On the surface, the subscription fee for fund subscription is charged by the fund company.

But most of them were taken away by the sales channel at the time of settlement.

That is, the subscription fee is usually used for direct selling institutions of banks, brokers and funds.

And share it among other consignment agencies.

When issuing new funds, fund companies have to pay for channel promotion and marketing, and even give early rewards in various forms.

The current policy of banks is still a great burden for fund companies. Generally speaking, when a new fund is raised for the first time, the fund company's reward for the bank channel includes three parts: the refund of subscription fee, one-time sales reward and trailing commission.

Why are banks expensive? Because banks have resources and big customers, most of the funds will not give up the channels of banks.

A treasure is different, and many of them are small and fragmented financial management.