Sales charge is #1 factor for frequent in-and-out trades. Sales charge is plain old transaction cost, just like VAT or electricity cost. The more often you buy/sell, the higher. High sales charge encourages buy-and-hold. The extreme case was my Commodities day-trading in 1997 — no unit trust.

I guess financial advisors recognize but would resolve/rationalize client’s fixation on sale charge. I guess when you look back at any “completed” unit trust investment,

• if it’s a negative return, then the 1% sales charge rubs salt onto the injury.
• if it’s a positive return, then the 1% sales charge doesn’t mean much. Other factors often dominate.
• if you had to wait (to exit) for MV recovery, then you would resent the sales charge