2The Extraordinarily High Cost of Investment Advice

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Some years ago my cousin Bob, an oral surgeon in a midsized American city, told me someone was trying to sell him investment services. He wanted my thoughts on the matter.

A woman in his city, a local consultant with a large national investment brokerage firm, was calling him regularly to convince him to place his pension fund’s assets in her company’s wealth management program. Bob seemed to be responding to the marketing effort. He was considering entrusting the pension fund assets—about $1 million at the time—to the brokerage firm for advice and management. But he knew I might have a different ...

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