It appears many stock brokers/financial advisors want to be paid a fee based upon assets under management (AUM). Most want 1% + or - , depending on portfolio size and other matters. They argue it is only 1% but it is one percent of assets and is not a function of income or the lack thereof. If a portfolio returns an average of 7% per year that 1% of AUM works out to be 1/7, more than 14% of income. That is a huge bite out of income.
Moreover studies have shown that a low cost index fund of the S&P 500 or other broad market, low fee index fund over a period of 10-20 years outperforms 95% of professional money managers. If they are active managers the total cost is even higher due to the "friction" of trading cost and income taxes.
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"No one is more hated than he who speaks the truth." Plato
“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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