12 Myths About Working With a Financial Advisor
However, there are a lot of myths and misconceptions about financial advisors. Because of this, some people are hesitant or downright resistant to working with someone based on inaccurate perceptions.
Why Financial Advisors Charge a 1% fee
If your portfolio is $1,000,000 and your advisor charges 1%, most won’t ever bring up that 1% of $1,000,000 is $10,000 per year. And since most advisors debit the fee quarterly from investments accounts, rather than sending an invoice, the fee is just swept under the rug.
How Many Clients Should An Advisor Have?
When I launched my firm I set a firm number of clients I would take on. Since launch I realized that number, which was under 100, was still too large. Why was it too large? Simply, I couldn’t spend the appropriate amount of time with a client they deserved. I updated my maximum number to 52 clients.
Why do flat fees matter
Imagine shopping for a financial planner and one of the questions you ask is how much is your fee and they respond with “how much money do you have?”