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

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[quote=OTAlexFA]"OT Alex seems to be a Financial Advisor."  - That IS a fact.  (Hence the FA at the end of the handle.)

"Thousands of unsuspecting people have had their life savings stolen from them by slick Financial Advisors." While I don't doubt this number is in the thousands, I also think that a very small few bad apples can ruin the bunch.  If you think thousands of advisors are attempting to do this, I'd say you're overwhelmingly mistaken.

"Financial Advisors don't have any inside information which is not available to anyone who pays attention to the markets." - I'd debate that.  Not to mention, I'd love to see where and how you get your information.

"Financial Advisors charge an annual fee of 1-2% of the overall value of each person's money they manage." - All of them?  False.  Majority?  Yes.  Doctors aren't free.  Mechanics aren't free.  Hair stylists aren't free.  Counselors aren't free.  I can't believe that THEY would charge for a service if I willingly go to one.  The nerve!

"When people pay 1-2% of their entire wealth each year to their Financial Advisors they lose the potential of compounding their wealth."  People do not have their entire wealth with FAs.  I'm not investing their home equities, car titles, life insurance values, et al.  But, you're doing quite the job of painting the dire scenario here.

"Over a period of decades Financial Advisors/Planners become wealthy by siphoning off the profits their client should have been earning."  Is that so?  Again, would love to see your statistics with this claim.  Or, is "siphoning off the profits" your negative way of rephrasing that FAs charge for what they do?

"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."  - Well this is patently false and more of an opinion, frankly.  But, I'm sure you have facts to back this up too..?

I like having this debate.  I know I'm being a bit snarky in my responses but all I'm trying to do is enlighten people that paint the wrong pictures of people.
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