Now Adds Eight Types of Fees in IRA, 401(k), 403(b), 457 and Brokerage Accounts
NEW YORK, NY–(Marketwired – Aug 1, 2014) – FeeX, a service that finds and reduces hidden fees within investment accounts, today announced that it now finds fees in individual retirement accounts (IRAs) and all 401(k), 403(b), 457, brokerage and similar investment accounts. With this, FeeX shatters the asymmetry of information in the financial world, giving consumers the powerful knowledge of how much money they are losing and actionable-tools to stop that hemorrhage.
In March 2014, FeeX launched by assessing IRA fees to unravel the real cost of expense ratios — in some cases exposing investment firms that are charging ten times as much as their competitors for similar product offerings.
“Hidden fees are extremely hard to find and cost Americans roughly $600 billion a year, with a majority paying over a third of their retirement to fees alone over the course of their savings,” said CEO Yoav Zurel. “There’s a failure of transparency in the market and we’re working to expose that — one fee at a time — giving users the tools they need to understand where their money is going and how to avoid each and every fee.”
FeeX examines all investments and shows people a clear picture of all fees, including expense ratios from mutual funds, fees from financial advisors, account maintenance fees, asset-based fees and much more. FeeX’s sophisticated algorithms condense the information in an easy-to-read format that reveals how much people actually pay for the privilege of investing. FeeX then shows what can be done to reduce, or sometimes eliminate, these fees.
FeeX now finds eight types of fees, including:
- Expense ratios on mutual funds and ETFs
- Advisor fees
- Asset-based fees, such as wrap fees
- Up-front sales load fees
- Back-end redemption fees
- Account maintenance fees
- Wire transfer fees
- Transaction fees
With this update, FeeX will start by showing users how to reduce expense ratios on mutual funds and ETFs — some with savings of hundreds of thousands of dollars over the course of a career.
“While I’m only in my early 30s, I’m already starting to worry about retirement and making sure I’m not scrambling when I’m older. I’m looking for resources to help me save smartly and FeeX is a great way to make sure that fees aren’t eating away at my retirement accounts,” said user Emily Loubaton.
For more information and to learn how to find and reduce hidden fees, visit: www.FeeX.com.
FeeX is a service that finds and reduces hidden fees within investment and retirement accounts like IRA, 401(k), 403 (b), 457, brokerage accounts and more. Fees can drain a third or more from a typical retirement savings plan, with average American household unknowingly paying $155k in hidden 401(k) fees over a lifetime. Simply link your investment accounts and FeeX’s sophisticated algorithm uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of retirement. The company started in August 2012 by co-founders Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine — creator of Waze (which was acquired by Google in mid-2013). To learn more, visit: www.feex.com.