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
During the relevant period, UIT sponsors generally offered sales charge
discounts to investors, known as "breakpoint discounts" and "rollover discounts.
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.
, annual operating expenses and detailed breakpoint sales charge
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.
FINRA found that Banorte Securities International recommended Class B shares of off-shore mutual funds to its customers in certain transactions where the customers would have financially benefited from purchasing Class A shares - particularly since the firm had negotiated lower front-end sales charges
for off-shore mutual fund Class A shares with several mutual fund companies.
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.
From 2001 through 2004, many mutual fund families offered NAV transfer programs that eliminated front-end mutual fund sales charges
for certain customers.