Make your financial adviser sweat!
Click here for a great article at Forbes on-line.
Since most financial advisers are not fee-based but accept compensation from products and rewards from management, they provide "conflicted advice". They may not be acting in your best interests. And usually their compensation is hidden. The problem is often compounded because the adviser's firm is compensated with various incentives if a supplier's products are being highlighted over others. DO NOT BE SHY TO ASK HOW THEY ARE COMPENSATED - IN DETAIL.
The article is an amusing tale of what happened when adviser was asked... It is not a long article.
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What to Do Next
The most important first step is to understand what is most important to you and establish goals in alignment. Then choose someone that can bring a team of independent experts together and assemble the advice (prioritized in your best interests) to make it happen. That said, it is completely appropriate to choose investing as the first topic. We regularly analyze folk's current investment strategy with nothing expected in return. (We'll analyze other aspects of your strategy if you wish.) We look at: - Overall Performance (vs. benchmarks & our model portfolios)
- Portfolio Design
- Diversification
- Fees & Expenses
Give us a call. 760-804-0910 |
