Reply to Why would you pay 1% to a financial advisor?

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[quote=Anonymous]NP here. I just found this thread at the top of the finances forum when I came here for the first time to ask: when, if ever, is a financial advisor NOT a ripoff?

I’m ~40, and my husband manages our accounts, but we just looked into my 65 year old parents’ accounts and there are fees everywhere you look! .75% advisor fee, plus 
% fees when you buy sell, commission type fees, fees for having cash, etc etc. Not one fund performed at market or better. And it’s not because they are in conservative accounts - their accounts lost more than the market in down turns as well. They would have or 20% more if they had just invested in an index fund 5 years ago when they switched to an advisor.

I’m so furious.

I also have a 401k with John Handcock that has built in financial advisors with actively managed fund and they never beat market either. And they don’t let you pick anything other than the actively managed funds.

I’m starting to think there should be a PSA campaign on how to avoid financial advisors.[/quote]

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