Mark and Tom discuss the various fees associated with mutual funds: a) 12B-1 fees – an ongoing expense charged to the fund and paid to the commissioned representative for selling the fund; b) Front-End Loads – a commission or sales charge applied at the initial purchase, and c) Back-End Loads – a sales charge that investors pay when selling mutual fund shares within a specified number of years, usually 5 to 10 years. These fees pose a barrier to operating as a fiduciary.

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