UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: bbenn Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76420  
Subject: Non IRA Annuity - Money Manager Date: 2/19/2000 4:44 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
We are presently in a non-ira annutiy fund, American Skandia. The planner who suggested and got us invovled in the fund has us using a "money management" firm that moves the monies between the 30+ mutual funds that comprise AmSkandia. The money manager is extracting a 1.65% fee for their service. This is in addition to the annutiy fee and the individual mutual fund fees. We have been involved for 3 1/2 years and have seen a return of 133% during that time. In discussing with financial people, however, the general feeling is that we are crazy to be paying a 1.65% fee for someone to move around money between funds that are already professionaly managed. One source went as far to say that it appeared to be "gouging" and borderline illegal. The alternative would be to asset allocate and adjust on a as needed, quarterly or annual basis. Presently, the money management firm is moving the monies on a weekly, sometimes daily basis. Comments are welcome..I am a novice and would appreciate opinions! Thank you!
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement