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I have just stumbled upon a report that supports my opinion that brokers, and I include financial planners in that group; cost you money to invest in mutual funds. It is my experience that planners and brokers represent a group of funds they sell and they are, in fact, sales reps for those funds. Like any sales rep, they earn commission on sales, which is paid for by you, the investor. So you pay the broker twice, once for his fees and once for the commission on fund sales. On top of that, the funds themselves charge fees to offset the commissions they pay to their sales reps. If the broker happens to sell you a load fund (you pay a lump sum fee up front or on exit) then it is quite likely that you will pay at least double and sometimes three times compared with doing it yourself. Why can’t you do it yourself? Maybe it’s easier to let someone else do it for you, but ignorance, laziness or just lack of confidence costs you money in the long run. Doesn’t it seem odd that so many people hand over their future to a bunch of salesmen? Let that sink in for a moment. The report, prepared by the Zero Alpha Group and Fund Democracy, an advocacy group for mutual fund shareholders, can be seen in its entirety here. Comments |
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