FeeX – Reduce Investment Fees

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.

Practical Uses:

• See how much money you’re wasting on fees from investment accounts
• Find out the cumulative loss from all the fees you’re paying
• Get advice on how to reduce the fees on your 401k accounts
• Uncover low-cost alternatives to your current investment funds

Insider Tips:

• Users can compare the fees they’re paying to those being paid by other people in similar situations
• FeeX provides details about advisory, investment and expense ratio fees
• FeeX doesn’t divulge its users’ identities with their financial information

What we liked:

• FeeX helps people save more money for retirement
• Users can see exactly how much money they’re wasting on unnecessary investing fees
• FeeX uses crowdsourcing to help its users gain more financial knowledge
• People can use FeeX without paying a dime

What we didn’t like:

• FeeX doesn’t necessarily cover every type of financial plan or every financial institution

Alternatives:

• BlackCamp – http://blackcamp.co
• Personal Capital – https://www.personalcapital.com
• SigFig – https://www.sigfig.com

Company Info:

• Launched: 2014
• Privately Held
• Headquarters: Israel
• Founded by: Uri Levine, Yoav Zurel, David Weisz, and Eyal Halahmi
• Web site: https://www.feex.com

Costs:

• Free