NEW YORK--(BUSINESS WIRE)--FeeX, a service that helps people save money and retire richer by reducing their retirement fees, today announced the FeeX Investment Test Drive, which compares a fund entered by an investor with similar but lower-cost funds, if they exist. The tool displays alternative funds that have both the lowest fees and best past returns. The Test Drive tool employs the FeeX Similarity Score, a major component of several other offerings including Fund Switch and the 401k Rollover Center that relies on FeeX’s sophisticated proprietary technology to automatically identify better potential investment choices and visualize the estimated cost savings of switching a fund, or, in the case of the 401k Rollover Center, the holdings within an entire retirement account.
FeeX’s goal is to help Americans retire richer by reducing the $600 billion they pay in investment-related fees each year. Its development team delivers on this mission by giving users the data needed to make informed decisions when choosing or changing their retirement funds. FeeX's Similarity Score results are determined by analyzing hundreds of data points to determine which funds are most comparable and the actual level of similarity between funds. FeeX ranks each investment on a scale of similarity from 0 to 100 percent. Funds with a similarity ranking of 85 percent and higher are displayed as similar funds for the user to consider.
“The amount of fees people pay on their retirement accounts is astronomical and our mission is to help consumers make the smartest decision when it comes to preparing for retirement. We are dedicated to bringing transparency to the retirement marketplace for all Americans through data-driven insights that help them take control of their own money and futures,” said Yoav Zurel, CEO of FeeX. “We’ve been shocked by some of our findings, which expose funds that are very close to others in most attributes — except for the fees. We want to empower consumers by giving them insight into these fee structures to help them find the option that will keep more money in their accounts and less paid in fees.”
In order to help users switch to similar low-fee alternatives, FeeX presents alternative investments with better past returns (when possible) than their original investments. Users can either search for a fund to find alternatives or sign up to have all their accounts automatically and objectively analyzed to find lower-fee investment options.
“Put simply, fees matter,” said Michael Zeuner, long-time fiduciary advocate, Managing Partner of WE Family Offices in New York, and a founder of The Institute for the Fiduciary Standard. “The FeeX Investment Test Drive is an excellent way for investors to take matters into their own hands — even if they work with a broker or financial adviser. Having this type of information and analysis about fees and expenses can make investors smarter, more informed and more confident in their investment decisions.”
For more information or to sign up for an account, visit: www.FeeX.com.
Notes to the Editor
FeeX is a service that finds and helps reduce fees within investment and retirement accounts like IRA, brokerage accounts and more. Simply link investment accounts and FeeX's sophisticated algorithm uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of fees. In the last six months FeeX has launched three new products and services including FeeX for Advised Accounts, the FeeX Concierge service and the 401k Rollover Center. In 2015, Fast Company named FeeX No. 3 of the World's Top 10 Most Innovative Companies in Personal Finance. The company was founded in September 2012 by Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine — creator of Waze (which was acquired by Google in mid-2013). FeeX is a Registered Investment Advisor with the SEC. The FeeX Concierge service is an administrative service that does not consist of advice, and all investment advice is provided via the website. For more information, visit: www.FeeX.com.