How Did Arca Agents Find Hidden Advisor Fees?

Aman Singh says Arca agents found fees an existing advisor was charging that the person did not know about. The advisor charged $1,500 for services and was not very responsive. After reading the documents, statements, and current investments, the agents surfaced the extra fees, showed the person was being overcharged, and showed the advisor was not a fiduciary, so the advisor was not obligated to act in the person's interests.

The person was not a client yet but was at the point of becoming one, and Arca already had the documents. The agents analyzed the goals the person stated and the statement of who the current advisor was and how much they charged. They made the person aware of the unknown fees and of the missing fiduciary duty. The agents also flag when someone has a deadline coming up or is at risk of missing an RMD. Tracking deadlines and an RMD is difficult for humans at scale, and it is the default behavior of the agents at Arca.

The attention to detail in the financial picture caught the overcharge, and the same review would not have been possible without the agents.