Background:
I have about $1.2MM in investments/savings. The majority of those investments are in Mutual Funds. When I asked about index funds and ETF's, the advisor blows them off and states that they are not actively managed.
I dropped $75K into a Betterment account as a way to test performance over the next 2 years. Betterment offers a service to link to your outside accounts and to perform an analysis on the expense ratios of your current investments...here is what it said:
“Your Ameriprise Financial Brokerage Traditional IRA is costing you $1,732 a year in fees.
You may be able to save on advisory or fund fees. At a 7% return over 30 years, you could save up to $225,928 by reducing your fees to 0.27%.”
“Your Ameriprise Financial Brokerage Traditional IRA is costing you $4,296 a year in fees.
You may be able to save on advisory or fund fees. At a 7% return over 30 years, you could save up to $567,338 by reducing your fees to 0.27%.”
Those are two brokerage accounts out of around 4 that I have.
So, two questions.
1-How much is my advisor making off me with unnecessary fees? 2-What options are better than Franklin Templeton Mutual Funds?
Thanks....
Submitted January 16, 2017 at 10:14AM by SmoothWhite http://ift.tt/2jrlDL6
