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Straight talk from the money editor
An alarming number of investors have no idea how much they're paying their financial advisor. In fact, in several industry surveys, investors incorrectly believe they pay no fees at all in their retirement accounts. Nothing could be further from the truth. Investors, on average, are paying as much as 3.5 percent per year in advisory and fund fees. And while the difference between a 1 percent annual fee and a 3 percent annual fee may seem trivial, it can amount to more than $400,000 over the course of a lifetime — that's a lot of money, folks. Investors need to step it up, do some research and start asking key questions. After all, it's your money. Here are some things you need to do, now: Drill down into the specifics of your account holdings; understand how your advisor gets paid; and understand the fund fee structures associated with the portfolio. Remember that famous quote from Sy Syms: "An educated consumer is our best customer." For more stuff like this, please follow me on Twitter @jimpavia. |
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