Like most professionals, Trae Wieniewitz, owner of Knoxville’s financial services company Wieniewitz Financial, learned that many practices common to the financial industry were not in the interest of investors. Wieniewitz initially points to fees, something consumers have begrudgingly accepted but are unaware of how quickly they add up.
“I recently worked with a couple that had been using a personal friend who was an advisor with a reputable company,” Wieniewitz says. “After one of my free financial workshops, they arranged a meeting so that we could look at all they had. In about 15 minutes, we discovered they were paying over $10,000 a year in fees.”
Wieniewitz encourages consumers to use his free-of-charge ‘Discover Hidden Fees’ worksheet in conjunction with facts provided by their investment company to uncover how much money they are paying, rather than investing. When speaking with the couple who paid over $90,000 to their investment company over the course of nine years, he saw that their accounts were slightly less than what they had put in originally.
“They were stuck in a cycle of recovering old money they used to have, rather than making any new money,” the Knoxville-based financial advisor says. “Plus, the 3.25% annual drag on their account made it difficult for them to get ahead.”
While investors and consumers may not be able to completely escape the fee trap, Wieniewitz believes they may be able to keep themselves from falling hard by staying educated and updated on the terms of their accounts. He encourages investors to use the ‘Discover Hidden Fees’ worksheet available on his website for free, and to attend his free seminars throughout the Knoxville area.
About Wieniewitz Financial: Wieniewitz Financial, a financial services company, focuses on strategies to grow your retirement dollars while taking less risk. Their home office is located in Knoxville, Tennessee. Trae Wieniewitz is licensed and also has clients in over 5 other states.
MEDIA CONTACT
Trae Wieniewitz
865-691-2433
www.traew.com
Securities offered through Taylor Capital Management, Inc.
Members FINRA/SIPC | 800-924-9322
SOURCE: Wieniewitz Financial
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