NG DIRECT, FDIC insured bank offering one of the highest savings rates with no fees and no minimums. ING Direct also provides competitive Certificate of Deposits with no minimum deposit, 5/1 ARM Mortgages, Home Equity Loans and Mutual Funds.
Question : My parents up in Canada want to invest in mutual funds using ING Direct. What are some of the hidden fees?
In Canada's ING Direct? I know that the US has them, however, I also know that the US and Canada ING Directs are different. Can you tell me, what you think of them from personal experience?
- asked by Leslie C
All Answers: Answer #1We'll depends on the mutual fund, each mutual fund have different expenses + the broker fees. Theyshould compare the one they are thinking aboutbuying with others to determine if the expensesare fair. Also keep in mind if they are notinvesting a big amount of money to stay away fromMutual Funds, in the long run the expenses killinto your profits for a lot of them.
- answered by michael_alca23
Answer #2
Its irrelevant. Products are products. They allhave fees and they are all about the same. Whatyou have to know is it works differently inCanada. The dealer/advisor compensation is builtinto the fund costs or "hidden" as you term it. Soin Canada everyone generally pays a "set" cost ofsay 2.50%. (for accounts under $500,000) whereasin the US you pay a much lower set fee and thennegotiate for the balance. The end cost couldstill very well be 2.5% in the US but its moretransparent.Fees are so low on the list of whatthey should be focussing on its staggering. Do youreally think someone overweighted in US small cap,reeling from a 25% portfolio hit is jumping up anddown for joy because they saved 0.25% in feeswhile their retirement nest egg bleeds into thecarpet? Advise them to hire a qualified financialplanner who they know they can trust and knows hisstuff. Why would you believe that you or anyonecould extrapolate the information you need forthis crucial financial decision for your parentsin a yahoo answers blog when it takes people likeme 15 years of working in the investment businessfull time helping clients, 4 professionaldesignations and untold time to be in a positionwhere I can give appropriate feedback?
- answered by John A
Answer #3
canadian mutual funds have very high MER'smakesure you know all the expenses going inI'd pass ona canadian mutual fundhow about an etf
- answered by Not My Fault I Voted Libertarian
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