doddsco.com

I think I need to find a new financial adviser. My current adviser has me invested in a wrap account which has worked fine, but I’ve just reviewed my annual statement and the fees I am being charged are crazy. The annual ongoing administration for the wrap is about 1% because my account is under $200,000 - from what I can gather from my own research this is fairly standard. But I’m then also being charged a 1.1% service fee which goes to the adviser. That’s a significant dollar amount each year and I can’t see what service I am getting for it. No changes have been made to my portfolio since it was initially set up and the investments were selected and I haven’t even spoken to the adviser in 6 months.