<p>作者：Morey Stettner</p>
<p>从收入分享的 “回扣” 到闲置现金的利息，隐藏的成本可能正在侵蚀你的投资回报</p>
<p>你对投资费用的无知可能会伤害你的投资组合。</p>
<p>加入 MarketWatch，参加 5 月 6 日星期三东部时间下午 1:30 关于青少年投资的直播讨论。请在此注册并提交你的问答问题。</p>
<p>当你雇佣财务规划师时，你应该知道顾问是如何获得报酬的。通常，你要么支付固定费用，要么支付管理资产的百分比。</p>
<p>正是你不知道的事情可能会让你受伤。</p>
<p>与投资账户相关的费用有很多——一些是顾问及其账户保管人收取的，另一些则不是——这些费用会影响回报。识别每一项成本并不总是容易的。</p>
<p>“投资成本比以前更透明，” 亚特兰大注册财务规划师 Trevor Gunter 说。“但许多客户仍然不理解每一项费用。顾问费用通常是人们知道的费用，而被忽视的费用往往隐藏在其下。”</p>
<p>顾问费用涵盖财务规划师及其支持人员提供的服务成本。仅收费顾问只根据你支付给他们公司的费用获得报酬。收费型顾问收取费用，但也可以通过销售年金或人寿保险等产品获得佣金。</p>
<p>如果你希望顾问管理你的投资，而不仅仅是提供与预算、退休和税务等基础知识相关的财务规划建议，那么你可能需要支付管理资产的百分比。</p>
<p>但有些费用却不易被察觉。考虑一下你在投资账户中存放现金的位置。像 Fidelity 和 Vanguard 这样的金融服务公司提供货币市场基金。例如，Fidelity 政府现金储备 [FDRXX] 收取 0.37% 的费用，而 Vanguard 联邦货币市场基金 [VMFXX] 收取 0.11% 的费用。</p>
<p>顾问还应该解释，如果他们收取管理资产的百分比，那么你账户中的现金也是你总管理资产的一部分。这意味着你可能会为这部分现金支付一个百分比的费用，可能是 0.50% 或更多，给顾问的公司。</p>
<p>“一些最容易被忽视的费用是与现金相关的费用，” Gunter 说。“客户可能在闲置现金或货币市场持有上支付顾问费用，而保管人也在后台从这些现金中赚取差价。这对客户来说可能并不明显，但仍然会影响结果。”</p>
<p>你还需要跟踪你投资组合中每个 ETF 或共同基金的费用比率。</p>
<p>“一个费用为 0.03% 的基金和一个费用为 1.00% 的基金在单一年份内听起来都很小，” Gunter 说。“但随着时间的推移，这个差距可能对长期复利产生非常实际的影响。”</p>
<p>另一个你可能不知道的成本是：你的顾问公司与金融服务公司之间的关系可能涉及将客户资金放入该公司，以换取顾问推荐该公司产品（如共同基金）的报酬。这种所谓的收入分享安排会造成利益冲突。</p>
<p>“这基本上就是回扣，” 纽约市的市场顾问和特许金融分析师 Sara Grillo 说。“你不会收到账单。这是一种隐性费用。”</p>
<p>你可以查看顾问的 ADV 表格和 CRS 表格，以获取有关潜在冲突的披露信息。（注册于证券交易委员会的顾问必须提交这些表格。）要获取这些免费表格，请向顾问询问或访问 SEC 的网站。在这里输入顾问的名字，向下滚动到 “当前注册” 并点击公司名称。</p>
<p>如果你的顾问使用特定的经纪商或其他金融公司代表你进行交易，也可能会产生类似的费用。作为回报，经纪商可能会向顾问提供与财务规划或合规相关的研究工具或软件。</p>
<p>“客户的交易产生的佣金帮助支付这些顾问受益的工具，” 乔治亚大学的财务规划助理教授 Effie Antonoudi 说。“这是一种软美元安排。” 她建议向你的顾问询问两个问题：</p>
<p>-- 你的公司是否从我的任何投资中获得任何直接或间接的报酬？</p>
<p>-- 你能否提供一份关于你的投资管理和财务规划服务的所有费用的书面估算？</p>
<p>如果你的顾问与大型银行或其他大型金融公司有关联，该机构可能会鼓励其顾问交叉销售其产品，如贷款和年金。虽然这些产品可能满足你的需求，但它们的成本可能高于你自己寻找时的成本。</p>
<p>“公司的补偿结构激励潜在的优秀顾问引导客户进入不良结构，” 洛杉矶的特许金融分析师 Noah Damsky 说。“大型银行和提供多种附属产品的公司，包括保险和贷款，可以为客户选择自己公司的产品。”</p>
<p>他建议消费者在接受顾问推荐购买特定金融产品之前，询问他们：“你是如何获得报酬和激励的？” Damsky 说：“激励驱动行动。”</p>
<p>-Morey Stettner</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>05-02-26 1407ET</p>

<p>这篇文章讨论了与财务顾问相关的隐性费用，这些费用可能对投资回报产生负面影响。文章强调了理解各种费用的重要性，包括顾问费、现金相关费用以及可能导致利益冲突的收入分成安排。财务规划师被鼓励披露所有成本和潜在的补偿结构。客户被建议就费用和补偿提出具体问题，以确保透明度并保护他们的投资</p>

<p>By Morey Stettner</p>
<div class="lb-trans"><p>作者：Morey Stettner</p>
</div><p>From revenue-sharing 'kickbacks' to interest on idle cash, hidden costs may be eroding your returns</p>
<div class="lb-trans"><p>从收入分享的 “回扣” 到闲置现金的利息，隐藏的成本可能正在侵蚀你的投资回报</p>
</div><p>What you don't know about investment fees can hurt your portfolio.</p>
<div class="lb-trans"><p>你对投资费用的无知可能会伤害你的投资组合。</p>
</div><p>Join MarketWatch for a live talk about teen investing on Wednesday, May 6 at 1:30 p.m. Eastern time. Sign up and submit your questions for the Q&amp;A here.</p>
<div class="lb-trans"><p>加入 MarketWatch，参加 5 月 6 日星期三东部时间下午 1:30 关于青少年投资的直播讨论。请在此注册并提交你的问答问题。</p>
</div><p>When you hire a financial planner, you should know how the adviser gets paid. Typically, you will either pay a flat fee or a percentage of assets under management.</p>
<div class="lb-trans"><p>当你雇佣财务规划师时，你应该知道顾问是如何获得报酬的。通常，你要么支付固定费用，要么支付管理资产的百分比。</p>
</div><p>It's what you don't know that can sting.</p>
<div class="lb-trans"><p>正是你不知道的事情可能会让你受伤。</p>
</div><p>There are many fees tied to investment accounts - some imposed by advisers and their account custodians, others not - that affect returns. It isn't always easy to identify every cost.</p>
<div class="lb-trans"><p>与投资账户相关的费用有很多——一些是顾问及其账户保管人收取的，另一些则不是——这些费用会影响回报。识别每一项成本并不总是容易的。</p>
</div><p>&#34;Investment costs are more transparent than they used to be,&#34; said Trevor Gunter, an Atlanta-based certified financial planner. &#34;But many clients still do not understand every fee. The advisory fee is usually the one people know about. The fees that get missed are often layered underneath it.&#34;</p>
<div class="lb-trans"><p>“投资成本比以前更透明，” 亚特兰大注册财务规划师 Trevor Gunter 说。“但许多客户仍然不理解每一项费用。顾问费用通常是人们知道的费用，而被忽视的费用往往隐藏在其下。”</p>
</div><p>An advisory fee covers the cost of services provided by the financial planner and support staff. A fee-only adviser is paid only on what you pay their firm. A fee-based adviser charges fees but can also earn commission from selling products like annuities or life insurance.</p>
<div class="lb-trans"><p>顾问费用涵盖财务规划师及其支持人员提供的服务成本。仅收费顾问只根据你支付给他们公司的费用获得报酬。收费型顾问收取费用，但也可以通过销售年金或人寿保险等产品获得佣金。</p>
</div><p>If you want your adviser to manage your investments and not just provide financial-planning advice tied to basics such as budgeting, retirement and taxes, then you may pay a percentage of assets under management.</p>
<div class="lb-trans"><p>如果你希望顾问管理你的投资，而不仅仅是提供与预算、退休和税务等基础知识相关的财务规划建议，那么你可能需要支付管理资产的百分比。</p>
</div><p>But some fees fly under the radar. Consider where you park your cash in your investment account. Large financial-services firms such as Fidelity and Vanguard offer money-market funds. For example, Fidelity Government Cash Reserves [FDRXX] charges 0.37% and Vanguard Federal Money Market Fund [VMFXX] charges 0.11%.</p>
<div class="lb-trans"><p>但有些费用却不易被察觉。考虑一下你在投资账户中存放现金的位置。像 Fidelity 和 Vanguard 这样的金融服务公司提供货币市场基金。例如，Fidelity 政府现金储备 [FDRXX] 收取 0.37% 的费用，而 Vanguard 联邦货币市场基金 [VMFXX] 收取 0.11% 的费用。</p>
</div><p>Advisers should also explain that if they collect a percentage of assets under management, then the cash that sits in your account is part of your total managed assets. That means you might wind up paying a percentage of that cash, perhaps 0.50% or more, to the adviser's firm.</p>
<div class="lb-trans"><p>顾问还应该解释，如果他们收取管理资产的百分比，那么你账户中的现金也是你总管理资产的一部分。这意味着你可能会为这部分现金支付一个百分比的费用，可能是 0.50% 或更多，给顾问的公司。</p>
</div><p>&#34;Some of the easiest fees to overlook are cash-related fees,&#34; Gunter said. &#34;A client may be paying an advisory fee on idle cash or money-market holdings, while the custodian is also earning a spread on that cash in the background. That may not feel obvious to the client, but it still affects outcomes.&#34;</p>
<div class="lb-trans"><p>“一些最容易被忽视的费用是与现金相关的费用，” Gunter 说。“客户可能在闲置现金或货币市场持有上支付顾问费用，而保管人也在后台从这些现金中赚取差价。这对客户来说可能并不明显，但仍然会影响结果。”</p>
</div><p>You'll also want to track the expense ratio of each ETF or mutual fund in your portfolio.</p>
<div class="lb-trans"><p>你还需要跟踪你投资组合中每个 ETF 或共同基金的费用比率。</p>
</div><p>&#34;A fund that costs .03% and one that costs 1.00% may both sound small in a single year,&#34; Gunter said. &#34;But over time, that gap can have a very real impact on long-term compounding.&#34;</p>
<div class="lb-trans"><p>“一个费用为 0.03% 的基金和一个费用为 1.00% 的基金在单一年份内听起来都很小，” Gunter 说。“但随着时间的推移，这个差距可能对长期复利产生非常实际的影响。”</p>
</div><p>Another cost you might not know about: Your advisory firm's relationship with a financial-services company can involve placing client money with that company in exchange for payments to the adviser for recommending that company's products (such as mutual funds). This so-called revenue-sharing arrangement creates a conflict of interest.</p>
<div class="lb-trans"><p>另一个你可能不知道的成本是：你的顾问公司与金融服务公司之间的关系可能涉及将客户资金放入该公司，以换取顾问推荐该公司产品（如共同基金）的报酬。这种所谓的收入分享安排会造成利益冲突。</p>
</div><p>&#34;It's basically a kickback,&#34; said Sara Grillo, a New York City-based marketing consultant and chartered financial analyst. &#34;You don't get a bill. It's a silent fee.&#34;</p>
<div class="lb-trans"><p>“这基本上就是回扣，” 纽约市的市场顾问和特许金融分析师 Sara Grillo 说。“你不会收到账单。这是一种隐性费用。”</p>
</div><p>You can check an adviser's Form ADV and Form CRS for disclosures pertaining to potential conflicts. (Advisers registered with the Securities and Exchange Commission must file these forms.) To obtain these free forms, ask the adviser or go to the SEC's website here. Enter the adviser's name, scroll down to &#34;Current Registration(s)&#34; and click on the firm name.</p>
<div class="lb-trans"><p>你可以查看顾问的 ADV 表格和 CRS 表格，以获取有关潜在冲突的披露信息。（注册于证券交易委员会的顾问必须提交这些表格。）要获取这些免费表格，请向顾问询问或访问 SEC 的网站。在这里输入顾问的名字，向下滚动到 “当前注册” 并点击公司名称。</p>
</div><p>A similar cost can arise if your adviser uses a specific broker-dealer or other financial firm to place trades on your behalf. In return, the broker-dealer may provide the adviser with research tools or software related to financial planning or compliance.</p>
<div class="lb-trans"><p>如果你的顾问使用特定的经纪商或其他金融公司代表你进行交易，也可能会产生类似的费用。作为回报，经纪商可能会向顾问提供与财务规划或合规相关的研究工具或软件。</p>
</div><p>&#34;The client's trading generates commissions that help pay for these tools that the adviser benefits from,&#34; said Effie Antonoudi, an assistant professor of financial planning at the University of Georgia. &#34;It's a soft-dollar arrangement.&#34; She suggests asking your adviser two questions:</p>
<div class="lb-trans"><p>“客户的交易产生的佣金帮助支付这些顾问受益的工具，” 乔治亚大学的财务规划助理教授 Effie Antonoudi 说。“这是一种软美元安排。” 她建议向你的顾问询问两个问题：</p>
</div><p>-- Is your firm receiving any compensation, direct or indirect, from any of my investments?</p>
<div class="lb-trans"><p>-- 你的公司是否从我的任何投资中获得任何直接或间接的报酬？</p>
</div><p>-- Can you provide a written all-in cost estimate for your investment management and financial planning services, including all fees?</p>
<div class="lb-trans"><p>-- 你能否提供一份关于你的投资管理和财务规划服务的所有费用的书面估算？</p>
</div><p>If your adviser is affiliated with a big bank or other large financial firm, the institution may urge its advisers to cross-sell its product offerings, such as loans and annuities. While those products might meet your needs, they may come with higher costs than if you shopped around.</p>
<div class="lb-trans"><p>如果你的顾问与大型银行或其他大型金融公司有关联，该机构可能会鼓励其顾问交叉销售其产品，如贷款和年金。虽然这些产品可能满足你的需求，但它们的成本可能高于你自己寻找时的成本。</p>
</div><p>&#34;Firm compensation structures incentivize potentially good advisers to lead clients into bad structures,&#34; said Noah Damsky, a Los Angeles-based chartered financial analyst. &#34;Big banks and firms that offer multiple ancillary products, including insurance and lending, can choose their own firm's products for clients.&#34;</p>
<div class="lb-trans"><p>“公司的补偿结构激励潜在的优秀顾问引导客户进入不良结构，” 洛杉矶的特许金融分析师 Noah Damsky 说。“大型银行和提供多种附属产品的公司，包括保险和贷款，可以为客户选择自己公司的产品。”</p>
</div><p>He urges consumers to ask their advisers, &#34;How are you compensated and incentivized?&#34; before accepting their recommendation to buy a particular financial product. Said Damsky: &#34;Incentives drive actions.&#34;</p>
<div class="lb-trans"><p>他建议消费者在接受顾问推荐购买特定金融产品之前，询问他们：“你是如何获得报酬和激励的？” Damsky 说：“激励驱动行动。”</p>
</div><p>-Morey Stettner</p>
<div class="lb-trans"><p>-Morey Stettner</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>05-02-26 1407ET</p>
<div class="lb-trans"><p>05-02-26 1407ET</p>
</div>

这些财务顾问的费用正在挤压你的投资组合，而两个问题可以阻止这种情况