Know your fees - or pay a big price long-term GlobeInvestor
I’m trying to find out how much I am paying in fees. I’ve been with the same firm for 20 years – with three different advisers in that time. They tell me I’m paying 1 per cent. How can I verify that this is correct?
To its credit, the firm got back to him quickly and with a thorough response. The information it provided, however, may have come as a shock. Yes, he was paying 1 per cent in fees annually to the firm indirectly, but this was merely the trailer commissions that the mutual funds were passing on to the firm, ostensibly for the advice the firm was providing.
It’s no wonder many investors are still in the dark. According to a 2017 survey by J.D. Power, less than one-quarter of investors said they fully understood the fees they are paying, and nearly one-third said their adviser made no attempt to explain fees at all.
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