InvestorForce is dropping the controversial 5% finder's fee the firm...

InvestorForce is dropping the controversial 5% finder's fee the firm charges money managers for business won through its online manager search process. Managers can now participate in searches generated through InvestorForce's Internet-based search engine for free, eliminating a requirement of 5% of their first year's fee to the firm. However, managers, pension funds and consultants still will have to pay a subscription fee ranging from $10,000 to $30,000 a year to access the firm's database and analytics, said Jim Morrissey, president and CEO.