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!
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