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Watch out for IPX Bait and Switch

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IPX was recently added to my districts plan. The promoted access to dozens of low priced Fidelity funds for fee of $50 a year. I was supper excited and after reviewing the entire list, which I shared attached to this post, I decided to open an account.

There was a catch with IPX though. They put me through a bait and switch. After I signed up for the account I noticed that not all of the investments that were disclosed to me before I started the account were available. When I questioned this they


"We are QA'ing the Fidelity fund list and should be pushing out to the system the list i first shared with you.  Would think it will be there by early next week."

After the week the fund list was refreshed, but with out many of the low cost investments that were originally advertised. When I question this again, the representative apologized and


"Good morning.  There were several funds from the original list that I sent to you which are cannot be included in the lineup.  Most of those were the institutional index funds which had to be deleted.  I apologize that they were included in that original list provided.    

Please let me know of any additional questions I can answer for you."


Needless to say I will not be doing business with IPX. I will be going with Vanguard instead. Please make sure you watch these companies. We need to keep them honest.

Thanks agin to all that post here for your support and guidance.




fidelity p3 funds (1).xlsx

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Hi JC,

On page 92 in my book Fighting Powerful Interests, section "My Head was Spinning," (free download from my blog), I document an almost identical story about fee "bait and switch." First the Valic rep said to the board of education 15 basis points but then the financial consultant said we had to add on 27 basis points for revenue sharing for a total of 42 basis points. Remember the revenue sharing days? This was 14 years ago. My point was even at that low cost, why didn't they just say 42 and be done with it, BUT THEY DIDN"T.

Your example and mine are just a tiny bit of hideous evidence about the perverse motive of almost the entire financial industry with regards to public K12 school districts. For 40 years, nobody and I mean nobody cared and they got away with highway robbery for decades. 

But in the last 20 years, their secret began to crumble because of people like you JC who are courageously digging into this stuff and finding conflicting information everywhere, and reporting it here! 

Everybody in the world outside of k12 knows more about fee transparency than inside k12. 

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