See YourShare on A Current Affair?
Find out how to get Cash-back from YourShare.com.au on all your financial products, every year!
See the video at A Current Affair: http://aca.ninemsn.com.au/article.aspx?id=8261588
When it comes to hidden fees in the finance industry, you really can be paying good money for nothing. Whether it’s for superannuation, insurance or a home loan, the commissions that are tacked on can really add up. We meet the people who say they can track down unnecessary fees and put the cash back in your wallet.
How it works: there are many hidden costs, fees, commissions etc that the average person pays, yet never really understands.
They are called trailing commissions, and they are paid on Managed Funds, Superannuation, Allocated Pensions, and Master Trust accounts to the brokers you deal with along the way to provide ongoing service.
The problem is that there are now many informed investors who are making their own financial decisions and do not get the benefits of ongoing services.
Quite often a financial planner will make an investment for you and then you never meet the planner again, yet a trailing commission is paid to the planner for the complete life of the investment, sometimes up to 30 or more years.
Now businesses have emerged to allow investors the ability to access cash rebates on the trailing commissions that their existing investments are already generating.