They do. And you can generally trust banks to try and sell you what’s most profitable to them.
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GuyDudeman@lemmy.world 3 months agoI let my bank’s financial advisor handle that. They have apps that calculate everything.
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GuyDudeman@lemmy.world 3 months agoI let my bank’s financial advisor handle that. They have apps that calculate everything.
They do. And you can generally trust banks to try and sell you what’s most profitable to them.
They are fiduciaries.
tychosmoose@lemm.ee 3 months ago
That’s all fine, but just be sure you know how much you’re paying them for that service. Before we switched to self-managed a number of years ago our guys were taking 1.4% off the top of the whole account just to pick a bunch of index ETFs. Market goes up 5% and I only see 3.6% of it. Not good. Plus the ETFs they picked had higher expenses than just going with a whole market choice.
They offered to get us on a plan at 1%. Ha, no thanks.
GuyDudeman@lemmy.world 3 months ago
Yeah that’s bad. We’re with JP Morgan through our local Chase branch and their fee when all is said and done is averaged down to less than 1% of the total account balance.
tychosmoose@lemm.ee 3 months ago
That’s better for sure. Still too much for me. Our all-in investment cost is 0.05% now. That’s a lot of free compounded yield compared against guided investments which are themselves no better than the average market (on average).
GuyDudeman@lemmy.world 3 months ago
Who are you with?