Quote:
Originally Posted by Gpsma
Still dont get it that educated, intelligent people here fall for an “investment advisor” who is small and located in the villages.
Why?…dont know. So many people here use the major firms…fidelity, schwab, etc.
My guess…those that got scammed….greed got them…
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I don't think that is it. I think a lot of people want the personal touch that a small time local advisor can offer. Unfortunately, that sometimes equates to less oversight or the advisor taking liberties that wouldn't be tolerated at a larger firm.
Just my opinion, but if one is paying AUM (assets under management) or any brokerage\commissions you have the potential to be taken advantage of. There are many flat-fee fiduciary advisors that will guide without being tempted by commissions and churning accounts.