Call it another version of pay to play.

Reuters reports that at least three wealth managing firms are "getting payments for investing their clients' money in certain mutual funds, a practice that even some of these firms say could create conflicts of interest."

The newswire notes that the RIAs are usually paid by clients with fees "tied to the growth or contraction of client assets, and not to specific products."

However, Fidelity and Schwab are reportedly paying these financial advisers as much as 25 basis points of the assets that their clients put into no-transaction-fee mutual funds, according to Reuters.

Read more here. 

Edited by: Tommy Fernandez


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