You have sheer stupidity that goes far beyond investment risk, when those with a modicum of investment intelligence have to rely on an investment adviser.
Example: Paying 1½ to 2% or more of your assets as a minimum charge to investment advisers can represent as much as 15%, 20% and much more of your annual investment income.
That’s outright foolish; you will be receiving little practical advice in return. Unless you have never heard of unmanaged, indexed mutual funds or ETFS, what sense does it make losing that much of your investment income every year? ( See the Earl J. Weinreb NewsHole® comments.
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