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Financial Engines (formerly The Mutual Fund Store) Complaints & Reviews

Mutual Fund Store — Service Not Provided

WASTE OF MY TIME Was solicited by the Mutual Fund Store for a FREE Social Security Benefits review. Made...

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Financial Engines (formerly The Mutual Fund Store) — Skull Duggery

I must take exception and voice my opinion of what I hear from this radio program. All they ever say is the...

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Financial Engines — Radio Show

This show is new in my city. The first couple weeks I thought it was about "advice" and investing...

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The Mutual Fund StoreWrap Account Warning

Adam Bold's Mutual Fund Store is a network of franchisees who operate under the guise of calling themselves, "financial advisors". But in my mind a financial advisor should do a lot more than just press a couple buttons and print out a pie chart, fill out contracts and paperwork to transfer your account, and then press more buttons to sell your current holdings and buy the funds they recommend. Yes, these people have the required SEC designations, but ask them any other questions having to do with taxes, estate planning or anything else and they say they can't do it. All they can do is sell a mutual fund wrap account. Wonder what a wrap account is? Highlight, copy and paste this link in your browser and see for yourself if this doesn't just sound like it was written specifically about Adam Bold and his Mutual Fund Store.
http://www.responsible-investing.net/news_jun09_wrapaccounts.html

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    The Mutual Fund StoreTime to tell the truth

    For some stupid reason I listen to Bold's commercial/radio show every Saturday. Probably because I'm just too lazy to change the radio station and it comes on automatically with my coffee maker. I'm not a client, and not a competitor. I've never met any0ne from the company so I have no axe to grind other than just years of chuckling over this program, which is nothing but a paid advertisement. At least they state at the end of the show, which they began doing just a couple years ago, probably because they were told to do so by some regulatory body. The problem I have with this program is that there is never any debate about the service or recommedations. Every now and then a caller attempts to get in a "controversial" subject regarding the fee structure, poor performance of a previously Bold recommended fund(s), ETF's, or market direction. Every single time, Bold cuts them off and dances around the issue, or just flat out ignores it. I'm curious if the advisors do the same thing if a client asks these same questions. If the radio voice of the company can't answer these questions, how can anyone else? He says he's been on the radio pumping managed mutual funds since 1998, but he nevers bothers to say that since 1999 the stock market has returned virtually 0% on a nominal basis and is significantly negative on a real basis. What has he done for his clientele for the last 12 years? Nothing. Well, except for draining their accounts of additional fees. It's sad because every year he convinces the more ignorant listener that ther is a way to pick winners, when he knows it's just a guessing game and the odds are poor no matter how you try to analyze funds. I've heard so many funds come and go from that show it makes me wonder that really his losers far outnumber any decent fund he happens to catch for a brief ride of glory. Let's see, he's loved Trendstar, Hodges, Forward Hoover, Marsico, Excelsior Value, FBR Financial, FBR Focus, Kinetic Paradigm, Red Oak, White Oak, Quaker, Third Avenue, a variety of real estate funds. All of which are no longer ever mentioned. Anyone can go find a 4 or 5 star rated fund and start talking like you've been in it for years...AFTER the fact. Then when it eventually crumbles like they all do, he moves on to the next one. Isn't this known as performance chasing? I find it interesting that he likes to criticize other investment choices and people engaged in different types of finacial services. He loves to point out their shortcomings as if he's genuinely concerned about the welfare of the listener. But what he nevers bothers to talk about is the shortcomings of his own service and how it's methods are just as questionable as any other form of advice. It's nothing but a wrap account of high fee managed mutual funds. The same thing as an annuity. The difference being that the annuity takes about 4-6 years of fees up front and Bold's fees continue forever, forever, forever. I said forever 3 times because the fees continue each and every year, wheras with an annuity or a front load fund they have a lifespan of 4-6 years. Personally, I don't condone paying any kind of fee. But the guy really needs to fess up and stop acting all high and mighty. He's no better than the worst of the worst he loves to criticize. So that's my beef about this program. I would love to have an HONEST debate with Bold but that will never happen.

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      • Ke
        Ken Rapp Dec 26, 2015

        Very helpful. Question... What if you had an investment advisor that provides comprehensive advice.. is willing to be your on call financial advisor for all of your issues, including providing strategies around buying houses, buying cars, looking for a job, analyzing all you current life, di, company benefits and investments and provides reviews and strategies on all of those... including getting to know you and your families future wishes.. and mapping out strategies to make them happen. What if that advisor was a Certified Financial Planner(TM) practitioner.. and an Accredited Wealth Management Advisor. What if that advisor asked you about your life's goals.. and your life's wishes for your children and grandchildren and worked with you to make sure you did not run out of money and developed strategies designed to keep you from having to sell assets while they were down as you needed cash. What if this advisor did all of that for a maximum of 1.5% of all fees and expenses of the money under management with them(minimum $1, 000 fee).. providing advice on all your holdings elsewhere.. including your 401K. If any of the investments carry fees, they are part of the 1.5% total. If you could hire such a financial expert, would you? Ken Rapp

        0 Votes
      • Fr
        Frank Rudolph Bledsoe Feb 09, 2012

        I've got to say Thank-You to all of you who have shown me what I was to blind to see...If it sounds to good to be true, well we all know where that one goes. So I'm going back to what I already knew, if ya wanna make some good doughnuts, you be the one that handles the dough.

        0 Votes

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      The Mutual Fund StoreStealing Packets of Sugar

      Bold loves analogies. He compares investment managers to quarterbacks, golfers and baseball players. A worthless analogy in my humble opinion. Bold tells the story of his grandmother who steals packets of sugar from restaurants because she lived through the depression and remembers suger being rationed. He points out other things being rationed as well in those days; coffee, meat, tires, cars...he does not tell us if his grandmother steals any of these items for the same reason as the sugar packets. But he appears to justify that it would be ok to do so, since she's only doing it because of the memories of rationing. So try this analogy Mr. Bold. Stealing packets of sugar from restaurants seems to be a victimless crime to you. Well consider if everyone who came into the restaurant did that every single day the restaurant was open. Before long the restaurant would have to start charging for each packet and only bringing them out once payment has been collected. One person stealing a few packets goes unnoticed by the restauarant, however. This is kind of like the fees you suck out of each account MFS manages. It's just a "small percentage" and just like your grandmother you've figured out that people won't notice it. But over time it adds up to a hell of a lot of sugar!

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        The Mutual Fund Store — What are you paying for?

        If you open an account with them, they transfer your account to Charles Schwab brokerage. No big deal there...

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        The Mutual Fund StoreStupidity?

        Is Adam Bold really as stupid as the things he says? I don't know. I can't believe anybody could be as dumb as the things I hear coming out of his mouth. So I give him the benefit of the doubt and assume he says the things he says to keep his clients buying his services. Anyway, some guys calls in to his show and basically brings up the issue that commodities and precious metals have dramatically risen in price because of the devaluation of the US dollar via the government printing press. Yea, the caller is completely right! The caller points out, that stock prices have also been propped up by this same methodology...right again! Then Mr. Bold goes into an angry tirade, tries to make this guy out to be some kind of lunatic conspiracy theorist and never lets him make any further comments. Bold then proceeds to say that stocks only go up because companies are "increasing their earnings". Where has this guy been the last 3 years?! Has he not heard of Quantitative Easing 1&2? Does have even the slightest grasp of monetary policy? Does he not understand that the government went hog wild to prevent DEFLATION (see your house value) by printing trillions of dollars and devaluing the dollar, meaning that it forces everyone to unload their dollars and buy something, anything with them. Buy Gold, corn, oil, stocks, cars, houses. Anything but hold onto your dollars. DUH. This is ECON 1 and this Bold fellow doesn't understand any of it! Now what is going to happen when QE2 ends? He doesn't want to talk about that.

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          • Sw
            Sweet Mo Lasses May 21, 2011

            Here we are, Doomsday Eve. I thought it funny that Bold brought this group up on his radio show. Mocking it's members for being stupid enough to give away their savings to such an obvious scam. The "Doomsday Church" and it's network are worth $72 million according to IRS filings. I bet that's more than what the Mutual Fund Store is worth. Bold should recognize a good scam when he sees it! He points out it's leader predicted Armegeddon in 1994 and was wrong. Assuming he is wrong about tomorrow, he would be wrong twice in the last 17 years. Bold is wrong so often with his predictions no one even bothers to count.

            0 Votes

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          The Mutual Fund Store — Horrible Advice

          Gold, Silver and oil have quadrupled over the last 10 years and the ENTIRE time Adam Bold has been on hi...

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          The Mutual Fund StoreA Stopped Clock

          Bold says he's been pumping mutual funds on the radio since 1998. It's true. In 1998 he was blabbering on and on about technology stocks and funds. We all know how that turned out. After tech burst he started pumping financials and financial services. We all know how that turned out. He sounds a bit directionless at the moment, since he can't really jump on the current bubble; precious metals, so he seems to talk about basically nothing over the course of his one hour infomercial. He spends a lot of time talking about the nearly 50% rise in stocks since March of 2009 and tries to act like this is proof of he knows what he is talking about. He says nothing about the fact that anyone who was taking his advice or following his allocation plan is, even in the best of situations, still in the red, or perhaps just about break even if they've been in the market for 10+ years. Bold is a stopped clock. He is going to be right once per day and thats it. That doesn't mean to say that his own net worth hasn't benefited immensely from his weekly drivel. But this has been on the backs of the people who have been paying his company to manage their money.

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            • Bu
              Bucephalus Aug 03, 2011

              Swissmath. You are clearly not a mathematician. What I said was to factor in the mutual fund store fees and the taxation. Yes the fund has about a 3% 10 year trail as of 8/2/11. But if you held that fund over the last 10 years, no doubt during some of those years you've paid capital gains tax on the distributions. Owning the fund by itself and ignoring taxes, you've had a return of 3% per year, assuming you bought on the exact day 10 years ago, have not put anymore in and haven't taken anything out. If you reinvested your dividends and cap gains, you could very well be negative, given most distributions are made in December, which, for seasonal and behavioral reasons markets tend to be at their yearly peaks (Wall Street does a great job of "painting the tape" at year end to suck more fools in).

              The Bottom line is there is no rationale argument that can be made for paying a service like Mutual Fund Store to have your money in a stock fund that has been regarded as a closet index fund, to get 1.5% return (after TMFS fees). You've taken a boatload in risk, and have done worse than if you had your money in CD's.

              0 Votes
            • Sw
              SwissMathematician Jun 27, 2011

              @Bucephalus: not sure where you get your numbers. The 10 yr trail on Select American is 3.55% and Hodges is ranked in the top 11% on a 1o year basis. these are from Morningstar as of 5/31/2011. not sure I like or dislike Mutual Fund Store, but you seem to be providing incorrect statements.

              0 Votes
            • Bu
              Bucephalus Jun 03, 2011

              I think 10 years is long enough to see if something works or doesn't work. So let us consider money invested with the Mutual Fund Store. Bold has been recommending the Selected American Fund for 10 years or more. Over the last 10 years, if you had your money with MFS and he had some of it in Selected American you have a return of ZERO (the fund had a return of 1.48%, then you subtract MFS fees. Now your REAL return is going to be negative, because this fund no doubt was doing some trading and incurring capital gains in some of those years. You have to pay taxes on those gains. Then you must consider inflation, probably close to 4% or more over the last 10 years. So you have a real return of probably close to negative 7%. AND you had to suffer through an agonizing 40% decline in 2008. The Mutual Fund Store works fine, if you are just collecting fees, like the company. But if you are looking for a return on your investment, you have way too many hurdles to overcome to come out ahead on this deal. I think its humerous how he blasts the funds people call in with by saying that "fund is in the bottom 25% of all funds for the last 3 years." But then he turns around and recommends the Hodges Fund, and has been recommending it. Well this fund is in the BOTTOM 5% of funds in its catecory for the last 1, 3 and 5 year time period. Bold is such a hypocrite. He hates everything that he doesn't recommend and defends everything he does like with stupid arguments.

              0 Votes
            • Bu
              Bucephalus May 05, 2011

              A sociopath is characterized by the deficit of social emotions such as love, guilt, shame or remorse. According to the University of Tennessee-Knoxville, the sociopath lacks "a sense of moral responsibility and social conscience." Sociopaths often scheme to manipulate others without regard to consequences of inflicting harm. It is the cold-hearted way the sociopath reacts to his victims that illustrates his lack of moral compass and detachment from other human beings.
              Observe the person in his day-to-day life to assess her interactions with others. Sociopaths may be charming, but their actions are calculated to manipulate others. Common behaviors include scams, fraud and deception and may include feigned emotions to appeal to the victim's emotions.
              Watch for indications that the individual pursues anything they want at the expense of others. According to Austin Peay State University, the sociopath's life revolves around meeting his own needs without regards to others.
              Verify stories and information provided by the suspected sociopath. Sociopaths typically concoct elaborate backgrounds, inflate their worth and experience and simply lie to convince others to give them what they want.
              Look for lack of expression of guilt or remorse for wrongful actions towards others. Lack of emotion and failure to express remorse typically signals sociopathic tendencies.

              0 Votes

            The complaint has been investigated and
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            The Mutual Fund StoreA Wrapping of Deceit?

            I examined the promises this company makes. A) They say you will own the "best Funds". What is the definition of best fund? There aren't any other than past performance. Do you want to invest based on past performance? How hard really, is it to move your money to the funds sporting the "best" past performance AFTER you know the results? Not very difficult I would guess. Does the company have any predictive powers of what the "best" fund will be in the next 12 months? You can be judge of that. But while you're at it, please tell me who will win the Kentucky Derby next year as well. The odds are about the same. B) Wrap Fees. That's how they make their money. The are many people who consider wrap fees as fraudulent. You be the judge of that. But you should at least know what wrap fees are and what they mean for your portfolio. Read this link for some clarity.
            http://www.stockbrokerfraudblog.com/2007/06/wrap_fees_beware_of_investment.html
            Here is another one. http://www.byrneasset.com/images/Article-NJL-wrapaccounts.pdf
            The Mutual Fund Store is an RIA firm cloaked in a Wrap Agreement. How can you tell? Ask them for any financial advice other than the allocation of your money into various mutual funds. That is all they will do. They are unable to provide any other financial advice. No estate planning, no tax planning, no insurance evaluation. It's nothing but a wrap program, which many consider fraudulent and barely legal. You be your own judge. Do your own research.

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              • Se
                See the Light Feb 03, 2011

                Once you punt Mutual Fund Store off your accounts at Schwab, all kind of portfolio planning and analysis tools become available for you. You can easily set your allocations and rebalance it yourself without paying the high fees for someone else to do it. Unless a person is completely illiterate when it comes to investing, using Schwab's plethora of tools is a no-brainer in my humble opinion. You won't be able to see any of the Schwab tools as long as you are hooked up to Mutual Fund Store, however. So in a way they keep you in the dark!

                0 Votes
              • St
                Stay Balanced Dec 25, 2010
                This comment was posted by
                a verified customer
                Verified customer

                Dear weaned on a pickle,
                Why are you so sour on paying for a service. If you don't want the service, don't pay for it! Sounds like you placed your money with them, you were unhappy with the results, and now it's everyone else who is at fault.
                If you entered into an agreement with them, did you read the paperwork first? If wrap fees were fraudulent they would not be allowed. Don't most of the largest accounts in the world have their money managed in some sort of wrap account? Yes they do. Forbes sells advertising not investment advice, read their disclaimer about investment advice they give. Life is too short to complain, let it go.

                -1 Votes
              • Ad
                A Dill Pickle Nov 11, 2010

                Here is another article about the pitfalls of the "wrap accounts". It's just another layered fee to pay in your portfolio on top of the high fees of the funds chosen.
                Copy and paste this link from Forbes. http://www.forbes.com/forbes/2010/0412/investing-brokerage-commission-retirement-finra-ripping-you-off.html?boxes=Homepagetmagazines

                0 Votes

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              The Mutual Fund StorePoor Service, High Fees

              They say they pick the best Mutual Funds and always monitor them. However, most of the funds they put me in were rated poorly by Morningstar, such as 2-3 stars. When I questioned the advisor he really had no answers that made any sense. He just said those were the "best funds according to their OWN research." I asked for details and he couldn't give me anything. I asked him to give me some info on these funds and all he told me was the managers name and said I could read the prospectus if I wanted to know more. "What in the world am I paying for", I ask? He said, "we allocate your portfolio". I can do that myself I said. Then he seemed to get flustered with me and said he had another meeting and he had no more time for me. You pay them a lot of money in fees. I figured if kept my account with them for a full year I would be paying close to $1900. This is extremely expensive and I expect a hell of lot more in service for that kind of money. So I told them to take a hike. I think this company is not worth your time.

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                • Cu
                  Cuyahoga7 May 13, 2011

                  Heard their fill in radio person, Scott Capace, say he did not care about paying 10x more in fees for a managed mutual fund. Then he made the amazingly stupid statement of "I will always choose a fund with higher fees, more risk, and less return". Yep. This guy actually said that when he was presented with a question about the low-cost Vanguard Funds. He must have been so flustered that he made this truly freudian slip. His unconscious mind knows exactly that he is selecting higher fees, higher risk and providing lower returns to the people that listen to him. Then he suggested that Vanguard only offers index funds. He instantly cut this guy off AND he did not answer the man's question which was about the Mutual Fund Store charging fees ON TOP of what the more expensive mutual funds that they so like to drum on and on about.

                  0 Votes
                • Cu
                  Cuyahoga7 May 04, 2011

                  Do the math. If you consider the fund fees plus the MFS fees, you have close to 3% in management fees you are paying to someone else to handle your money for you. On a 100k portfolio that means you will pay $16000 in fees in 5 years!!! That is INSANITY!

                  0 Votes
                • Th
                  The Enlightened 1 Mar 25, 2011

                  Fees are insane already with mutual funds. The real pain is when you add the fees of the Mutual Fund Store. Consider that over a 30-year period, an increase of just 1 percent in fees can reduce a nest egg by 20 percent. The only reason this company exists is that their customers really have no idea just how much they are really paying. The advisors are like leeches, slowly sucking the blood out of unsuspecting people's accounts, day after day.

                  0 Votes
                • Ja
                  Jaylyn Mar 18, 2011

                  I had similar experience. My advisor seemed to not know very much about the funds, and kept deferring my questions by saying they have an in-house research group that handles the picking of the funds and his role is to allocate my portfolio. I feel kind of stupid for falling for his sales pitch and not doing the math to really see how much this was costing me. The service is VERY expensive for what they do. My returns were horrible.

                  0 Votes
                • Le
                  Len7110 Nov 07, 2010

                  Heard some guy for Mutual Fund Store on the radio saying what a great fund Hodges Fund is. I looked it up on Morningstar and they rate it a ONE star fund, which is their worst ranking. Wonder who knows more? A bunch of CFA's at Morningstar or some guy on the radio. Just thinking out loud.

                  0 Votes

                Mutual Fund StoreUNCARING OUTDATED SERVICE

                ADAM,

                When someone calls The Mutual Fund Store show with ADAM BOLD he has no good argument in defense of ETS's. ETF's are for intelligent people not the kind of brain dead college educated clients MFS clients are. Of course an IDIOT can blow themselves up with ETF's. They can also do it with mutual funds. If my financial planner needs GPS to get to Krogers, he's fired... If he can't give an historical performance record for all the asset models in his group, he's fired. If he cares less about my money than i do, he's fired. I like Walt Kazunchuck of MFS SF Bay Area but he cares less about my money than his own. He doesn't recomment ETF's even to people it might be appropriate for since it would brake the IDIOT Adams rules. I left MFS in 2007 and have made more money shorting and playing long at the right times than i ever did at MFS. MFS is mainly for financially brain dead people who may even be college educated professors. Thats part of the problem. TOO much school makes too many people too stupid. That's Adams advantage which he profits on to the hilt. I'm not trying to build a shuttle to the moon, i just want to trade. The word investing is the biggest slap in the face lie perpetrated on a civilised world. The stock market is a casino and as soon as people realise it the better. Only good thing about this casino is i get to see the other guys cards which gives me a great advantage as long as i don't let guys like ADAM BOLD play for me. ADAM couldgive a flip when it's not his money. So glad i left WALT and MFS when i did...Now i'm finally making money. Since MAY1st to AUG1st 2010 i've made 50, 000 dollars of my $800, 000 total. I'm positive that beats the crap out of MFS. Especially since MFS won't even publish any historical track records. If i can do that in a BEAR market i'll have no problem when the bulls come out. Just the fact you had to say i did not get your goat on the radio saturday proves i DID...hahhaahh. If you can't even publish historical porfolio records as many honest planners do, To HELL with you.

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                  • Wh
                    Whiteville Mar 03, 2011

                    Bold says frequently that he sorts through "27, 000 mutual funds and includes ETF's" to consider for his clients. This is BS. All his client accounts are custodied at Charles Schwab. If you check Schwab's website, they only offer about 2, 000 funds via their no-load, no transaction fee schedule. Bold's Select List come's from this group. If you do a simple screen using the Schwab Fund Screener to include from this group, Morningstar ratings of 3, 4 or 5, you are down to 950 funds. Screen out for manager tenure of at least 5 years, you are down to 550. Next screen out funds with expense ratios above 1.5% and you are left with just 275 activley managed funds that make a decent argument that should be included in anyone's portfolio. It doesn't take a genius from there to fill an allocation pie chart. However, I dare say Bold is a marketing genius for making people believe he has some sophisticated methodolgy at fund selection when all he has to do is spend about 15 minutes building his initial screening criteria and then about 2 minutes once or twice a year to see if any funds have fallen out or into the screen. He can't use ETF's because it would be impossible for his advisors to be making trades all day long for clients, so he will never consider their viability. Now for the individual, if you can't learn to use these simple criteria for yourself, then you are just throwing money down the drain. If you aren't considering the use of some ETF's, especially in your taxable accounts, you are wasting money. Ultimately, Bold exists because many people are just too lazy to do a little bit of homework.

                    0 Votes
                  • Dc
                    dcLarry182 Mar 02, 2011
                    This comment was posted by
                    a verified customer
                    Verified customer

                    You Nailed It!!!

                    0 Votes
                  • Wh
                    Whiteville Mar 02, 2011

                    I let myself get suckered into Bold's outfit for about a year. I had, what they told me was a "balanced" portfolio of about 65% stock mutual funds and 30% bond mutual funds, the remaining 5% they held as cash of which they could suck out their fees. In my portfolio I had several funds rated 2 or 3 stars by Morningstar, but also had very high expense ratios. They sent me quarterly report, which appeared to be manipulated from quarter to quarter as they changed the indexes they were comparing themselves too. In my view, it appeared they were shopping for ways to make themselves look better. Anyway, my returns were simply, at best, just tracking indexes, and in a couple quarters did worse than indexes. I recieved ONE phone call from the advisor during the year, who basically just said "your portfolio remains balanced". I wanted to know why I should keep paying these fees to get index like returns, to which he had no reply other than "you need to be patient". I considered this to be saying, you just need to leave your money with Mutual Fund Store longer, so we can drain more fees out. Anyway, I called Schwab and removed them and have since been using a mixture of Schwab Mutual Funds and ETF's all with EXTREMELY low managment fees. They have a "portfolio analysis tab" which tells you what percentages you have of each asset class and if you are out of alignment for FREE. I am saving roughly $3, 500 annualy in fees that would have gone to Mutual Fund Store and my returns are still right in line with the indexes. There is no commission to buy or sell Schwab ETF's or funds so it makes it a very cost effective way to build a balanced portfolio for no cost. 2 weeks in a row I called the Mutual Fund Show, and told the call screener I wanted Bold to address Schwab's low cost mutual funds, and ETF's in comparison to his service. Each time I waited on hold for about 30 minutes and then was told they had too many callers and would have to call back again. I took this to mean Bold does not want this question asked on air.

                    0 Votes
                  • Dc
                    dcLarry182 Feb 25, 2011
                    This comment was posted by
                    a verified customer
                    Verified customer

                    Just like Wall Street. The Mutual Fund Store and that Slimy Adam Bold do the same thing. PUSH, PUSH, PUSH, the public to buy paper. Never sell paper, only buy, buy, buy. Only thing he thinks he's doing is getting you to buy what he thinks the best paper is. I use Charmin and do not need him to charge me money to choose my toilet paper or to help me wipe my ###.
                    thank you

                    0 Votes
                  • Le
                    Leonard knows it Feb 25, 2011

                    Bold and Mutual Fund Store advisors only tell you to do one thing, and that is buy, buy, buy. They will never tell you to sell. A simpleton can buy, the hard part is identifying when to sell. Why pay money to have someone do the easy part? They need you to stay invested in their funds so that they keep getting paid. So, while he says they have no conflict of interest in the funds they put you in, this is simply not true. They need you to stay fully invested at all times so they can keep sucking fees out of your account.

                    0 Votes
                  • St
                    Stay Balanced Dec 25, 2010
                    This comment was posted by
                    a verified customer
                    Verified customer

                    Dear dcLarry182

                    I agree everyone should be able to back up what they say...

                    Please post your 2010 tax return to back up you claims.

                    Thanks

                    0 Votes
                  • Ki
                    King Crab Aug 26, 2010

                    I got hosed with Mutual Fund Store and here is how. I had been with them for about a year. I had a financial hardship and I had to sell all my funds due to this event. Well guess what, they had apparently put me into a bunch of different funds from what I started out with, without bothering to tell me or ask me if my situation was any different. So when I called them to sell they said most of my new funds had 90 day hold periods or else I would get hit with a 2% early redemption fee. I had no choice but to eat it and to top it off they wanted me to pay them their fees on top of that!!! I think they must rotate people into new funds just to get that 90 day hook into people hoping they will stay for another 90 days.

                    0 Votes
                  • Si
                    Simpson9 Aug 24, 2010

                    Bold tries to convince the more ignorant financial consumer that he has some secret methodolgy to identify mutual fund managers. If you are going to let this company invest your money, and pay them a lot in fees to do that, you should demand that theyprovide you with a list of EVERY mutual fund they have EVER recommended, when it was added to their recommended list and when it was removed. If they won't, can't or don't provide this to you, I would suggest walking out the door. You must be willing to do some follow-up yourself and see how these funds performed a couple years prior to be adding, while they were on his list, and the timing of his removal. Most of this research you can do on Morningstar.com. If you don't know how to do this kind of research, get a second opinion from another advisor. You have to cross-check all of these advisors against one another anyway.

                    0 Votes
                  • Ar
                    Arrgoya Aug 21, 2010

                    I had to chuckle about your post dclarry. I think I heard your call and it was funny. Bold has no defense against ETF's, because they are so cost effecient compared to his fee laden structure. It also takes away another one of his HUGE dodges, and that is transparency. With an ETF you can actually see what you are buying and how it's positioned when you buy it. This enables a more "intelligent" investor to study what he is actually buying. With his managed mutual funds, he can disregard what's in the fund and just say he relys on the manager to make all the decisions, thus relieving him of having to do any actual market evaluation. The only thing he does is look at PAST performance which is ###ed. Basically, people are paying him to do absolutely nothing, but invest and hope. Which is the exact same thing they could do with out his allocation service and fee. Also another example of the stupidity of MFS system is they claim to be a "allocation" service, but half the funds he talks about are allocation funds!! So his clients are actually paying him to allocate their portfolio by him using allocation funds.

                    0 Votes

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                  The Mutual Fund Store — Scam artists

                  Here is the scene. There are a group of financial planners sitting around a table and one says, 'I have...

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