Meadbh
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jul 22, 2006
- Messages
- 11,401
Can we please quoting 1% as "typical." I would call it "ridiculous," "excessive", or even accept "all too common." But "typical" gives it the sort of inevitability and cloak of acceptability it does NOT deserve. Psychologically this is called "anchoring."
There are many different options for FA fees and the sooner we knock the legs out of the absurd notion that 1% is the reference, the better off consumers will be.
N. B. - I pay a flat fee that thanks to the size of my portfolio amounts to less than 0.07%. As my portfolio grows only I benefit by getting more money. The FA gets the same money for the same work and I pay an even lower percentage.
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Once again, we need to put this in context. The US has the lowest MERs, because of competition and economies of scale. Fees are much higher in the UK and other European countries, as they are in Canada.
Management expense ratio - finiki, the Canadian financial wiki