Some people don’t want to think about their investment fees...

Not so. Paying a 2.5% fee rather than a 1.5% fee on your $50,000 investment could reduce total returns by more than $17,500 over 20 years, assuming a 5% annual return.

Actually, investment advisors are paid by their clients directly, by the firms they work for, or by the institutions whose investment products they sell. You can find out exactly what you paid your advisor’s firm last year—and what the firm received from others—from your annual investment fee report, also known as the Annual Charges and Compensation Report.

Lower fee options often exist, even among very similar products. Some fees may be negotiable. Make a habit of asking your registered investment advisor about the fees you will pay for the products you buy and the services you receive. Always ask your investment advisor if there’s a lower fee option that’s right for you.