As a result, approximately 41,000 small business retirement plans, and approximately 6,800 charities and 403(b) retirement plan accounts available to ministers and employees of public schools, either paid sales charges
when purchasing class A shares, or purchased other share classes that unnecessarily subjected them to higher ongoing fees and expenses.
75 (ongoing sales charge
in C-shares), and multiply by 12.
Funds sold by registered representatives have sales charges
which are paid to the broker/dealer organization, which passes them down to the individual registered representative or financial advisor as a commission.
75% and 2% sales charges
respectively, now have no sales charge
62 in restitution to customers after the agency found that the firm failed to identify and apply sales charge
discounts to certain customers' eligible purchases of unit investment trusts, resulting in customers paying excessive sales charges
of approximately $85,281.
That is, you don't pay a sales charge
or commission to invest or to take your money out.
FINRA says that many mutual funds waive their upfront sales charges
on Class A shares for certain types of retirement accounts, and some waive these charges for charities.
Wells Fargo Advisors, Wells Fargo Advisors Financial Network (FiNet), Raymond James & Associates, Raymond James Financial Services and LPL Financial agreed Monday to pay more than $30 million in restitution, including interest, to affected customers for failing to waive mutual fund sales charges
for certain charitable and retirement accounts.