By Financial Advisor Hans Smith | October 1, 2019
"Financial Sludge" can be defined as the following:
Insurance and financial companies deliberately making the process of transferring outbound funds as time consuming and uncomfortable as possible.
By making the transfer process difficult, the company losing the assets hopes the client will give up. Instead of competing based on quality of product, service, or price, they protect their high-fee business models by using friction, also known as financial sludge.
*Note: not all of these tactics are seen in every account.
It can be frustrating and difficult to escape your high-fee firm. At One Day In July, we help clients fight through the financial sludge and move their assets into a low-cost diversified indexing strategy.
We hope this would not come to pass, but if you ever wanted to leave One Day In July, we would politely help you. It's your money and we respect it as such. If we cannot compete on our product, price, and service, we shouldn't be in business.
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