Paying for financial advice - unbalanced at best, biased at its worst
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“Guest calls 285,000 FINRA registered advisers sleazy and underhanded, not held to any legal standard or recourse, in part because they can sell commission based products. Advises consumers to run, not walk, away from fee-based advisers and seek a fee-only adviser, to which the host drinks the cool-aid and laughs about needing to take a shower because even he mixed up the two, but there is no clear explanation of the difference beyond the opinion of a Wharton school economist insinuating that fee based advisors are vastly inferior and don’t act in their clients best interests. Yet the host uses the 1% to 1.5% fee on assets under management as appropriate for fee-only advisors but not for fee-based. The fee, which is based on your assets, is ok for fee-only advisers, but consumers should avoid “fee-based” advisers? Hypocrites. Expected more from NPR.
By the way, investigations, fines and regulatory actions assessed to “fee-only” RIAs has risen dramatically in recent years; and despite a much smaller pool of advisors, total fines have exceeded FINRA registered rep actions and fines.”
#cnyinsuranceguy via Apple Podcasts ·
United States of America ·
05/09/19
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