[Pleasant, light opening music] Biggie: Hello everyone, and welcome to “Dad’s Course” – the podcast that helps you make sense of your money! I’m Biggie, your host, and today we’re talking about one of the most important topics in the world of investments – bank fees. Joining me is Nadav, who’s here to ask questions and learn how to handle this. How are you, Nadav? Nadav: Hi Biggie, thanks for having me! Honestly, all this stuff about fees is pretty confusing to me, so I’m glad you’re here to shed some light on it. Biggie: Of course, Nadav, that’s why I’m here. So, let’s dive in. First of all, what do you know about bank fees for investments? Nadav: Honestly… not much. I know they charge money when you buy and sell stocks, but beyond that, I don’t really understand how it works. Biggie: Let me explain. When you open an investment portfolio with a bank, you’re essentially agreeing to pay several types of fees. For example, there’s the fee for buying and selling securities. Every time you buy or sell a stock or mutual fund, the bank charges a percentage of the amount. Nadav: Okay, so how much is it usually? Biggie: Let me explain. The standard fee can be around 0.5%. For example, if you buy a mutual fund for 100,000 shekels, you’ll pay 500 shekels just for that transaction. Nadav: 500 shekels?! That sounds like a lot. Biggie: It is, and that’s exactly why it’s important to negotiate with the bank. A good fee is around 0.12% to 0.15%, but you have to demand it. And the most important thing – don’t make small transactions, because then the minimum fee eats up most of your profit. Nadav: Ah, got it. And what about other fees? Are there other things I need to know? Biggie: Absolutely. Let me explain about custody fees. This is a fee that the bank charges every three months for managing your investment portfolio. Nadav: And what do I do about that? It also sounds expensive. Biggie: You’re absolutely right, Nadav. This is another fee that you can – and should – negotiate. The bigger your portfolio, the more significant the discounts you can get. Nadav: How significant are we talking? Biggie: Let me explain. You can get discounts of 90% or even 100%, depending on the size of your portfolio and your negotiation skills. Nadav: Wait, so you’re saying I can just not pay it at all? Biggie: Correct, in some cases that’s possible. Let me give you a numerical example: if you have a portfolio worth 750,000 shekels, your quarterly fee might be around 500 to 750 shekels. But if you get a 90% discount, you’ll only pay 300 shekels per year instead of 3,000. Nadav: Wow, that’s a huge difference! Biggie: Exactly. That’s why I always say – check your fees every year. Banks often increase them without notice, and the notifications go to the online bank mailbox that nobody actually checks. Nadav: Okay, so how do I start? What’s the first step? Biggie: It’s really simple. Call your bank, ask to speak to an investment advisor, and start negotiating every fee you see in your statement. Remember, you’re worth a lot to the bank, especially if you have a significant portfolio. Nadav: Amazing, Biggie! Thanks for all these tips. I’m definitely going to check my fees. Biggie: My pleasure, Nadav. And remember – knowledge is power. Thanks for joining us on this episode of “Dad’s Course.” See you next time with more tips to help you take control of your money. [Light closing music]