As the 2016 RRSP deadline approaches, it’s important to review your investment performance—including the fees that come with investing your money.
Fees are a fact of investing, but it’s important for investors to know how much various charges affect their portfolio. Last week, we released research confirming that British Columbia investors need to learn more about fees. For example, 36 per cent of those surveyed aren’t familiar with the types of fees they pay and 28 per cent aren’t sure how their advisor is paid.
Spending a bit of time looking at your investment fees before making that last RRSP contribution of the tax year could help you have a thorough discussion with a registered investment advisor.
Before you meet with an advisor, prepare yourself with these resources:
- Complete the Take a Look at Investment Fees Quiz to see how much you know already.
- Use our Investment Fee Calculator to see how various fee percentages affect your returns over a 20-year time horizon.
- Read the Report on Charges & Other Compensation from your advisor or financial institution. This is a new document for you to see how much you pay in fees.
- If you own mutual funds, check the Fund Facts document and make a note of the full range of fees associated with these products.
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393 or through e-mail at [email protected] You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.
InvestRight.org is the British Columbia Securities Commission’s investor education website.
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