Securities Advice Can Be Costly

                       

I always comment on the high cost of financial advisory services, as much as 25%, 30% and more of actual earnings from an investment portfolio, though the fee looks harmless when set at 1% or 1 1⁄2% of total assets. (Calculate the simple math and see for yourself.)

                       

But the Wall Street folks keep piling on layers of advisers, even advisers who select overseers of advisers. Each layer of costs adds up, while the victim (the supposedly hapless client) thinks he or she is being well-advised. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)