So you’ve opened a retirement account. Maybe it’s an IRA, or maybe you’re taking advantage of your employer-matched 401k. Maybe both. Either way, good for you! It’s important to save money for retirement.
The site’s CEO, Yoav Zurel, told me that the founders of FeeX created it after they realized one-third of their retirement savings was being eaten up by fees.
“When we dug in a little deeper, we were shocked to find out that every year we’re all paying $600 in financial services fees. FeeX is here to break the asymmetry of information in the financial world. Simply put, we are helping consumers find, and reduce their financial services fees.”
They call themselves “The Robin Hood of Fees.” The service is free, and it helps you cut the fees in your IRA, 401(k), 403(b), brokerage and other investment-type accounts.”
You sign up, link your account, and the site analyzes your investing fees. Then, they give you a report that breaks it all down: it tells you how much your fees compare to other accounts, how much it’ll cost you over time, and how you can possibly reduce those fees with other investments.
Again, it’s free, they don’t receive payment to promote similar investments, and, most importantly, it’s secure. They use bank-level security and don’t store your data.
And, in case you’re skeptical, no, I’m not getting paid to promote them. I just thought it was a helpful tool worth sharing.