May 6, 2016
I highly support the SEC's Investor Advisory Committee's recommendation that financial institutions be required to provide their consumers with detailed dollars-and-cents disclosure on account statements specifying exactly how much the consumers are paying in fees, especially with regard to mutual funds. It took me over a year to get my financial institution to answer how much I was paying them to manage my retirement account (and I asked repeatedly). None of the account statements from the institution included information on the fees I was charged during the years they managed my account. When I finally received that information, I was appalled at the amount they were charging each year and immediately transferred my retirement account to another financial company that specializes in index funds. This behavior by most financial institutions is nothing short of highway robbery.