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. But none of which make them truly the unusual experts they claim to be.
Some are acting as estate and administrative agents, 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 all 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.
Pay a fee to an adviser of 1 1⁄2% each year (some take more) for advice that you can perform for yourself, and you have given up $1,500 for every $100,000 of your assets. If you are lucky to get a 5% return, 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 and @BusinessNewshole at Twitter.)
No comments:
Post a Comment