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When looking for the best online loans available, you must do your homework so that you’ll know exactly what to expect online lenders to be looking for when you request a loan.Obviously, the best online loans won’t be the easiest to get; to get the best interest rates and terms, you must take time to thoroughly check out numerous online lenders. Your collateral will have to be worth substantially more than the loan requested and you need to understand up front that if you have bad credit you will probably be paying a higher interest rate than someone who has good credit. This is just the price that has to be paid in order to improve your credit score.If you take the time to carefully consider all of your options and choose a loan based that will fit your needs, it’s very likely that you’ll have a positive experience with your online financing.You’re CollateralSecured loans will probably have the most desirable payback terms… this is because the lender is guaranteed repayment by the collateral so they are willing to offer interest rates and loan terms that wouldn’t be possible if the loan was unsecured. Lenders are more confident that they will be paid back if the loan is secured by your property. Using the internet to offer their services sometimes limits the forms of collateral that will be accepted. This is because of the paperwork that is involved.It is sometimes possible to use the item that you are financing to secure the loan… this is especially true if you are looking for a home loan or a car loan. However, you are probably going to need a down payment. Once the application is done you will know how much cash you will need for the down payment.
Some online lenders will not advance loans for purchasing something. They tend to lead more toward consolidating your debts or improving your credit. These lenders will usually accept high-value home equity as a good choice of collateral because it is easier to handle and they do not need storage space as they do for physical properties like vehicles. It is easy to transfer the ownership because the actual property is not involved. It is simply a matter of paper work.Options for RepaymentJust like any other financial transaction, the best online loans will have some repayment terms that will be agreeable for both the lender and the borrower. This is essential. Lots of online lenders offer automatic payments from the customer’s bank account. This is an easy method of payment and the borrower will not forget the due date or have to write and mail checks. Many customers will find an option on the website so they can choose to use a wire transfer or pay online. If you prefer, you can mail your payment to the physical address.Doing the PaperworkIt is easy to apply for best online loans available over the internet, but there is still some paperwork that has to be completed and mailed or faxed to the lender.
To make things easier for everyone involved, the best loans do as much of the paperwork online as possible but there may still be,\ some forms that have to be printed out, completed, signed. The lender will want a hard copy of all documents along with identification.

The success of large corporations depends on a variety of factors. Generally proper planning, foresight, human resources and research are amongst the top most factors contributing to the sustained growth of a company. But in the current scenario with cut throat competition, changing or evolving technology, changes in requirements and needs of people or changes in business practices means for corporations to survive and maintain their position, they need much more than just planning and execution.Corporate banking is one such factor which goes a long way in helping the growth of a large corporation. It provides the comprehensive and sophisticated services that a large company requires in today’s business world.Given the huge demand for a proper accountable banking service by these large corporations, most top banks of the world have a separate dedicated operation which caters to the needs of companies that are quite different in requirements and scale as compared to an average small to medium enterprise.Corporate banking requires a huge knowledge base and experience to service all requirements of commerce and industry. It includes a huge selection of commercial and transactional products and services. Some of the typical products and services include corporate funding or financing, bank guarantees, syndication services, foreign exchange services, investments, stocks, derivatives, comprehensive internet banking facilities etc.Corporate lending, trade financing and commodity financing are also some important aspect of corporate banking:Corporate lending: Big varieties of credit products are offered which includes revolving credit lines, term loans, and standby letters of credit and forex facilities. This sector also deals in arranging working capital lines, long term debt, acquisition finance, bridge financing and some other syndicated services.Trade financing: this sector of banking provides very powerful trade services for the efficient movement of goods. This includes automated letter of credit system and documentary collection services.Commodity financing: this banking sector is considered “the boss” of the industry when it comes to financing trade flows for some agricultural products such as grain, cotton, coffee, sugar, cocoa and a variety of other commodities. Short term and mid term credit facility is also available on going exchange related requirements.From the corporate banks point of view, it is very essential to form teams to handle requirement of individual companies as personalized services are the pre requisite for handling such operations. Also it goes well beyond simply providing banking products and services to corporations. It involves lot of consulting and one on one interaction as well. Consulting services could be required on a range of issues like mergers and acquisitions, foreign trade, company liquidity etc.The services requires a team of highly skilled and highly pro active personnel who would be able to cater to all of the requirements of a corporate client, no matter how unique or difficult the requirement may be. Banking personnel should be able to pro actively find ways in which to complete the request of the client as it could make a lot of difference to the functioning and growth of the client’s business which is anyways the main reason they need specialized corporate banking services.

A report has been released on the overall healthiness of Americans and it ranks each state on physical health, job satisfaction and other quality of life characteristics. While Hawaii, Colorado, Utah, Minnesota and Vermont came in ranked 1 to 5 as being the healthiest, many others are also healthy. Those ranked lowest need to feel bad since the report polled a sampling of people from each state. It is no coincidence that people who reported they were content with their jobs smoked less, had lower risks of heart disease and diabetes. People who are not content in their jobs will smoke more, eat more and be less inclined to exercise. While this is not surprising, the statistics for how people rate their lives is: 53 percent they felt they were thriving, 43 percent said they were struggling and 3 and half percent they were suffering. What constitutes “thriving” was not mentioned. Onward to more fun health news.Kids: The Tooth Fairy Adjusts for Inflation
The tooth fairy has adjusted his or her rewards left under bed pillows for inflation. It seems that in 2012, he or she paid a whopping $3.49 for the first tooth lost and on average, subsequent teeth lost cost the mythical one $2.49. A long time ago, the writer got a quarter for the big front teeth, ten cents per molar and a nickel for the rest. Times have change. Inflation is risen. Today is National Tooth Fairy Day. Maybe somebody bought him or her a winning Powerball ticket.Seniors: Are You Happy with Your Medical Coverage?
We know that medical insurers can be a real nuisance to work with. Sometimes it takes an incredible amount of calling on the phone to get the answer to one question. A recent survey found that 94 percent were happy with the quality of the care, 90 percent are happy with the benefits and 81 percent are happy with their out-of-pocket expenses. This is pretty good news even when there are health care cuts soon to be felt across the country.Now They Tell Me!
Today’s Nintendo lovers can tell their parents that playing the game all day and night long leads to better surgical skills later in life. There. Told you. A recent study learned that surgical students who used a Wii controller had far better skills across 16 different skill sets than those who did not. Researchers noted that Laparoscopic simulators are expensive and hard to get for students, while video games, consoles and controllers are less expensive and readily available. Any game which comes with 3D graphics and requires extensive hand-eye coordination is good for the future surgeons of America. I wonder if the joysticks I used years ago are as good as a Wii controller?Blame It on the Roomba
The more technology we have to do housework, the more sedentary we become and therefore the more overweight we become. Well, it is true to some degree. We do have more technology in the home which allows women who do housework to have an easier time of it. Think of the Roomba, and dishwashers that just about do everything except put them away when done (and why don’t they do that) and laundry systems which allows us to clean and dry clothes in less time. All of this leads us to relax and not get any exercise. It is true that we do not have as hard a time housecleaning as those in the 1960′s and 70′s. Many working women have weekly cleaning ladies or housekeepers. Those who do not have this luxury can still flip the switch on a Roomba and then lay down to watch TV as it vacuums the carpet. What is so bad about that?

Step One: Bridge the Technology DivideThe reality is that overall women tend to have less experience with technology than their male counterparts, whether we are talking about computer technology or auto technology. Instructors who are successful in retaining female students recognize that they need to start with the basics during the beginning of the semester so that the less experienced students get the basic building blocks needed to be successful (this is helpful to male students missing those basics too). So that might mean an introduction to tool identification and use or the basics of navigating the Internet. Instructors should also provide open lab time for students in need of additional hands-on experience. If possible, staff the lab with a senior female student, women are often more comfortable asking questions of other women in a male-dominated field. For some best practice case study examples that illustrate these concepts look at the Cisco Gender Initiative’s Best Practice Case Studies developed by the Institute for Women in Trades, Technology and Science (IWITTS) (1).Step Two: Collaborative Learning in the Technology ClassroomMany female students lack confidence in the classroom and this negatively impacts their learning ability. There are several reasons for this: first, overall, male students have more experience with technology, especially hands-on labs; second, male students tend to boast of their accomplishments while females tend to think that they are doing poorly even when they are doing well; third, male students tend to dominate in classroom discussions and lab activities.Technology instructors can overcome these factors by using collaborative group methods in the classroom designed to increase student learning, interaction and support of each other. Some examples of these group methods are: 1) grade students in teams as well as individually; 2) put female students in positions of leadership in the classroom; 3) assign students to teams or pairs rather than leaving it up to them to pick their partners; 4) have female students work together in labs during the beginning of the semester; 5) enlist the help of whiz kids with the teaching of their fellow students, providing them with a constructive outlet for their talents.Step Three: Contextual LearningThe recent adage that women are from Mars and men are from Venus is alive and well in the technology classroom — women and men have different learning styles when it comes to technology. Most men are excited by the technology itself — how fast it is, the number of gigabytes, the size of the engine. Most women are engaged by how the technology will be used — how quickly the network will run, how much information can be stored, how far the vehicle can go without refueling. These Mars and Venus differences have implications for the class curriculum: female students will better understand technical concepts in the classroom when they understand the context for them. Don’t front load your computer programming classes with writing computer code with no context for this if you want to retain most of your female students. For more information on this subject including off-the-shelf curriculums for teaching contextual technology read IWITTS’s Making Math and Technology Courses User Friendly to Women and Minorities: An Annotated Bibliography (2).Step Four: The Math FactorMost technology courses require an understanding of applied math. Many women and girls are fearful of math and have had negative experiences in the math classroom. This phenomenon is so common that courses and curriculum on math anxiety for women are in place around the country. The key to success in teaching most females math is — like technology — contextual and group learning. Fortunately many off-the-shelf curriculums exist for teaching math contextually, see IWITTS’s bibliography linked above. Many technology courses at the two-year college level have math prerequisites that are unrelated to the technology coursework and omit the applied math that will be needed. Technology courses should only require math that is relevant to their courses and/or develop contextual math modules to add to their curriculum.Step Five: Connect the Women in Your Classes with Other WomenA female mentor or peer support network can help your students stay the course when they are feeling discouraged and can provide helpful tips for succeeding in a predominantly male environment. There are many on-line and real-time associations for women in technology, connect your female students to them. See the Career Links on WomenTechWorld.org for a list of some of these networks. Also, WomenTechTalk on WomenTechWorld.org — a free listserv for women in technology and students — provides a combination of support and expert career panels to it’s over 200 members from across the U.S.

Have you ever been on the side of the conversation where all you heard was a voice like Charlie Brown’s teacher? “Wa-wa-waa-wwaa.” (That’d be funny if you watched more Charlie Brown.)Or how about listening to your date? Yada, yada, blah, blah, Cubs game, blah, blah, beer, blah, blah, pizza.Or what about when your favorite project team member enters your office. He says, “Hi. Got a real problem I could use some help with. I’m having a tough time understanding the project requirements on this deliverable.” And you hear, “Blah, blah, blah, problem, blah, blah, tough, blah.”It’s not that you don’t mean to understand your date or your project team member–it’s just that you’re not listening. You’ve got a bazillion things racing through your head, you’re focused on seven different projects, and the baseball steroid hearings were so frightening that you can’t decide how your fantasy baseball league will shape up. (That’s shape up, not shoot up.)Communication, as you can tell from the above, is more than just talking. Communication is also listening. When it comes to project management, communication takes up 90% of a project manager’s time. That’s right–90% of your time.I communicated something to you and you did what I asked. If only projects were that easy! Sometimes you, the project manager, have to do a lot of begging and pleading, like I did above, just to get your project team members to do what they need to do. You know what needs to be done and you need to transfer that knowledge to your project team members. And then they go do it.Or at least that’s how it’s supposed to work.Real communication is about transferring knowledge. You know something and you tell someone else, and then they know it. But it doesn’t always work that way, does it? Communication is tough. There are two big categories of communications: written and oral.The Written WordWritten stuff, like this article, can seem to be direct. I write. My editor edits. You read. But what if I’m not clear in my writing? What if you don’t get my jokes? Or my grammar and punctuation is so poor that you miss the point? Communication fails.This is true in your life, too. Imagine that you sent an email to Susan, a team member. Here’s one draft of your email:Susan,I need a project team member who knows what Oracle is all about. You are smart, talented, on time, and savvy. Team members who are not like you admit to knowing nothing about Oracle. Our project is horrible when you’re away. This project is going great.Best,Your favorite Project ManagerWow! Susan sounds fantastic. But is that what you really wanted to say to Susan? What if your punctuation was so bad that Susan got the wrong message? Here’s what you meant to say:Susan,I need a project team member who knows what Oracle is. All about you are smart, talented, on time, and savvy team members who are not like you. Admit to knowing nothing about Oracle! Our project is horrible. When you’re away, this project is going great.Best,Your favorite Project ManagerYikes!Alright, so this is an extreme example, but I’d bet dollars to donuts you’ve added some sarcasm, a joke, or a comment that came off the wrong way in an email message and mushroomed into a huge problem. The point is that written communication has its challenges within a project. Email is great. I love it and use it every day, but when the message is muddy in any written message, it can have large ramifications.Say It Like You Mean ItSo if written communication has its challenges, verbal communications must be great, right? We know better. Think back to your teenage days, when your folks would say that it’s not what you say, but how you say it. Well, that’s what my dad would tell me. And, as usual, he was right.Dad was telling me, teaching me, about paralingual communications. Paralingual describes the pitch, tone, and inflections in the speaker’s voice that affect the message. Can you think of all the different ways a project team member can say, “Sure. I’ll get right on it.” I bet you’ve heard them all.And then there’s the nonverbal communication–all that body language. (For Olivia Newton-John fans: Let me hear your body talk.) Posture, facial expression, shoulders, tugging on the ears, crossed arms, hand signals accentuate or reply to the message you’re hearing.Ready for another statistic? Good. About 55% of all communication is nonverbal. If this is true, and I believe it to be true, you can see why phone calls, broadcast videos, and teleconferences aren’t as effective as face-to-face meetings.You’ve been in meetings and witnessed team members’ expressions when you’ve shared good or bad news. And then you’ve reacted to the expressions on their faces, right? You’ve modified your message for clarity, you’ve asked them if they’ve got a freakin’ problem, you’ve continued with your spiel because they’re nodding their heads in agreement with you.Just to be clear, and I want to be clear, a verbal message is affected by three major things:· The message itself· Paralingual attributes of the message· Nonverbal communicationTo be a great communicator takes experience. To be an effective communicator, you must ask questions. Do you understand me? Questions help the project team, the audience, your date, ask for clarification, deeper understanding, and an exact transfer of knowledge.One approach, sometimes called “parroting,” requires the speaker to ask the project team to repeat the message in their own words. For example:YOU: We’ve got to get this application developed by the end of the week or you’re all fired. Now, Jim, tell me what this means.JIM: You’re an idiot?YOU: No, you’re fired. Sally?SALLY: We’ve got to get this software developed by Friday or we’ll be joining Jim at Wal-Mart.YOU: That’s it. Get out. Get it done.Parroting can be demeaning, especially for Jim, but it’s effective. You can be a bit more subtle than what I’ve presented here, by asking the audience if they’re clear on the message, and then asking questions based on what you’ve presented.But What About Planning?Thanks for asking. Of course you have to plan to communicate. Communication planning comes down to this key question: Who needs what information, when do they need it, and in what modality?Who needs what? This tackles two major issues in any project. “Who” describes the stakeholders with whom you and your project team need to communicate. “What” describes the information that they’ll need.Not all of your stakeholders will need the same information. Sure, that sounds obvious, but have you ever met one of those moron project managers (yes, the guy a few cubes from you) who sends out all project information to everyone who’s even heard of his project? This guy thinks he’s covering all of his bases because everyone has all of the information. The problem with this approach is the same problem with giving your cat the whole bag of cat food at once: Only give what’s needed or things will get messy.One tool that can help the project manager and the project team to determine who needs to participate in communications is a simple communication matrix. A communication matrix is a table of all the project stakeholders in both the row and column headings. A check in the intersection of the two stakeholders represent that these two stakeholders will need to communicate.The hard part, the planning part, is determining what information is needed between the two stakeholders. Usually the major communications needs will be obvious; functional managers need to know information related to their employees on your project, such as schedules and time accountability. The project sponsor and key stakeholders need information on the project status, finances, and any variances in cost and time. You’ll need to work with your project team and the stakeholders to determine the more involved communication demands.You’ll also have to tackle the “when” problem. Depending on the stakeholders, information needs vary between daily, weekly, monthly, and “based on conditions in the project.” For example, your project sponsor may ask for weekly status reports, but the project champion may ask for status reports just once a month.The secret is to schedule and, if possible, automate the communication demands as much as possible. Yes, automate. If your project-management information system is worth much, you can create macros, templates, even auto-generate reports on a regular schedule. Think of the time you’ll save (and can invest in your fantasy baseball league) by automating communications. Many project managers I meet don’t automate, don’t schedule, and don’t use a communication matrix. And then these project managers forget who needs what and when they need it. And then everyone whines. Please.Now for the modality. Some communications can be accomplished in a quick email. Others require an extensive spreadsheet, report, and executive summaries. Some communication is expected in quick, ad hoc meetings, while other needs may mean business suits and, gosh, PowerPoint slideshows. The point is simple: Give stakeholders the information they need in the modality they’ll be expecting.Communication Is Also ListeningTime to shut up. You’ve planned for communications and now you’re following your plan. But you have to listen to what’s being said. I don’t know about you, but I have two ears and one mouth. I’ve heard that this means I should listen twice as much as I talk. I have to listen to understand and receive the messages being sent to me.As a project manager, you have scores of communication channels. And within your project there are potentially hundreds of communication channels. The larger the project, the greater opportunity for communications to break down. Here’s a nifty formula to show you just how many opportunities there are for communication to fail: (N*(N-1))/2. That’s N times N-1 divided by 2. N represents all the key stakeholders.Wanna try it? Let’s say we have a project with 10 stakeholders, including you, the project manager. That’d be 10 times 9, a big 90. Divide that by 2 and you’ve got 45 communication channels. Now ask yourself, “What’s for lunch?” Sorry. Ask yourself, “How many stakeholders are on my project?” A bunch, I bet.Go ahead and try this formula on one of your projects. I’ll wait.See how the possibilities for communication failure just came into focus? Scary.So, to be effective, we’ve got to listen to what’s coming at us, what’s being discussed among our project team, and what they’re telling our stakeholders. You, the project manager, must be at the center of communications; you have to be the communications hub.Now do you believe that communication takes up 90% of a project manager’s time?

There are many options for buying a group of securities in one product. The most popular ones are mutual funds, segregated funds and exchange traded funds. What they have in common is that these products are an easy way to buy a group of securities at once instead of buying each security individually. The fund can also proportion the securities so that you the individual investor does not have to. There are two main classifications for what type of fund you can purchase in terms of costs. It is important to know how these costs work so you can avoid paying too much for this convenience. These products differ in terms of how they are administered, access to the products and their costs.Active Versus Passive InvestingBefore getting into which of the products are suitable for you, there are some aspects that need to be considered so that you understand what the variations are among the products.Active investing is when someone (a portfolio manager) picks the stocks that are in the fund and decides how much of each one to hold (the weighting). This portfolio manager would also monitor the portfolio and decide when a security should be sold off, added to or have its weighting decreased. Since there is ongoing research, meetings and analysis that must be done to build and monitor this portfolio, this fund manager would have research analysts and administrative personnel to help run the fund.Passive investing has the same setup as active investing, but rather than someone deciding what securities to buy or how much of each one to buy, the portfolio manager would copy a benchmark. A benchmark is a collection of securities which the fund is compared against to see how well it is doing. Since everything in investing is about how much money you can make and how much risk it takes to make that money, every fund out there is trying to compare to all of the other funds of the same type to see who can make the most money. The basis for the comparisons is the benchmark, which can also become comparing between peers or funds managed the same way. Comparisons are general in done only for returns. The risk aspect of the equation is handled by looking at what type of securities the fund holds or how specialized the fund is.How Do I Know By the Fund Name If it is Active or Passive?The short answer is that you have to get to know how the fund manager operates the fund. Some clues to know more quickly if the fund is active or passive are given next. If they are intentionally trying to pick securities according to some beliefs that they have about the market, this is active management. If the fund description talks about “beating the benchmark” or “manager skill” then it is actively managed. Looking at the return history, if the returns vary versus the index by different amounts each year, then the fund is actively managed. Lastly, the fees may be expensive and have sales loads.If the name of the fund says “Index” or “Index fund” there is a good chance that the fund is passively managed. If the name of the fund says “ETF” or “Exchange Traded Fund” this could be a passive fund, but you need to make sure of this because some ETFs are actually active funds, but they are managed in a certain way. Most of the passively managed ETFs are provided by BMO, iShares, Claymore, Vanguard and Horizons in Canada and Powershares, Vanguard and SPDR (or Standard and Poors) and others if the holdings are from the U.S. Most of the other companies would have actively managed funds only. If the fund description states that the fund is trying to “imitate” the performance of an index or benchmark, then this implies that it is copying the index and this is passively managed. From the return perspective, passively managed funds will be very close to the index that they claim to imitate, but slightly less due to fees each year. The amount that the returns are under the index will be close to identical each year unless there are currency conversions or variances in cost which may come from currency fluctuations or hedging that the fund may do. Passive funds typically do not have sales loads as they are geared toward people who invest for themselves.There are some funds that try to mix active and passive management. These products can be assumed to be actively managed, although their results will be closer to the benchmark than most of the other funds, so this is something to consider if the variation from the index is a factor.Types of CostsWhatever product you buy, there will be a cost associated with buying it, keeping it and selling it. This will be true whether you have an advisor versus doing it yourself, and whichever institution you go to. Even buying your own individual stocks will have trading fees which you must account for. How much you are paying for each product as well as the advice will make a large difference in what return you will receive at the end of the day.There are many types of costs to be aware of when you are deciding which products to invest in. This article will focus on the active funds that make up most of the selection for retail investors.The Management Expense Ratio (MER)This is the largest cost for most funds and represents the cost of managing the fund. “Managing the fund” means running the investment company, researching the investments, advertising, overhead and the cost for the advisor or sales person when it applies. Administrative costs like GST within the fund and accounting for trades and record keeping are also part of the expense. The MER covers all of these costs in an actively managed fund. The MER is given as a percentage, which is the percentage of the assets that the fund manages or invests over a year of time. If you have $100,000 invest in a fund, and the MER is 2% per year, you are paying $2000 per year to keep this fund. The cost is subtracted from the return and what you see in your investment statement is your return net of fees, or after fees. There are exceptions to this rule if you have a high net worth account or a special arrangement with the fund company, but for the typical investor, this would be true. The Management Expense Ratio is the management fee plus the administrative costs. The administrative costs are usually between 0.05% and 0.1% of the assets of the fund. If the information you obtain states a “Management Fee” instead of a “Management Expense Ratio” you would have to add on the administrative costs to get the true fee. Seek out the prospectus and look up fund operating costs to find exactly how much the number is. In some cases, an advisory fee is also added to the management fee and administrative fee which can be substantial. If your advisor does not disclose this, the prospectus is the next best place to find out what the costs are.For American funds, the MER would be called the “Expense Ratio” or “ER” which is the same thing as the Canadian MER, but advisory fees are not included in the ER and would be included in Canada for the MER if the product is actively managed. If the product is passively managed in Canada or the U.S., the same names apply, but no advice would be part of the cost since these products are used by people who invest for themselves and would pay for advice separately if they retain it.MER Will Depend on ClassThere are products that have various classes of the same product, the same way there are different models of the same car or the same cell phone. For investment products, the classes indicate how you came across the product, or what restrictions you have on access to the product. For example, Class A is usually a retail class where anyone can buy the product with any amount of money. There is Class I, which can be obtained through an employer or another institution. An example might be buying this product through your company pension plan. There is a Class O which typically has no fees embedded in the return and is reserved for non-profit institutions of high net worth clients that buy direct from the company. There are also classes that are part of different portfolios that are set up by the issuer, like Class F which would be available depending on who your investment dealer is. There are also classes that vary depending on what type of advisor you have and what relationship they have with the fund company. The best thing to do here is ask what class you are being offered and get material form the issuer on how much it would cost. In some cases, you can get the same product in a different class and pay less for it. Some companies may have “Series” instead of classes or some variation thereof. The key thing to note is that different versions of the same fund would different fees, and the differences can be substantial.Sales LoadsWhenever you see the word “load” on a fund it refers to a sales load. This fee is paid to a sales person for advising you and recommending the product to you for the company. There are “front end loads” which are paid as a percentage of the amount you initially invest. If a front end load is 4% and you invest $100,000, you will pay $4,000 up front just to buy this fund. These funds may have the code “FE” in the fund name on your statement. Note that sales loads are not related to MER fees – they are separate fees. There is also a “back end load” or “Rear end load” which is a percentage charged to you when you sell the fund. These are marked with the code “DSC” or “Deferred Sales Charge”. If a back end load is 5%, and you sell $120,000 worth of this fund, you would pay $6,000 in fees to exit the fund. These funds tend to have a DSC redemption schedule which means the sales load will decrease the longer you stay in the fund. Most companies stop charging the rear end sales load after 6 years of holding the product. Since each company varies, you should obtain the details of this schedule up front and understand how the numbers apply to your holdings. There are also “no load” funds which do not charge sales loads at any time. You may also come across “Low Load Funds” and “Level Load Funds”. Low load is similar to the fees discussed above, but they are discounted or lower than average. The level load idea means that the same percentage of sales load is charged over time.Some companies charge an early redemption fee if you sell their fund within a short period of time. How short the period is will depend on the institution. In some cases, it is 30 days, but it can be 90 days, 6 months, 1 year or some other time period. This fee is designed to discourage quick redemptions or short term trading of the product.The best thing to do to clarify which load you have is to ask up front and have it explained to you. If the information is not forthcoming, it may be time to find another place to invest your money or do the research on your own. Note that sales loads only apply to a fund that is sold through a sales person. You may be able to get the same fund without the sales person in some cases. Passive investing generally does not have sales loads – but the exception would be if an advisor recommends these funds and charges you some type of referral fee. This would be another question to ask if you are being advised to buy a passive fund and are not seeing any direct cost to buying the product.Currency Hedging CostsThis type of fee will occur in funds that trade in non-Canadian currencies and hedge them so that the price you receive would be in Canadian dollars. The cost of transacting the hedge itself is the fee being described here, and it can range from 0.5% to 1% per year. If the fee is not disclosed, assuming 0.5% is the cheapest that it will likely be. If you are investing in emerging market currencies or non-developed market currencies, the hedges are much more expensive to put in place and go higher than 1% per year. This is a cost embedded in the return of the fund, but should be examined to flesh out exactly what you are paying to have this hedged. Both active and passive funds pay the same fee for this type of activity.The alternative would be to keep the securities in their home currencies and whatever changes happen to the foreign exchange rates would be reflected in the price of the product. The fact that currency exchange rates can change is a risk of your investment, but it is not considered a fee like the other fees discussed in this article. This fee does not apply if the fund price is in your home currency. You may have a U.S. dollar account, buy a fund that trades in U.S. dollars and then redeem this fund for U.S. dollars. Until you convert the money on your own to Canadian dollars, there is no currency charge. You would only have a conversion charge to change the final dollar amount to Canadian dollars.Referral Fees or Trailer ChargesThese can sometimes be called Service Fees. This type of charge is paid to a third party who sells the product to you on their behalf. It can be thought of as a referral fee or trailer fee. This fee tends to be captured by the MER, but this should be investigated with the company you are dealing with as this may vary. This type of fee tends to arise with active management as passive management products usually do not have any referrals attached to them.Performance FeeThis fee is based on whether a fund achieves a return over a required benchmark – a reward for good performance. This type of fee is common with hedge funds or exotic types of products, but it is sometimes embedded in funds sold to retail investors. Like with most of the fees, ask questions and do your research because this type of fee will be different for every institution and product. This fee is optional in that it usually will not apply if the return on the fund is negative or positive but not that high, but the question should still be asked to minimize surprises.Fees of Holding One Fund Inside of Another oneIf a fund that you are investing in has other funds within it as part of its holding list, then you will pay the MER fee for the fund you are buying as well as the fund that the fund holds. The best way to check if this is happening is to look at the holdings list. If a fund holds another fund, it will be a large holding so a fact sheet with a top 10 holdings summary should provide good information. The actual numbers for each of these items will differ depending on specifically what the fund is and how it is managed. Some of the other fees like Sales Loads and Referral Fees would not apply to a fund held inside of another fund. If the fee is necessary to operate the fund, like currency hedging, then this would be included. Whether a fund holds stocks or another fund can also impact withholding taxes if the fund is investing outside of Canada – particularly for U.S. products. This topic can get complex, so it will not be discussed here. Some funds will have other funds to get access to illiquid markets, or parts of the world that have hundreds of securities. Buying a fund in these cases would actually save on time and trading costs, so it can be justified depending on the market being invested in.Intangible CostsThe key takeway is that you need to do a cradle to grave analysis of what you have and see the costs from beginning to end of your investment period to get an idea of what is really happening. Ideally, the costs should factor in time spent, effort spent on research, and costs of discipline and assurance which would be available when dealing with an advisor that may not be there when you are doing it yourself.Where to Find These Costs?The most comprehensive place that will contain the most detail regarding fund costs is the prospectus. This can be found be searching for the product name and the word “prospectus”. If you do not know the exact product name, you can search the internet by the company name only, find their web site and then search for the product name there. The fund companies will have these documents with the regulator as well as their own web sites and they will be typically in PDF format which can be read and downloaded from your computer. A simplified prospectus would also have the same data that you would be looking for regarding fees.