I am new to the forum and looking for a few answers with regard to the above.
I have been investing in 9 managed funds for the past year which have done great (20%+) Initially 50k contribution with a 70k Margin loan. Started a regular savings plan of 2k per month with a 3k monthly draw down from my margin loan account which after a few months went up to 3k-3k for the first year. Now I am up to 4k personal and a 6k monthly draw down per month.
Margin loan is for 115k and the % rate is 9.10, LVR is around 48%. and have reinvested 42k in distributions
I guess the question is in regards to fee's I pay for the above investments.
I pay 3% contribution on every $ invested
1.86% to each of the fund manager
.66 to my financial adviser
The first year i Think the fee's equaled over 10k (3600$ initial contribution fee and 6k ongoing)
Do these fees sound high to anyone? Especially now that the fund has grown and the monthly investments are higher. It could cost me 15k per year.
Should I accept the fee's as the performance has been good or should I try to renigotiate with my Financial planner or else maybe try this invest smart company and get the contribution fee as a rebate.
I'm convinced my financial planner is just a salesman looking for his commissions and the service I get for the above fee's is a joke. Ie he rarely answers e-mails,
Any info would be appriciated.
If your not on the inside your on the outside!