Over the past few years, the financial services industry has come under criticism regarding fees charged, hidden fees, commissions, 12b-1 fees, and a host of other reductions in the value of their client investments. Much of this criticism is warranted, in my opinion.

A huge topic of conversation in recent years has been around the up-front commission charged by broker/dealers (B/D), who are not held to the fiduciary standard, when they place clients into front-end-load mutual funds. Many savvy investors have discovered how these commissions can take a huge chunk out of their portfolios, and have turned to advisers covered by the fiduciary standard, such as Registered Investment Advisers (RIA), or have decided to self-manage accounts to avoid these up-front commissions.

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