The best way to dump an advisor and mutual funds

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How to sell your Mutual Funds and become a DIY investor.

A number of attendees at my Investing For Retirees seminars are interested in replacing their high cost, low performing Mutual Funds, but don’t have the information necessary to give them the confidence to do so.

This article from MoneySense does a very good job of explaining how to do so, as well as providing several low cost alternatives for DIY investors. Please see the article here:

How to sell your mutual funds and dump your advisor/adviser

Move your Mutual Funds to an Online Broker and save 36% on fees.

Many mutual funds have a D series designed specially for Discount Brokers. Their MER is about .8% less than the identical A series, which is what most investors going through a bank branch or commission based advisor are paying. Check to see if your Mutual Funds offer a D series. If so, you can simply open an Online Brokerage account with the same bank that you deal with now, complete a form in the Branch to transfer your investments In Kind, and once they arrive, call your Online Broker and ask them to change the Mutual Funds to D series. There is no charge and no tax implications, and you immediately save 36% (.8/2.2%) of the fees ! Maybe even more.


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