Agreements. CHECK MY WORK for any issues please. - **Visual, Internal Snapshot.** Zakir Household: Fee Reconciliation (https://zakir-fee-reconciliation.vercel.app/). - **Fee History & Calculations. Attached.** Multiple tabs that include timeline, look-back scenarios, monthly fee details, and decision tab for breakdown of options. **Attached.** - **Other Supporting Documentation**. Box\Triumph Capital Representatives\Derek Eichenwald\Client Files\Zakir_Raya_Rob\THE ZAKIRS - FEE HISTORY AND CALCULATION\2026-09-04_Zakir Fee History & Options.xlsx" Once you have reviewed this and decided on a route, let me know what you need from me for the follow-up. I can produce whatever supporting detail or views the response should carry. --- ## JT and Brandon, 1:1 (continued) **JT — 2:46 PM ET** Spent a good amount of time looking for any missing Client Agreements. It felt like there should have been another one back a few years ago, but I couldn't find anything else. **Brandon Drespling — 2:48 PM ET** I can explain that to you as well **JT — 2:48 PM ET** You see one that is missing??? **Brandon Drespling — 2:48 PM ET** What is the oldest one dated you have? **JT — 2:49 PM ET** For that report only used back to 17, but I think I saw one in there for JP turner in 2015. Look at row 5 here : Zakir Fee Reconciliation (https://zakir-fee-reconciliation.vercel.app/) **Brandon Drespling — 2:52 PM ET** [message with no text content] **Brandon Drespling — 2:52 PM ET** oh nevermind looks like you got that one **JT — 2:53 PM ET** Yeah I got that one in the folder **JT — 2:53 PM ET** Just didn't link it or reference it in the numbers in the actual lookbacks. Derek requested only through 2018 **JT — 2:54 PM ET** I'll be baffled if I missed one from 18-current **Brandon Drespling — 2:54 PM ET** I think that's the earliest **JT — 2:54 PM ET** 15 is yeah. **Brandon Drespling — 2:54 PM ET** I think that was the first account they opened was the DB plan, and looks like 8/2015 **Brandon Drespling — 2:55 PM ET** Everything actually looks clean and good - guy just didn't know what his fee was **Brandon Drespling — 2:55 PM ET** even though he signed 5 client agreements along the way **JT — 2:55 PM ET** Think Derek should fire him **JT — 2:56 PM ET** I meant to look their company up to see what they do. **Brandon Drespling — 2:57 PM ET** Was the joint account being charged 1.0% from 2023 until present? **JT — 2:58 PM ET** Yes **JT — 2:58 PM ET** Opened in 2023 **JT — 2:58 PM ET** I think. I just closed the folder **JT — 2:59 PM ET** yeah it was **Brandon Drespling — 2:59 PM ET** yep....this actually brings up a good point and is why we revised the language in the MAP **Brandon Drespling — 3:00 PM ET** he may have signed that new agreement in 2023, thinking it applied to all of the accounts and superseded the previous MAPs....the language isn't crystal clear. Since then we added the additional section to the MAP to specifically show which accounts that agreement pertains to... **Brandon Drespling — 3:03 PM ET** you might be thinking it only listed the Joint in the next section, page 20....but that section is just for the household portfolio management, not the actual fees. I remember thinking this was confusing and why I added a section to the MAP to make it crystal clear about which accounts... **Brandon Drespling — 3:03 PM ET** (edited 3:04 PM) but that's only from 2023 on....prior to that crystal clear **Brandon Drespling — 3:04 PM ET** Let me give this guy a buzz real quick **JT — 3:04 PM ET** GL **JT — 3:05 PM ET** Let me know how that goes **Brandon Drespling — 3:06 PM ET** Rob! My man! **JT — 3:06 PM ET** My guy **JT — 3:06 PM ET** Robbie listen a min **Brandon Drespling — 3:06 PM ET** J/k....going to wait and see what Derek puts together as a response **JT — 3:06 PM ET** I was wondering **JT — 3:07 PM ET** Call him now hes gonna be asking where his check is! **Brandon Drespling — 3:07 PM ET** He said a response by 9/11 right? **Brandon Drespling — 3:07 PM ET** not by today **JT — 3:07 PM ET** Wife said today. Derek countered with next week. I think it was the 9th. **JT — 3:08 PM ET** 11th **JT — 3:08 PM ET** With the written reconciliation on October 2