One of my biggest pet peeves is when a company doesn’t list their fees on their website. These companies usually do a great job describing their product or service, but there’s usually a mystery as to what it costs.
Financial Advisors have historically been very notorious for this sort of practice. In fact, I remember the training I received when I first got into this business 12 years ago. I was told that if a prospective client ever asked about the cost, we were to say things like, “we don’t need to get under the hood right now” or “let’s schedule a meeting to discuss this in person”. I never implemented this advice because it made me feel like something was being hidden.
The cost to hire a financial advisor has been a mystery for far too long. In today’s blog post I will discuss the 3 different types of financial advisors and the cost for each.