Unlocking the Mystery of Expense Ratios: How AI Legalese Decoder Simplifies Financial Jargon
- April 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Analyzing RRSP Annual Report**
I am currently reviewing my annual report for my Canadian RRSP account and have noticed that the management expense ratio (MER) is 1.97% and the trading expenses ratio (TER) is 0.04%. I am questioning whether these percentages are considered high, or if they fall within the typical range for RRSP accounts.
**How AI Legalese Decoder Can Assist**
AI Legalese Decoder can help provide clarity on the fees associated with your RRSP account. By utilizing its advanced algorithms and machine learning capabilities, the tool can analyze the legal jargon in your annual report and break down the information into easy-to-understand terms. This can help you determine if the MER and TER percentages are reasonable or if further action is needed.
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**Original Content:**
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**Expanded Content:**
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****** just grabbed a
My MERs with Vanguard ETFs.
* CDN Stocks = 0.05%
* US Stocks = 0.17%
* Int’l Develop Stocks = 0.23%
* Int’l Emerging Stocks = 0.25%
Nearly 2% mer is insane. Sorry but that was the cost 20 years ago. You should be under 1%. If you do it with a roboadvisor under 0.5% and if you DIY under 0.3%. Absolutely no reason to be paying 2% today. None.
And for context, a 2% MER will eat a third of your potential gains over time. A third. A great deal for the fund manager.
2% seems high these days. RBC has a bunch of mutual funds at and around 1%. ETF’s being in the 0.2% realm.
Is 2% normal, maybe. Reasonable, no.
Depends what you;’re invested in. If it’s segregated funds, then you’re being undercharged. If it’s an index ETF, then you’re getting ripped off. What product are you holding? Do you have an advisor?
Normal, as in what your neighbour has, is probably in that range. But it’s a factor of 10 larger than other options.
Normal is bad. Real bad.
“Never wisen up a chump, and never give a sucker an even break.”
W.C. Fields……………….adopted wholeheartedly by Canadian financial industry.
Unless your annual return is over 20% you are being skinned.
Assuming a $100,000 one-time deposit and an annual 7% return, this is what high fees do:
| TOTAL FEE VALUE LOST | 0.1% MER | 0.6% MER | 2% MER | fund value if no fees deducted |
| ——————– | ——– | ——– | ——– | —————————— |
| after 5years | $654 | $3,889 | $12,627 | $140,255 |
| after 10years | $1,831 | $10,757 | $33,826 | $196,715 |
| after 15years | $3,843 | $22,318 | $68,010 | $275,903 |
| after 20years | $7,169 | $41,162 | $121,639 | $386,968 |
| after 25years | $12,540 | $71,179 | $204,108 | $542,743 |
| after 30years | $21,056 | $118,169 | $329,031 | $761,226 |
You can ~~probably~~ get better results for lower fees. The only way those fees are worth it is if your advisor has repeatedly talked you out of panic selling.
That’s insane. I pay 0.08% for my ETF of choice.
The fund I hold has a total MER of 0.2%.
I used to hold mutual funds, until I learned about the high cost of high gee funds, and how they erode your growth over the long term along with the chronic underperformance of actively managed funds.
Probably average assuming you have some bond funds in there to lower it
Mine is .2%
More than enough
You’re getting hosed bud. Roughly 0.35% is my max (with exceptions), though many funds I invest in (or have been invested in) are significantly lower than that.
Give this a try if you’d like to see how much money you’re losing to fees. Spoiler alert… it’s disgusting. [https://larrybates.ca/t-rex-score/](https://larrybates.ca/t-rex-score/)
My fund manager accepts bananas, and at far below the 1-2% rate. 🤣
https://www.rock-wealth.co.uk/monkeys-beat-money-managers-at-selling-stocks/
Yes probably way too high, but it depends on the performance of the portfolio.
Pretty standard MER for a retail Canadian mutual fund with > 40% equity. Whether that is the most appropriate investment is another question and yes there are lower cost mutuals and ETFs
Mutual funds = high fees
FYI on moving to a different broker. They always make their money. Most high MER funds at banks have no transaction fees. Most brokers have high fees to access the low MER. If you move, make sure you’re not being bled dry by the purchase or sale fee.
I just moved almost 100% of my investments to Wealthsimple to buy ETFs. Was also getting charged 2% MER for RBC mutual funds.
I have to assume it’s a mutual find you’ve been sucked into.
Let’s say that your RRSP investment gains 8% this year. You’re giving that company 24.6% of your profit for the year to manage your RRSP. Do you really want to do that?
Just asking.
Thats ridiculous.
Manage your own portfolio and you’ll save yourself a ton of money.
If you don’t know how to manage your own portfolio, buy ETFs. Huge time saver. Bigger money saver.
For a manager to charge 2%, he or she would have to be getting me like 40% a year to make it worth it to the average person. Good luck finding that!