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Reply to "Does a commission based financial advisor ever make sense?"
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[quote=Anonymous][quote=Anonymous]DP. Im trying to understand difference between “fee based” and “commission based” here. So fee based typically are paid via AUM and commission based are paid when they sell you a product? A quick google search shows fee based advisors can be fiduciaries while commission based typically are not. If that’s correct, that’s a big deal to me. [/quote] Fee based advisors sell products and can get paid managing money by AUM or other billing methods. Almost all of the advisors that say they are fiduciaries are not. One quick test - Does your advisor ask for your tax return and develop an investment strategy based on your tax/income/goal projections? Does your advisor review your estate planning documents, recommend an estate planning attorney and sit it in on the meetings with your attorney? About 5 out of 500 do the above. The rest are charlatans. [/quote]
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