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Secret #5
Beware of Who To Trust
Secret #4 Now this is a big one and can be really
complicated. Much more so than you know.
Who To Trust?
Who do you trust when The WAY the industry is
designed, (just like capitalism) it’s designed to
first benefit the industry or the company such as
Merrill Lynch, Fidelity, Wells Fargo, the banks,
Insurance companies, etc.. Therefore, the FIRST
goal is for the company to make the most money,
THEN the advisor and lastly the consumers..
YOU
What this means is that even if your advisor is
your friend, or your brother, or your neighbor or
your mom’s hairstylist’s sister,.. even if they care
about you- because of the way the industry is
designed you are still getting screwed. -( See a
pattern??)
It’s not the advisors’ fault, but if you are in the system – no matter how much they love you
they don’t have the options that fee only advisors have.
Just a quick tip I’m going to throw in. There is a HUGE difference between “Fee-based”
and “Fee-only”: Blurring the difference, commission-based agents and broker/dealers
created the category dubbed "fee based," which means they charge a fee in addition to
collecting commissions. Study after study show that even consumers seeking a strictly
fee-only advisor find these terms confusing.
Fee-Only Financial Planner: What’s The Difference?
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© 2020 Hilton Financial Group, LLC
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