Every so often I get a glimpse of the pre-software economy and just shudder. Today, purchasing mutual funds.
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Replying to @patio11
When opening my wife's investment account, they suggested we use Internet banking for maintenance in preference to buying funds at counter.
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Replying to @patio11
"Wait, humor me a second: what does one have to do to purchase a mutual fund over the counter. If, I don't know, computers are hard for us."
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Replying to @patio11
"Oh you fill in a form, get read part of the prospectus, and then hand over the money. Want to see the form?" "How long?" "15 fields."
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Replying to @patio11
"What's the average time for completion?" "About 10 minutes -- 15 if you have questions about the fund." "Transaction size?" "$100."
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Replying to @patio11
My brain seized by image of thousands of college graduates reading thousands of college graduates mandatory disclosures. Every day. Forever.
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Replying to @patio11
Discount brokers almost completely eliminated this in US, are on the way towards killing it in Japan, and THAT IS MUCH BETTER FOR EVERYONE.
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Replying to @patio11
(It will surprise no one that if you go to the counter they give you ~10 options and ~8 of them are high-load, high-fee mutual funds.)
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Replying to @patio11
(Even the index fund option charges like 65 basis points, which is about 10X as expensive as total market index funds should cost.)
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Replying to @patio11
(have-YER! Candeira) Retweeted Patrick McKenzie
@patio11 Look at the fees for FREAKING VANGUARD INDEX FUNDS in Australia, and weep. (0.9% for first $50.000)https://twitter.com/patio11/status/729546441123725312 …(have-YER! Candeira) added,
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