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Savers losing millions each year – BestInvest

Investors are wasting over £75m a year through initial charges from fund houses, new research from Bestinvest shows.

It says investors whose IFAs maximise commission rebates could be saving a small fortune each year.

Usually, fund initial charges comprise of commission paid to brokers, and an additional margin representing revenue for the fund manager.

Brokers can alter these factors, by rebating commissions in order to reduce the initial charge, and negotiating reductions in the margin for their clients.

These charges can be reduced significantly, sometimes to no initial charge.

Communications manager Justin Modray says: “I am amazed that so many individuals still invest with fund management groups, there really is no advantage in doing so.”

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