FeeX Review: Can It Help You Save Money on Investment Fees?

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Updated on Wednesday, February 13, 2019

When it comes to investing, it’s hard to avoid fees. Whether you’ve got an employer-sponsored 401(k) plan or an IRA, fees are part of the price. But not all companies charge the same fees. If you aren’t paying close attention, you might not even realize how much you’re spending on fees when you could be keeping that money for yourself. That’s where FeeX comes in.

What is FeeX?

FeeX finds fees in your investment accounts and helps you reduce or eliminate them. Their goal is to make sure you’re paying as little as necessary to keep your account running. They get rid of excessive fees so as much of your money as possible goes toward investments, not other charges.

FeeX is free to use, but the company does have partnerships and utilizes referral programs. If you open an account with a company they refer, they get a commission. For example, if you use their 401(k) rollover service, you might open a new account with a company they suggest. That earns FeeX money.

Here’s how the service works: You sign up and link your investment accounts, whether it’s an IRA, 401(k) or another type of account. FeeX will analyze your investments to see if you have the lowest fees available and identify any lower-fee alternatives that you may want to consider.

Accounts that are analyzed by the service will receive a fee grade based on how much you pay in fees. If you spend less than 0.05% in fees, you’ll get an A+; paying fees of 0.99% or higher earns an F.

FeeX offerings

FeeX has three services they offer customers for free: FeeX Concierge, Rollover Center and Advisor Center. You might end up using a mix of all three, depending on the investment plan you have.

FeeX Concierge

Once you link your account, FeeX will analyze the fees you pay. From there, they can help you with a 401(k) rollover to help lower how much you pay in unnecessary fees.

Rollover Center

Here you’ll compare different options that best fit your retirement schedule, plan and investment strategies. You can see which plans offer the lowest fees and other investment opportunities.

Advisor Center

If you have an account that uses a financial advisor or another human professional, FeeX analyzes those accounts as well. They’ll recommend lower-fee alternatives or, if you’d like to leave your advisor, can suggest other switches.

FeeX also gives financial advisors access, letting professionals compare costs and services. It helps advisors with compliance rules and investment performance so they can focus on helping customers.

Benefits of FeeX

  • Cost: It’s free, which is a huge benefit to users. Many people analyze products and services based on how much they have to pay out of pocket. In this case, you don’t have to.
  • Available institutions: FeeX supports millions of different plans and providers, which should give you peace of mind. You’ll not only be able to find your plan, but if you decide to make a switch, you can find many different options for a low-fee alternative.
  • Account security: FeeX takes your personal information seriously. They use bank-level encryption and don’t store your financial information in their databases. They have read-only access — this means they can’t make any changes to your account, they can only analyze it.

Drawbacks of FeeX

  • Limited transparency: FeeX notes they make a commission from referrals to a company you open an account with. But when you’re getting a recommendation, you don’t know if it’s because FeeX gets the highest commission from them or if it’s the best fit for you. Review all your options and go with the one that’s right for you, not necessarily the first one you’re offered.
  • Lots of user work: While FeeX shows you where to make changes to your accounts, you still have to manage those changes on your own. Whether it’s dropping an investment account at a certain company or moving an old 401(k) into an IRA, you still have work to do. You might get a great at-a-glance view of your accounts and fees, but you’ll need to set time aside to make necessary changes.

Bottom line

As a free service and an industry leader in analyzing investment fees, using FeeX could be worth your time. But make sure you’re willing to do the work to pay the lowest possible fees. FeeX might give you a look at what you’re paying, but it’s up to you to tackle those changes. However, it could be worth your time and energy since lowering your fees could save you thousands of dollars by the time you retire.