For example, an investor can invest in the best index funds for an annual fee of 0.2 percent per year or less. Thus, an investor would need to have in excess of $150,000 invested through this folio service to come out ahead in terms of the explicit fees.
In addition, you need to be aware of additional fees. One folio service’s website says (in fine print, of course) that it “does charge for certain special services and does receive payment for order flow.” You must be ready to shell out the dough if you
Want to wire money out of your account — $30
Need a copy of a prior statement or transaction — $10
Hold any restricted securities (which are subject to SEC Rule 144) — $75
Close out an account — $50
The site further warns, “Note: These are today’s prices and fees, which are subject to change periodically.”
It seems to me that folio services are geared toward those people who want to hold individual stocks, who trade a lot, and who seek to cap their annual trading costs. Although I prefer investing in the best mutual funds, you can invest in stocks of your own choosing — as long as you do so with a long-term perspective. But if you were going to simply buy and hold individual stocks, why would you want to pay a website-based service $290 per year?
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