In today's fast paced world, it's important to stay financially fit in order to achieve your long term financial goals. One way to improve your financial health is through negotiation – a powerful tool that can help you trim fees and bulk up your investment portfolio.
Negotiation is not just for buying a car or negotiating a salary – it can also be used to save money on everyday expenses and investments. By taking a proactive approach to negotiating fees, you can potentially save thousands of dollars over time.
The first step in negotiating fees is to do your research. Understand what fees you are currently paying for your investments, whether it be management fees, trading fees, or administrative fees. Compare these fees to what other similar investment options are charging and use this information as leverage in your negotiations.
Next, approach your financial advisor or investment manager with a proposal to lower your fees. Highlight the potential savings for both parties and be willing to walk away if a mutually beneficial agreement cannot be reached. Remember, your financial advisor wants to keep your business, so they may be willing to work with you to lower fees in order to retain your account.
In addition to negotiating fees, you can also bulk up your portfolio by looking for opportunities to invest in lower cost options, such as index funds or ETFs. These investment vehicles typically have lower fees than actively managed funds and can help you keep more of your investment returns over time.
By taking a proactive approach to negotiating fees and seeking out lower cost investment options, you can trim expenses and bulk up your investment portfolio, ultimately helping you achieve your long term financial goals. Remember, every dollar saved on fees is a dollar that can be put to work in your portfolio, compounding over time to help you reach financial success.