Eureka

The Eureka report is a great source of financial information. The page ‘Why I Started Eureka report’ has a good explanation of the financial services industry in Australia, and is well worth reading.

The average retail managed fund has an MER (management expense ratio, or total fee) of around 2 per cent per annum. Half a per cent of that is usually kicked back to the “planner” as a trailing commission (a sales commission paid forever) and the planner often charges the client another 0.5% to 1% for the platform or wrap account, plus a 5% upfront entry fee.

http://www.eurekareport.com.au/iis/iis.nsf/pages/AboutWelcometoEurekaReport?OpenDocument