They say they pick the best Mutual Funds and always monitor them. However, most of the funds they put me in were rated poorly by Morningstar, such as 2-3 stars. When I questioned the advisor he really had no answers that made any sense. He just said those were the “best funds according to their OWN research.” I asked for details and he couldn’t give me anything. I asked him to give me some info on these funds and all he told me was the managers name and said I could read the prospectus if I wanted to know more. “What in the world am I paying for”, I ask? He said, “we allocate your portfolio”. I can do that myself I said. Then he seemed to get flustered with me and said he had another meeting and he had no more time for me. You pay them a lot of money in fees. I figured if kept my account with them for a full year I would be paying close to $1900. This is extremely expensive and I expect a hell of lot more in service for that kind of money. So I told them to take a hike. I think this company is not worth your time.
This review (Financial Engines (formerly The Mutual Fund Store) Review) was originally published at Skeptic Files.
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