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and unlike financial advisors, the waitress presents me with a bill with actual figures as to the cost, rather than having the monies subtracted from my bank account without notice to me of what those costs actually are.

Not really.

The waitress actually itemizes your bill a little less than a mutual fund itemizes their expenses. You are not informed as to the cost of the egg, how much is labor, and how much is profit, for example.

The sale of mutual funds, for example, requires the delivery of a prospectus (summary or otherwise) and usually a 1-2 page fact sheet. If someone sells you stock, your confirm will detail the commission. If you are paying a wrap or AUM fee, that is typically very clear on quarterly or annual statements.

Hawkwin
Strong advocate for full and upfront disclosure.
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