“Now these are fees that are taken out before clients see investment returns they don’t have to put them on statements but I do count them as costs because they’re coming out of a client’s performance before they receive it.”
“I still like industry funds and I’ve got a lot of clients in those funds and haven’t moved them specifically because they are still adequate for my client needs but I think the whole conception that industry funds are always cheaper than retail funds is pretty wrong to be honest,” he said.
Holme said he had a client whose industry super fund claimed their total fees were 0.93% but, in actuality, the total fees were 1.94%, over a per cent higher than what the fund disclosed.
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