Nearly half of affluent investors do not know what fees they are paying for wrap accounts and managed accounts, according to a survey released by the Chicago consulting firm Spectrem Group.
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The survey of 500 investors with at least $500,000 of investable assets was conducted in February and March and released last week.
In the survey, 46% of affluent investors who own mutual fund wrap accounts said they do not know what percentage of their account's asset value they pay in fees, and 42% of affluent managed-account owners do not know what percentage of assets they pay in fees for this managed investment vehicle.
When asked if they have a good understanding of fees in general, 72% of the survey's respondents said that they do.
