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What Kind of Fees Are You Actually Paying?

December 10, 2020

The Principle:

Do you get sticker shock when it comes to advisor fees? What fees are you otherwise paying with mutual funds? Let’s talk about the common fees you’ll find associated with retirement accounts.

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

What do new and prospective clients constantly ask Brian? “What are the total fees charged?” To that, Brian helps show the total fees you are paying across your mutual funds or other investments. Do you know how much you’re paying in fees?

The costs of mutual funds can be difficult to determine and are often not to be found in most prospectuses. What else goes into the fees? Brian says the scale cost of owning mutual funds report found the average cost combined after everything is put together is 3.17 percent. When it comes to investment advisory services, what are the fees by comparison?

Brian has had clients save $40,000 less a year in fees and actually get better services. Are you working with a financial advisor that is coming up with a proper plan for you? More than simply investments, you want someone to help you create retirement income streams, especially ones that are tax-free. Long gone are the days when all you have to do is turn on your pension and Social Security in retirement.

Are you paying fees? Of course. But are you getting what you paid for when it comes to financial fees? You might find that working with an advisor not only gives you a greater value but maybe even results in paying less in fees. Wouldn’t you rather work with someone who has your best interests in mind?

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:15] – What do new clients know about 401(k) fees?

[3:47] – What fees are you really paying? 

[5:29] – There’s no such thing as no fees.

[7:34] – You may pay less in fees by working with an advisor.

Today’s Truth:

We’re going to build a model portfolio, we’re going to invest it, we’re going to try to keep risk down, we’re going to do a tax planning–but more importantly it’s trying to come up with a plan to make sure we get a tax-free income for life.

Brian Bowen

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Brian Bowen – Contact

Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out