Why pay fees for investment advice?
"Your charges are way too high!" Said my client, when I recommended he get himself a plan made. Every month he would call me to ask about appropriate instruments to put his savings into. As a financial planner I know such advise based on limited information about his financial situation was not only inappropriate but could also be detrimental to his long term wealth. He however was happy that he was earning well, saving regularly and was well versed with investments and hence was ok with the current set up. I would like to compare investor's relationship with their advisors with that of a patient with a chemist and a family doctor. You go to a doctor for advice, take a prescription to the chemist and buy a product. But hey! You need to pay your doctor a fee and plus pay your chemist a margin on the product purchased. Would it not be really smart to simply ask the chemist for a prescription? He is earning a profit from the product isn't he! When it comes to mone