My financial advisor is not associated with a bank, but I believe he gets some fixed bonus from a lot of the things he has me in. I can't see a reason to have 10 versions of the same fund! I asked him recently if there was a benefit to reducing the number of things my money is in, and he said, "well, they all take the same percent, so you would still have the same fee total", but if he is getting some fixed bonus from each fund, than it would be in his interest to have me in as many funds as possible.
A financial advisor doesn't really have any interest in making you money...unless they are a nice person or something.
They work for the bank. They push you into their banks funds. They want to hold your money to make them money.
Usually with frontload fees, backload fees and high MER.
That is where your percentages are going.
My financial advisor is not associated with a bank, but I believe he gets some fixed bonus from a lot of the things he has me in. I can't see a reason to have 10 versions of the same fund! I asked him recently if there was a benefit to reducing the number of things my money is in, and he said, "well, they all take the same percent, so you would still have the same fee total", but if he is getting some fixed bonus from each fund, than it would be in his interest to have me in as many funds as possible.