The U.S. has about 66,000
certified financial planners, wealth advisory firms and assorted
investment advisers, whatever term they use to market their services,
certified by organizations they belong to, by virtue of conventional
training and tests, none of which make them truly the unusual experts
they claim to be.
Some are acting as estate and administrative agents as well, but this is not a service normally attached to the conventional requirement or need. This added service is an expensive undertaking on behalf of celebrities in the entertainment world and the extremely well-to-do.
They offer the average investor services which can be easily evaluated and bought on one’s own, without the costly need of such adviser. I constantly repeat this. Why?
Pay a fee to an adviser of 1½% each year (some take more) for advice you can perform for yourself, and you have saved $1,500 for every $100,000 of your assets. If you are lucky to get a 5% return these days, or $5,000 for every $100,000, that fee represents 30% of what you earned!! That makes a tremendous difference in your eventual net worth. (See the Earl J. Weinreb NewsHole® comments.)
Some are acting as estate and administrative agents as well, but this is not a service normally attached to the conventional requirement or need. This added service is an expensive undertaking on behalf of celebrities in the entertainment world and the extremely well-to-do.
They offer the average investor services which can be easily evaluated and bought on one’s own, without the costly need of such adviser. I constantly repeat this. Why?
Pay a fee to an adviser of 1½% each year (some take more) for advice you can perform for yourself, and you have saved $1,500 for every $100,000 of your assets. If you are lucky to get a 5% return these days, or $5,000 for every $100,000, that fee represents 30% of what you earned!! That makes a tremendous difference in your eventual net worth. (See the Earl J. Weinreb NewsHole® comments.)
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