Investing/Expenses/Frequent Questions

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Frequent Questions

How can I avoid excessive expenses?

Talk to three or four advisors and ask them what they charge for the same services. Make allowances for key differences in the quality of advisors and their services.

Why does Wall Street bill expenses to my investment accounts?

It knows a percentage of investors do not pay attention to what is billed to their accounts. By the time investors see their reports, the expenses has already been paid. Wall Street does not have collection problems when it withdraws expenses from your investment accounts.

Should Wall Street deduct fees from my IRA?

No. The assets in the IRA are tax deferred. You should pay fees from a taxable money market fund.

Is it legal for Wall Street to deduct expenses from my accounts?

Yes. The service agreement you signed authorized this activity.

Can Wall Street withhold expense information?

It cannot withhold information, but it can bury expense data in pages of fine print that were written by attorneys.

Why does Wall Street withhold expense data?

You may not buy what it is selling if you know the actual expense.

Why does Wall Street have layers of expenses?

There are multiple service providers (planners, advisors, money managers, custodians) and everyone of them must get paid for their services. 

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