Serious investors understand the effect that high fees can have on their returns, however the average consumer still has no idea how much he or she is actually being charged for maintaining IRAs, 401ks, and basic brokerage accounts. FeeX is a web-based platform that finds its users’ fees and looks for ways to bring those costs down to a minimum level.
Anyone who has investments can benefit from using FeeX. Link your investment accounts to the service by entering the names or URLs of your investment firms, or choose from a list of popular firms that FeeX supports. Although you’ll need to enter your usernames and passwords into FeeX, the company says it doesn’t store any of those login credentials. FeeX will scan the accounts you’ve added looking for fees. Based on what it uncovers, FeeX will then show you how much you’re losing to unnecessary fees each year (assuming a 5.25% annual return). The next step is letting FeeX reduce those fees. In many cases, the FeeX will offer you similar alternatives to the funds you already have, but with lower costs. Whether you choose to switch your accounts to take advantage of the savings is up to you.
FeeX doesn’t currently accept referral fees or show its users any ads, however the company says it does plan to include fee-based premium services at some point in the future.
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