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One of the key advantages is that you don't have to wonder whether you are getting independent advice ... or a sales pitch. I've used both and found it wise to check-out the advice of an advisor who has 'a dog in the fight' ... with one who doesn't.
There are good and bad advisors in each of the types. How they get paid should not be the way they are judged.
Do your homework on them and check references.
Good advice; I'm going to meet this guy soon, should I ask him to give a list of references? Would he balk at that? If he did, probably not the right guy then...
I'm meeting with one on Friday, a personal recommendation from a very good friend.
One thing that the adviser has asked us to bring is "summary of benefits statements from employers". Could anyone shed any light on what value such information might bring to the advise? (Perhaps I'm not really thinking what value such information could bring because I'm skeptical about how long-lasting the jobs themselves will be, and especially skeptical about how long-lasting the current benefits themselves will be.)
Agreed. How the FA is compensated is not the issue. What is crucial is that the FA disclose exactly how much they are compensated, and is this the best program for the investor; in other words, can the investor accomplish their goals within their stated time frame after paying the commission to the FA. The most important factor is, will the investor accomplish their goal.
Disagree completely. How the FA is compensated makes all the difference in the world. This is precisely how a lot of people find themselves in serious trouble--they are taking financial advice from a salesman who has a vested interest in selling them products with high commissions.
Quote:
Originally Posted by mathjak107
There are good and bad advisors in each of the types. How they get paid should not be the way they are judged.
Do your homework on them and check references.
Quote:
Originally Posted by carlcontreras64
Agreed. How the FA is compensated is not the issue. What is crucial is that the FA disclose exactly how much they are compensated, and is this the best program for the investor; in other words, can the investor accomplish their goals within their stated time frame after paying the commission to the FA. The most important factor is, will the investor accomplish their goal.
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