No thank you, Mr. Bank, you charge 1% for the dubious privilege of your pedestrian expertise, consisting of what is the difference between a stock and a bond, and your mutual fund selection is full of funds with expense ratios through the roof, an astronomical 1 - 2%. I will stick with my IRA and the only good mutual fund family, VANGUARD, thank you not at all, except for the free lunch, which was basically junk food, by the way, just like your entire product offering. What, are you trying to give us a heart attack with the food?
Some doofus raised his hand asking what the expense ratios were. The saleslady replied they were what the bank pays the mutual funds, which was a bald-faced lie, because the customer pays the mutual funds out of his principal. Nothing but lies in this meeting. They were telling us 401(k) was the only tax shelter, ignoring IRAs altogether, because they don't make money from that. After the meeting, I considered calling up Johnny to let him know the real scoop. I know my way around investing. But then I remembered back when I first started at the company. One day, when I was green on the job, Johnny sneered at me because I carried a heavy toolbox to fix a little problem that required just a single cable. Well, hey, you know what, expense ratios are Johnny's toolbox. The expense ratio's on him. That's his heavy toolbox he's lugging around, looking like a fool. Me, I'm with Vanguard. Let him pay that 1-2% for the next ten years.