Reply to Does a commission based financial advisor ever make sense?

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[quote=Anonymous][quote=Anonymous]I’ve always read that for most people it’s waste of money to pay for a financial planner that charges a % based commission and that you should go flat fee. I have a family member who told me they’re going with a commission based financial planner charging slightly below 1%. I was kind of surprised to hear this because from knowing them they’re already fairly money savvy on their own and this goes against most advice I’ve read. I don’t know their net worth but I have a rough ballpark and it’s probably $5M give or take.

They told me for their situation going with this particular financial planner seems like a good idea, the person has good reviews, they expect to get slightly better returns than the S&P 500 with active investment decisions, and they can get help with tax advice. What do you think? I personally wouldn’t but maybe there’s a good reason I’m not aware of? I didn’t want to pry too much so I limited my questions during our visit. [/quote]

My fund manager earns every penny of his 2 and and 20.[/quote]

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