Think back to when you were 10 years old and running around the neighborhood on one of those hot summer days. You were out playing basketball and covered in sweat. It is time to dash into the house for a glass of cold lemonade. All you can think of is ice-cold Country Time. Just as you sit down to enjoy your beverage, your mom comes into the room and sees the front door wide open.
“Were you born in a barn?!” she asks.
You have heard her say this many times, but all these reprimands have fallen on deaf ears.
“What’s the big deal?” you think. “So, the door is left open for a little while. Does it really matter?”
But your mom knows exactly why it matters. She works hard to put food on the table and pay the bills. She understands the importance of teaching you not to be wasteful. She knows you will be paying the bills one day and wants you to be responsible. Her hard-earned money is literally flowing out the door.
Now flash forward to today: When you began your career, you might not have paid a lot of attention to the fees you were paying for your investments. After all, do you really have any control over them? You have heard TV commercials about “hidden fees,” but in the past you did not have a lot to invest. And, since many times you can’t see them coming out, high fees are easy to ignore. Should you revert to the days of your youth, enjoy your glass of cold lemonade, and think about your baseball card collection?
The financial industry historically has been terrible about disclosing fees. Thankfully, some of the problems of the past are being fixed through appropriate legislation, and fees are becoming more transparent. Still, many fees you pay in your company retirement plan or to your advisor’s firm are hard to find. You should not have to dig through a 200-page prospectus or ask a service rep very specific and direct questions to see how many of your hard-earned dollars are flowing out the door. The industry still has a long way to go. Now is the time to educate yourself!
You are paying fees to the fund company. How is it performing over the long-term compared to similar funds and to the benchmark?
You may be paying fees to your retirement plan administrator. If you have left that employer, why are you still paying these fees? Maybe you should roll it out to avoid them.
You are paying fees to your advisor. That makes sense, but are you receiving only portfolio management for these fees, or are you also benefiting from comprehensive planning?
For each fee you pay the fund company or your advisor, you need to know exactly what you are paying and why. If you are not getting at least some level of advice, coaching, and guidance for the fees you’re paying, then there’s a good possibility you are paying too much.
You are making a lot more money now, so become more educated about the fees you are paying. Now you are writing the checks instead of relying on mom and dad. Investment fees matter, so it’s time to grow up and understand the fees that you’re paying.
We understand that investments can seem complicated when you do not work with them every day. Even though you cannot often see the fees, you are still paying them. You work too hard for these fees to simply go out the door.
We have the experience, tools, and resources to help you gain clarity and to help you understand exactly what you are paying for, and why you are paying for it.
To receive a complimentary fee analysis, simply:
1. Schedule a brief phone call or meeting with a member of our team.
2. Provide us a copy of your most recent statements.
3. Let us run a simple report for you that will show you exactly what you are paying, both in percentage terms and in real dollars.
We want you to enjoy that cold glass of lemonade but do your mom a favor and close the door first.
For a complimentary, clear fee analysis of your portfolio, please click here to schedule a 15-minute call or web meeting and have your account statement handy.