Trailing commissions (also known as trailer fees) are intended to compensate mutual fund dealers, such as discount brokers, for investment advice they provide to investors. However, discount brokers are prohibited from providing investment advice under the law. Siskinds LLP is pursuing claims on behalf of retail investors who have paid trailing commissions on mutual funds held in discount brokerage accounts.
In this 3 minute CBC report, watch Steve Pozgaj’s story about paying almost $5,000 in trailer fees last year, for advice he says he never got.
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