Quote:
Originally Posted by Bearlythere
Investment Advisors make money even when you don't.
|
I know. Right.
That thing they say about how they make money when you do is missing one word —
more.
They make
more money when you do.
But they still make money even when you don’t. What happens with some of them is that they get to dip in quarterly to your money that is sitting there — up or down — they get paid.
That does not mean it is a bad decision to use an advisor if that is your comfort level. I just find the implication that they
only make money when you do to be disingenuous.
I think a respectable, trustworthy advisor would be upfront and transparent about how and when they get paid. They are not doing charity work, of course, but they should be direct about exactly how they are paid — every single fee. If not, move on.
Boomer