FeeX

9 recommendations and reviews from 5 people

• Referral from June 30, 2015
  

  Sarah G. asked:

  Looking for someone (an agent perhaps) who can help me understand my insurance/retirement policies. I have never really understood what I am paying for and where I can save money or be smarter. Im in Tel Aviv, so preference to someone here/willing to come here. Willing to pay for advice.

  

  Tamara W. replied:

  www.feex.co.il

  

  Lawrence W. replied:

  feex is a great tool and their blog has lots of information. My experience with Jonathan is that for his modest fee he is worth using as a "second opinion" he will almost certainly give you some excellent questions to go back to your agent (who unlike Jonathan gets no commissions) and ask. As Ronald Reagan said about the negotiations with Russia trust but verify and many have suggested with Iran verify than trust..either or both of thses makes sense imo taking Jonathan's questions based on research back to the person that sells the insurance.

  

  Tamara W. replied:

  Use feex for that, upload your last pension report to their site and they'll tell you whether you're getting ripped off or not, and if you are, there's a button you can click to automatically request lower fees from your company, and the request is usually granted.

  

  Danny N. replied:

  Feex is not always an accurate guide as it takes averages. Averages are potentially provide misguided information based on people with huge sums of money in their pensions who can negotiate lower fees, very large companies who can negotiate lower fees for all their employees, companies and individuals who pay retainers which do not appear in the management fees and so on. Feex as good a tool that it is, can sometimes provide some confusing and misguided information.

  

  Tamara W. replied:

  Danny Newman FeeX doesnt compare you to other people with huge sums of money, they compare you to people with a similar savings balance. Also, when calculating what your fees could be, they actually cut out the top 15% assuming that those are the big companies who can get better terms for their employees. So the result given to you takes that into account and tells you a number that you have a realistic chance of getting. (Disclaimer: I work for FeeX :))

  

  Danny N. replied:

  Tamara Wiesen, so being someone who works for Feex, do you take into consideration ALL of the following parameters that impact the average and results of that FEEX shows, such as: 1) Companies of more than 10 employees that can negotiate lower fees. 2) Older funds (even those like Bituachai Menahalim from before 31/12/2012) - where most insurance companies will NOT lower many of the management fees? 3) Individuals or companies that pay a retainer model to an agent (a monthly fee to an agent), whereby the agent earns zero from the insurance company, yet can arrange a fee of say 1.75% from Premia and 0.18% from Tzvira, as opposed to someone going through an agent earning off the policy who provides between 3-6% from premia (depending on many parameters) and 0.3 and 0.5% from Tzvira by way of example.

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• Referral from September 2, 2014
  

  Danielle G. asked:

  Not sure if this is the right place to post this but what is the best company to use for pension plans? I have in a few places and I want to consolidate them all into one I'm just not sure which one. I have in Migdal, Harel, and Ayalon. Thanks

  

  Yiḥezkel S. replied:

  I haven't finished using it yet, but consider trying feex.co.il

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• Referral from February 18, 2014
  

  Rachel C. asked:

  I just looked into my pension details and found out that my fees are crazily high (4% monthly/1.25% yearly). When I asked our office's insurance broker, he told me what I have is bituach menahalim, not a pension, and that it's amazing and wonderful, if more expensive, and I should be happy to have it since it no longer exists (my plan began 2 years ago). Even without arguing I have found rates of 0.38% monthly/0.38% yearly elsewhere (for a pension), but he claims that is no good because of the company's value. Can anyone advise? I am worried I am being totally had for being too English and not knowing what to argue for and who with... Thanks :)

  

  Avi A. replied:

  check out www.feex.co.il. Aside from helping you figure out how much you are overpaying compared to the masses, they tips and guidelines for how to reduce your fees.

  

  Danny N. replied:

  Rachel Celniker , I have read through the comments above, and whilst there are many good comments, I wish to back up אלי's comments further to try and clarify things. Firstly, I assume the fees you are paying are 4% from the premiums being paid (מפרמיה ) and 1.25% from the accumulation in the fund (מצבירה). With regards Bituach Menahalim vs Keren Pensia (Pension fund) - [BTW, from experience, most people do not actally know exactly what they have unless it was clearly explained to them], there are pros and cons to each one. If there was one perfect type of fund and company, everyone would be in the same plan. One's salary, family status, health, age etc all impact the personal decision whether to choose a Bituach Menahalim over a Keren Pensia, or vice versa, or to split the salary and put into both. NO SINGLE ANSWER CAN BE GIVEN HERE, as it is a purely personal decision, according to one's specific financial profile. Not every Bituach Menahalim has life insurance built in to it. If they do, people with separate private life insurance may wish to reconsider, as this extra life insurance may decrease one's future pension, as the money to pay for it comes out of the pension money. Not all plans have disability income, and even those that do, there are different levels of cover. Some may be general disability, whilst others may be more job specific. With regards management fees, a Bituach Menahalim on the whole (but not always) has a lower management fee than a Keren Pensia, whereas a Keren Pensia has a lower fee (but not always) than a Bituach Menahalim regrding the accumulation. Ones age at time of joining plan may also determine which type of policy to go for. As far as whether or not you are paying too much, I would be wary of the information given by the "Feex" website, as they may not see the whole picture. A company like Cellcom with thousands of workers will put out plans to tender with different companies, and be able to negotiate a far far lower management fee package than a company of 10 workers, which in turn will pay less than an individual or company of 3 workers. It is however IMPORTANT to keep alive a Bituach Menahalim from before 31/12/2012 alive, as the coefficient used to calculate the pension is fixed at the time one signed up to the plan. Newer bituchei Menahlim (post 01/01/2013) and Kranot Pensia will only provide the coefficient at pension age. The longer people live, the lower monthly pension these plans will give. Bottom line, every plan is different, every company is different, and the management fee structures will differ accordingly. If you are working for Cellcom, 4% + 1.25% for an older Bituach Menahalim is high. If you are at a small company or an individual worker, then for plans sold a couple of years ago, it is slightly lower than the average.

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