How to Vet Your Financial Advisor

 There's a straightforward but undeniable reality in the financial consulting and wealth planning industry that Wall Block has kept as a "dirty small secret" for years. That dirty little, and usually ignored key is THE WAY YOUR FINANCIAL ADVISOR IS PAID DIRECTLY AFFECTS THEIR FINANCIAL ADVICE TO YOU! west palm beach financial advisor

You want, and deserve (and therefore SHOULD EXPECT) fair economic advice in your best interests. But the truth is 99% of the overall investing community has no idea how their economic advisor is compensated for the guidance they provide. This can be a destructive oversight, yet an all too popular one. There are three fundamental settlement types for financial advisors - commissions based, fee-based, and fee-only.

Commission Centered Financial Advisor - These advisors sell "loaded" or commission spending items like insurance, annuities, and loaded good funds. The commission your economic advisor is earning on your own deal may or might not be disclosed to you. I say "transaction" because that's what commission centered financial advisors do - they help TRANSACTIONS. When the exchange is over, you may be lucky to know from their store again because they've currently gained the majority of whatsoever commission they were likely to earn.

Since these advisors are paid commissions which can or may not be disclosed, and the quantities may vary based on the insurance and expense services and products they sell, there's an inherent struggle of interest in the economic assistance provided for you and the commission these financial advisors earn. If their income is dependent on transactions and selling insurance and expense products and services, THEY HAVE A FINANCIAL INCENTIVE TO SELL YOU WHATEVER PAYS THEM THE HIGHEST COMMISSION! That's not saying there aren't some sincere and moral commission based advisors, but obviously this discovers a conflict of interest.

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