- A Review of FeeX.com
- Why Feex.com is a good way to learn about the fees you are paying on your investments
- What Feex.com won’t do for your investing
- How fees aren’t the only thing to look at when it comes to investing
- Quote of the lesson from Geeta Iyencar
On the heels of last week’s lesson of the podcast with guest Greg Whitaker discussing the risk of 401(K)’s and how fees impact your return, I decided to do a review of website I discovered about two years ago called FeeX.com
Feex.com bills itself as the “Robin Hood of Fees”. It helps you in finding out how much in fees you are paying within your IRA and 401(K), tries to find alternatives, inside your 401(K) or outside, that have lower fees, and shows you how much those fees are impacting your balance over the long run.
I originally got an email from FeeX asking that I check out their service. I get these emails a lot in my line of work and I usually pass on them because they are for something I don’t personally agree with or recommend like credit cards, pay day loans, or debt consolidation. But I gave FeeX a try and I’m really glad I did as I believe their service can really help people in their investing and determine how to get mutual funds with lower fees.
Using the site is pretty simple. You start by logging in with your email. You then select your providers of any current or old 401(K)’s or any IRA products from a list of hosting companies. In the 18 months I have been using the site they keep adding new providers all the time. In addition you can also submit your companies 401(K) listing of accounts if your company’s aren’t already included.
After you add all of your accounts with FeeX it will then breakout the fees you are paying by account and then determine if there are other fees similar to the ones that you already own that have lower fees. For 401(K)’s that is usually just a fund or two. For IRA’s there are more since IRA can use thousands upon thousands of funds.
Overall I think FeeX is a very useful tool when it comes to retirement planning. The one thing you need to remember is that FeeX is only designed to look at fees inside your investments. It can’t tell you if your portfolio is well diverse, if you are contributing enough into your account each month, or if you are on pace to have enough to retire. It’s a site to help reducing the fees you pays.
With that being said I’d recommend checking it out. FeeX isn’t the only site that provides the service, but as of now it is 100% free and really is easy to use. In addition currently they can also help out with moving an old employer 401(K) to a IRA if you so desire which is a nice plus.
If you have used FeeX before, please let me know. I’d love to hear your thoughts and experiences.
Today’s quote of the lesson is brought to you by Podbean.com
“Knowledge has a beginning, but no end.” ~ Geeta Iyencar
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