This initially sounded alarm bells when I wanted to move my balance to a cash only component in a previous retail fund and was then going to pay the privilege of 1% fee. The irony was that the cash % interest rate was about 1/2% lower than the banks fixed term - Thats when we moved to our SMSF.
The main issue is apathy of the account holder and the fact that all fees & commissions come out of the account automatically.
What is needed in these retail funds is for the trustee to send out the payment invoice (still automatic deduction) for the fees separately to each member instead of burying it in the annual statement. When people get the payment invoice for these huge fees, they may then start to ask if they are getting value.
