CHAPTER 5The Savage Truth On Financial AdviceNot All “Advisors” are on Your Side
The financial services industry has grown dramatically in the past decade. An aging population, a booming stock market, and literally trillions of dollars of retirement assets have created a demand for advice and services. They offer everything from investment advice and basic goal-setting to a complete financial plan, including guidance around retirement, taxes, insurance, estate planning, and more.
But how are you supposed to choose the most appropriate advisor, and the one you can trust? Some offer the personal touch in guiding your investments or designing a plan for your future, while others offer automated “robo” advice that can be very cost-effective in guiding you to financial success.
The industry spends billions on advertising to attract you to their firms. And where do they get the money to buy all those ads? They get it from the fees and commissions that you pay, often without even knowing the costs.
I’m not suggesting that you avoid all fees and commissions. After all, it’s an old Savage Truth that good advice is always worth paying for. But how will you know if the advice is good? Even more difficult, how do you know what you’re really paying? It’s not always obvious. And how can you possibly know if the advisor has your best interests at heart?
You Need a FIDUCIARY Advisor
The dictionary definition of the word fiduciary is “a person who holds a legal or ethical relationship of ...
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