Word: 12b
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Dates: during 2000-2009
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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...