I recently bought a new car for the first time in a long time (it’s been about 13 years). I am one of the few who actually enjoy the process. I learned from the master, my Dad. He was the king of the “walk out and make ‘em chase ya” move. As soon as the poor unsuspecting salesman would offer a price, Dad would get that “I just ate something fowl” look on his face and simply say “thank you for your time”, turn and walk out the door. It was a thing of beauty. He knew they would chase him down and give him what he wanted as long as he did his homework on what was reasonable, and they usually did before he even got in his car to leave.
As confusing as buying a car can be with all the options and packages, it’s a relatively simple process compared to evaluating your investments to make sure you aren’t overpaying for anything in your portfolio. With all of the layers and hidden expenses in investment vehicles today, figuring out how much you are paying is about as easy as finding tickets to a Phillies game (i.e. impossible). If you don’t know and haven’t the foggiest on how to find out what you are paying, talk to a professional. It’s worth the time investment. Many, like us at Granite Financial, don’t charge for a portfolio evaluation. It’s a very un-intrusive process that can help you to identify where you might be able to cut back or make some changes that will add up in the long run. Contact us today to find out more. In the meantime, here are some helpful informative articles we have found that can help get a better understanding of some things to be on the lookout for:
SEC Article on Mutual Fund Expenses (http://www.sec.gov/answers/mffees.htm)
FINRA’s Understanding Mutual Fund Classes
(http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/MutualFunds/p006022)
SEC Article on Variable Annuity Charges
(http://www.sec.gov/investor/pubs/varannty.htm#vch)
Contact Granite Financial by email at GFS@lpl.com, or by phone at 215-716-2100.