Word: 12b
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...legal--rip-off is the bevy of bloated fees that fund firms charge to manage your money. These range from loads (hefty commissions doled out to brokers or financial advisers for selling you a fund) to fees that cover advertising, marketing and distribution costs for the funds (known as 12b-1 fees). In Senate hearings earlier this month, New York State attorney general Eliot Spitzer said inflated fees may be costing investors $10 billion a year...
...expenses through research services like Morningstar.com The simplest solution, however, is to avoid commissions altogether by choosing from the 5,500 or so no-load funds of such firms as Vanguard, Fidelity and T. Rowe Price. No-load funds levy no sales commissions and charge only modest 12b-1 fees. But no-load funds have costs too, so look for those that impose expense ratios of less than 1% a year. Remember: when it comes to funds, you can't afford to take anything on trust alone...
Fees. The fund industry never met a fee it didn't like. There are management fees, 12b-1 fees, custodial fees, transfer fees, accounting fees, directors' fees and professional-services fees, to name the most common. This litany of levies, assessed each year, typically totals 1.4% of assets in a fund and reduces the return by roughly that amount. And that doesn't include the impact of one-time sales charges of up to 6%. Such "loads" aren't reflected in official performance data but are a cost that cuts into your results...
...shouldn't start now, at least not in any big way. But if you do start now, remember two things: 1) you can get professional management and diversification through mutual funds; 2) buy no-load funds, the ones that charge no sales fee (whether up front or in hidden "12b-1" fees). They do just as well, on average, as the funds that do charge sales fees...
...grand scheme of day-to-day activity at Harvard, a tentative superstition on the part of a few Holyoke Center administrators ought to carry little weight. But who knows? The handful of students in Applied Sciences 100, Biology 126, Economics 2010b, Foreign Cultures 19, Geology 162, Physics 12b, and Social Sciences 169 may have one more thing to worry about as reading period fear turns into exam period fact, they will take their Group XI final exams on the morning of May 29, which is a Saturday...