Here’s the question you really want to ask your financial advisor by Lorie Konish
…….if you haven't asked your financial advisor how they are being compensated, now is the time to ask……
Tag: Financial Advisor
How Dealing with a Fee-Only Advisor is Good for the Client (As Seen in Economic Times)
Remember that a person selling a product can never be a true advisor, as their interest lies in selling their product and meeting their targets. So, who should someone seeking advice turn to? The best bet for the investor would be a fee-only advisor, who only offers advice, just like a doctor/lawyer and does not sell products or get any remuneration from it. In such a case, the advisor would work in their best interest, offers the most appropriate solution and charges a fee for it.
Five Ways to Avoid Financial Adviser Fraud by John Wasik
………"Investors must insist their advisors put in writing they will do certain things that the best advisors today already do," said Knut Rostad, executive director of the Institute. "The Investor Bill of Rights will help them."
Yikes! Clients still don’t trust their advisors, CFA Institute finds (as seen in financialplanning.com)
….In an industry where members often talk of acting as a fiduciary in the best interest of their clients, most investors still believe that their advisors fail to fully disclose conflicts of interest and the fees they charge, a new survey by the CFA Institute finds.