SOURCE: FeeX

FeeX

November 18, 2015 09:00 ET

FeeX Concierge: the Hassle-Free Way to Rollover an Inactive 401k

Solution Created to Spur Action Among Millions With Stranded High-Fee Accounts

NEW YORK, NY--(Marketwired - Nov 18, 2015) - FeeX, a free service that finds and reduces hidden fees within investment and retirement accounts, today announced FeeX Concierge to help users maximize the growth potential of their hard-earned savings. Currently, FeeX analyzes the fees associated with a user's inactive 401k account and provides a recommendation on whether they are better off keeping their investments where they are or rolling them over to a lower-cost IRA. Now, FeeX Concierge empowers an investor into taking action and actually carries out the process on their behalf, rolling over the stranded account to a low-fee IRA that best matches the investor's needs.

"FeeX has found that 95% of 401(k) plans turn out to be inferior to an IRA; especially in terms of the amount of fees a participant will pay," said Yoav Zurel, CEO of FeeX. "If you are among this 95% you could actually be saving 75% of the fees you are currently paying -- that's potentially tens to hundreds of thousands of dollars worth of additional assets added to your bottom line over time."

Simply put, fees in the average 401k plan add up to 1.27% of your assets every year, whereas in an IRA, if you shop around you can get an account for as little as .18% in fees a year. So what keeps people in these expensive plans? FeeX has found that it can take up to eight hours for a user on their own to rollover a 401k from a specific financial institution to an IRA provider the first time.

"Our users continue to tell us that they know there are options available to them to reduce their fees and maximize their savings by rolling over an inactive 401k to an IRA, the problem is that most don't have the time to do so," continued Zurel. "We take the hassle out of the process by working with the financial institution."

How the Service Works
For users who ask for help, the FeeX system initiates an analysis that searches for the lowest-fee portfolio from among five low-fee investment firms including Betterment, ETrade, Scottrade, TD Ameritrade and Vanguard. All investment advice is provided via the FeeX algorithm and once the user decides from among the options the FeeX Concierge then starts the administrative process of rolling over the inactive 401k to an IRA.

"We estimate that there are 50 million inactive 401k accounts that need to be rolled over -- that's billions of dollars of potential savings left on the table," continued Zurel. "We've already helped quite a few users navigate the maze between multiple providers and have reduced the entire rollover process from hours to minutes."

For those that are not already a FeeX user, sign up for an account at FeeX.com, it's simple, free and takes just a few minutes.

About FeeX
 
FeeX is a service that finds and helps reduce fees within investment and retirement accounts like IRA, brokerage accounts and more. Simply link investment accounts and FeeX's sophisticated algorithm uncovers advisory, investment and expense ratio fees and suggests alternative ways to save and reduce the cost of fees. In 2015, Fast Company named FeeX No. 3 of the World's Top 10 Most Innovative Companies in Personal Finance. The company was founded in September 2012 by Yoav Zurel, David Weisz, Eyal Halahmi and Uri Levine -- creator of Waze (which was acquired by Google in mid-2013). FeeX is a Registered Investment Advisor with the SEC. The FeeX Concierge service is an administrative service that does not consist of advice, and all investment advice is provided via the website. For more information, visit: www.FeeX.com.

Contact Information