State-By-State Breakdown Identifies National Divide;
Some States Pay Fives Times More in Fees
NEW YORK, NY–(Marketwired – Dec 19, 2014) – FeeX, a service that finds and reduces hidden fees within investment accounts, today released data that shows how much in fees are paid to manage and maintain a $10,000 investment. To identify states that spend the most and least in fees, FeeX looked at the average expense ratios in each state and found people in West Virginia pay five times more in fees annually than those in New Mexico.
Top five states paying the most in investment account fees annually:
- 1. West Virginia – $106
- 2. Vermont – $93
- 3. South Carolina – $80
- 4. New Hampshire – $78
- 5. Florida – $77
Top five states paying the least in investment account fees annually:
- 1. New Mexico – $19
- 2. Wyoming – $23
- 3. Hawaii – $31
- 4. Oklahoma – $36
- 5. Indiana – $41
To view the infographic with investment account fees from all 50 states, visit here.
“We were shocked to see that investors in some states are paying so much more than investors in others,” said FeeX CEO Yoav Zurel. ” We already know that 75 percent of investors in all states pay more in fees than they need to, and, because these fees compound year after year, they can erase a third of the money you’d otherwise have for retirement. Every investor should spend five minutes finding out how much of their hard earned money is lost to financial fees because saving now could help with future financial milestones like purchasing a house or funding a child’s education.”
FeeX recommends investors take the following steps to ensure they have more money for retirement:
- Take the time to assess if anything has changed in the last year and make sure investment goals are consistent with current needs.
- Know the cost of investing and cut out unnecessary spend by signing up for free services like FeeX that can identify fees in retirement accounts like IRA, 401(k), 403 (b), 457, brokerage accounts while suggesting ways to save.
- Re-invest in the future by putting tax refunds and boni into savings — if it’s out of mind and you won’t be tempted to spend it!
The data used to create this list is proprietary to FeeX and based on information from approximately 10,000 people across the United States. Dollar amounts represent the average paid in expense ratio fees annually.
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.
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.