Few banks have advice that is independent, according to Moa Langemark, consumer protection economist at FI.
– My tip is that, as a consumer, ask the bank if the advice is independent and in your best interest. You will probably then get the answer that, no it is not, but you represent a certain bank, she says.
Economic Agency
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Important to understand fees
There can be considerable differences between the banks’ fund offerings, the biggest difference being between the so-called actively managed funds and index funds.
The most common fee for an actively managed fund is 1.38 percent, while the fee is 0.35 percent for an index fund, according to a review by the Financial Supervisory Authority.
– It is important to understand the percentage fee in your savings, a small percentage can grow to pay hundreds of thousands of kroner in long-term savings, says Moa Langemark.
“Like a car inspection”
Jacob Bursell, journalist, believes that many trust the bank’s advice because it feels like a knowledge disadvantage can easily arise.
– It’s a bit like going to the car inspection with your car and then they say you need a new timing belt. And I don’t know anything about that, and then I have a tendency to trust it because I think that those who have gone through my car know more about cars than I do, he says in Economic Agency.
Don’t miss Ekonomibyrån’s latest episode Who to believe? in SVT Play.