Reply to if you have a financial advisor-question on fees from mutual funds

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[quote=Anonymous][quote=OTAlexFA]I watch Dateline NBC sometimes.  It must mean all of my neighbors are online child predators.  I mean, it's on TV, so it must be true!   :shock:

Not using a financial advisor is one's prerogative and I won't demean you for doing so by any means.  However, to say that all FAs are greedy and thieves is so patently false that I'm almost disappointed in justifying that opinion with a response.

[/quote]

OT Alex seems to be a Financial Advisor.

Thousands of unsuspecting people have had their life savings stolen from them by slick Financial Advisors. That's a fact

Financial Advisors don't have any inside information which is not available to anyone who pays attention to the markets. That's a fact

Financial Advisors charge an annual fee of 1-2% of the overall value of each person's money they manage. That's a fact

When people pay 1-2% of their entire wealth each year to their Financial Advisors they lose the potential of compounding their wealth. That's a fact

Over a period of decades Financial Advisors/Planners become wealthy by siphoning off the profits their client should have been earning. That's a fact

Prudent people who accumulate great wealth in their lives do not use Financial Advisors/Planners. If you are not capable of managing your own money you will never increase your wealth by giving it to someone else to manage it for you. That's a fact[/quote]

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