I just saw you on WGN discussing Feex.com. I visited the site and was surprised at the level of personal information they requested. I am really not comfortable doing this. It would be much easier and less intrusive if you could just enter a five letter fund code or ETF.
I’ve always enjoyed reading your advise in various newsprint. My question is, (even though the site says it is secure) why would your readers go to this site and just sign in into their personal account with passwords. It doesn’t make sense. Steve
Terry Says: That’s a great question and I turned to Dave Goldman director of business development of FeeX.com for a specific answer. He gave me the answer I have cut and pasted below, explaining that without knowing your exact investment they cannot accurately assess the fees you are paying. And as noted, they use the highest level of security. Here’s response:
Terry — To fully and automatically analyze accounts we do request that users link their financial accounts. This allows us to check for every fee imaginable, advisor fees, load fees, wrap fees, 401k plan fees, fund fees, record keeping fees etc… and get a clear picture of their holdings. There is also an option to manually input the information if people choose not to securely link their accounts.
Another option if people are just looking for lower cost fund alternatives and not the whole picture of fees is to use our Investment Test Drive tool. https://www.feex.com/funds If they sign up for an account they get access to a more robust version of this tool.
Everything is free to the user in any regard.