Fees. Something that is usually an afterthought for most people is a major factor in the success of your financial plan.
In a CNBC survey of 10,000 households, 53% didn’t know what they paid in fees for investment services. [PAGE 106 of ebook] [NEED THE SOURCE] (changed to 53%, source is Harris Poll, June 2018)
In our experience, that number is much lower as many prospective clients who walk in don’t know and understand all the fees they are paying.
And it makes sense. Fees are not a fun subject for investors.
In addition, Wall Street has spent years and billions of dollars in an effort to hide the fees you are paying and because finance is already a difficult enough subject area, and the vast majority of people don’t take the time to try to find the true cost of their investments.
However, fees are the #1 factor in your investment success. So, it would help if you had at least a general understanding of what you’re paying for the different types of fees.
We’ll list the most common fees here: