Phil Cannella Exposes the Illusion of Mutual Funds

Phil Cannella is on a mission to bring truth and transparency to American retirees as it pertains to their finances and the so-called “professionals” who manage their accounts. For that reason, Phil Cannella has recently updated his “top-secret series” on mutual funds.

With over 12,000 different accounts in this country alone, mutual funds represent the most accessible option available to most investors looking to grow their money. But very few investors really understand where their money goes once they write the check to their fund’s manager, as Phil Cannella explains.

“There are fees involved with every mutual fund,” says Cannella.

Many of them are covered in the fund’s prospectus, “the book that everyone reads cover-to-cover,” Cannella adds sarcastically. But most people haven’t heard of—let alone read—the other document that discloses several additional fees that eat into your money.

“This one is called the Statement of Additional Information,” Phil Cannella reveals, “and it makes the prospectus look like a Dr. Seuss book.”

What’s worse is that you probably aren’t even aware this document exists. But don’t feel bad—as Cannella points out, chances are your broker of fund manager isn’t aware of it either! That’s because mutual fund companies don’t consider the Statement of Additional Information an essential part of educating clients about the Fund. Therefore, investors must issue a specific request that their fund manager share this document with them.

“Any industry that requires licensure—insurance, accounting, doctors, teachers—that professional is held to a fiduciary responsibility,” says Cannella. “That means the professional must put your interest as a client, a patient, a student—above his or her own interests.”

“So are you surprised that Wall Street does not operate under a fiduciary responsibility?”

Without that obligation, Cannella reasons, there’s no way to tell if the one mutual fund—out of 12,000 options—that your advisor chose is the fund that best serves your interests. Until now, that is.

Phil Cannella promises that if you want FULL disclosure of the fees associated with your mutual fund, all you have to do is ask. By submitting this simple form, not only will Phil Cannella reveal every fee in the prospectus, Statement of Additional Information, and anywhere else fees are discussed—he’ll do it on The Crash Proof Retirement Show, heard every Saturday from 11 am—1 pm and every Sunday from 1-2 pm on Talk Radio 1210 WPHT, Philadelphia’s #1 talk station.

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