How to get really objective smart $$ advice

bookreader
Fri, 01 Feb 2013 16:41:42 +0000

Quote:
What I’m finding is that some Fee-based Financial Planners want to waive the “fee” and charge you a percentage of the funds you invest with them and that they manage. And that feels wacky to me.

No, that is exactly what you want - IMO. If you do the math, and compare this cost to the cost of using a planner who’ll profit every time a financial transaction is made, you’ll pay much less with the fee-based planner. I know it sounds crazy but when you run the numbers, you’ll this to be the case. In the later situation, the fees are really hidden so it’s hard to know exactly what it is costing you. THis is why the fee-based method seems so expensive - you have no idea (unless you really dig) how much the guy is making off of your money.

Ours is a fee based planner so we know exactly what is fee is - in our case it is 1% over the course of one year. And remember, he only makes money if we make money. In the other method, the guy makes money whether or not you make money.