Why trust fund is a fraud??
I am sure all of you are well aware of the number of financial services available at our doorstep. One of the most notable financial services that we often come across is mutual fund. Mutual fund is a fund that is actively promoted by banks and financial providers which can offer higher interest than the conventional account or fixed deposits account.
If the claim made by the bank is true, why are there so many poor people on the street? All of you will surely say that because the poor did not take the opportunity to invest in mutual fund early. Let me tell you some of the reality of mutual fund which many people did not find out.
All the mutual fund comes with a fine print that states the minimum amount of money you need to maintain in the account. The amount that you need to maintain in the account is usually huge with a minimum of $100,000 to say the least. The bank will charge you for penalty if the amount drops below the minimum amount. You will be urged to top up your money by the bank if it drops below the amount. This is what we called day-light robbery by the bank.
Next, there is no assurance that your capital is safe with the mutual fund. You are liable for the risk if the bank made a poor judgement on your investment. The bank passes the risk of their investment to you in return for a poor interest investment from the bank. Other than that, you do not have a say in the investment that you would like to when you hand over your hard-earned money to the bank.
Lastly, the bank also charges you a fee for asset under management (AUM). You are being charged a percentage for giving your money to the bank to care on your behalf. At the end, the bank earns fat profit but you get peanuts for your investment. To end the malpractice by bank, it is time for us to start investing in assets by ourselves. Try it out now.
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