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|Subject: Re: Brokers Fight For Right to Screw Customers||Date: 6/14/2014 7:03 PM|
|Author: intercst||Number: 75213 of 76082|
But I suspect the steady money on Wall Street comes from those who arrange to collect a few pennies at a time from everything owned by every client. They think those charges are modest, not greedy, and they hope they will go unnoticed.
Wall Street's business model is based on extracting 2% per year in fees, commissions, and costs from the average client -- each and every year.
Over a 60-year investing horizon (i.e., 30 years saving for retirement, 30 years of spending in retirement) you'd have to save 60% more money for retirement to make up for the amount of wealth you lost to excess fees.
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