My husband has a rollover IRA and is being charged annual administrative fees of 1.94%. Is this too much?
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2Fidelity and Vanguard have 0% fees. What are you getting for the 1.94%?– Pete B.Nov 14, 2016 at 15:26
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Think about 1.94% in terms of how much of the gain in the IRA is being lost just to fees. If the return it provides is 6% (as an example), that means you're giving up almost a third of your gains for essentially nothing. I'd search for a different manager, such as Fidelity or Vanguard, as @Pete suggests. Not all of them charge fees.– Daniel AndersonNov 14, 2016 at 16:07
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what type of funds is the IRA invested in? Active? Index? sector?...– mhoran_psprepNov 14, 2016 at 16:08
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31.94% should be criminal.– JoeNov 14, 2016 at 16:26
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? No idea what this means. $70,000 that is proposed to be put in a multiple strategy ACCount, Profile 3, Moderate. If we do not make a move we will run out of retirement income. 60% in Core Markets, 40% in Diversifying strategies-Bonds and bond alternative. WE put our faith in Invest Financial Corportation, Syracuse, NY and thought they were looking out for us.– B georgeNov 15, 2016 at 22:43
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1 Answer
I found a large US company that provides this service that has a $20 annual fee, but only if the account is less that $10,000. Above that there is no fee. There are other large asset managers that have similar fee structures. A 1.94% fee is borderline criminal in my estimation.
(Company not named so an not to be an ad.)
