(05-08-2014 12:32 PM)21-17 Best Time I Ever Ha Wrote: I'm looking for an advisor who doesn't sell anything but their time for advice on retirement planning and triaging debt, not investment advice. I want someone who is personable and easy to talk to.
Just need a general household finance hacker for the Golden Years, or in my case, the Downhill Slide.
Thanks, y'all!
I'm an agent, advisor and consultant. Which means I can sell a insurance or financial product on commission OR I can charge a fee, instead. Often, for the exact same product(s).
And just as an FYI, I'm not able to help you because I'm not in Tennessee, so I'm not soliciting for business.
Often when I sell a particular product/service on commission, it's the same price to the client as when I add the fee ON TOP of the cost of the product to the consumer, for the MAJORITY of products consumers need/buy--after they've told me (insisted, basically, because they've been told never to work with a "commission" sales person) they want me to work for a fee instead of commission.
So, paying me a fee actually ADDS to their cost, many times when I would have preferred the commission because it could have paid me more, but I can't take a commission when I work for a fee. And my advice would have been the same, either way--whichever products/services are BEST for the client's situation.
What most people don't realize is that the cost to the consumer of the majority of products recommended by fee planners to build wealth and provide income, are NOT discounted when they pay a fee-based planner to sell it to them.
THE point I'm making is that getting advice from someone who is "paid a fee" versus commission based, won't guarantee you anything regarding better advice, or paying less money.
My advice: You need someone who is a FIDUCIARY when it comes to managing your money.
A lot of fee planners are NOT. A lot of commission planners are NOT. And a commission based salesperson can be a Fiduciary, the same as a fee based one.
The issue is simply the character of the person giving you advice, and whether they have the duty to put your financial interests above their own.
Because in the end, whether someone sells you a product, or sells you advice, you're getting sold something.
All the emphasis you hear on "we're paid a salary so we don't have some ulterior motive to sell you something" is a just sales line. And when you believe it, you just got sold.
Consider the salesperson who tries to sell you the TV at the big box store next time you go there who says they're paid on salary, so they don't have to sell you something. Then watch how hard they try to sell you something. You think they get to continue earning their salary if they don't sell you stuff?
Last point: Bernie Madoff was a fee-based planner.