Brief thoughts on paying for financial advice -- why should it be different than paying for other professional services?
Would you be comfortable if your doctor was receiving commissions from drug companies for your prescriptions?
How would you feel if your accountant based his or her compensation on how much money you have rather than on the work they perform for you?
If you don’t like those, why are you okay with your financial advisor receiving commissions from investment companies for your investment portfolio? Or your advisor basing his or her compensation on the amount of your money they “manage” for you?
There IS a better way!
Your financial advisor should work only in your best interests. His or her compensation should be paid by you and should relate to the services they actually provide. Charging reasonable professional fees for services rendered is the model for other professions—why not for financial advisors? Learn more about fee-only planning at www.SafeHarborFinancialAdvisors.com.
As a local pastor in our area says in his radio commercials--"not a sermon, just a thought!"