“..Now financial advisors are reporting 6% gains for your portfolio – but inflation is close to 3% -
- so you’re real gain in purchasing power or wealth is only 3%.
Again his 1% to 2% fees represent 1/3 to 2/3 of your total annual profits.
In addition to these egregious stated fees – Wall Street has many methods to hide additional fees and charges from you.
Many Wall Street brokerages and online brokerages offer what they say are no fee accounts.
But when you look at them in more detail – inside the account they offer investment alternatives like high fee mutual funds.
Who do you think is paying those mutual fund charges?
I can assure you banks do not own some of the largest buildings in town – and brokers do not earn their million dollar plus salaries -
- by offering their clients free services..”
(cont..)
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John R. Talbott: The Ethical Investor: Wall Street Ripoff #3 – Hiding Fees and Expenses.
