If you are investing in stocks, bonds, or mutual funds, you have a wide range of options to help manage your portfolio—everything from traditional brokerages to mutual fund companies to online financial firms. But as consumers search for an investment company, many pay little attention to the fees they’re being charged, according to a just-released Consumer Reports survey of more than 46,000 CR members. Penelope Wang, writing for Consumer Reports:
Four out of 10 surveyed said they weren’t sure what they paid in fees. And of those who knew the costs, only 60 percent rated their investment company in our survey as Excellent or Very Good on the amount charged.
“Hidden and confusing fees are proliferating across the marketplace, making it hard for consumers to know what they’re getting for their money, and to comparison shop across providers,” says Anna Laitin, director of financial policy at Consumers Union, the advocacy division of Consumer Reports.
“It is concerning that so many investors don’t know how much they are paying in fees and that many of those who do understand the fees don’t appear to think they are getting their money’s worth,” she says.