what is a financial advisor and how much do they usually cost
A FA is someone who is usually with a company (Edward Jones, Merril Lynch, etc) and represents financial products. They give you advice on what investments suit you best based on your goals (retirement, college, stocks, or just best interest for your money.) They usually get paid by commission on your investments. I have heard of some even charging hourly rates. I find it hard to believe though that a FA is going to do "your best interest" and listen to your goals hard since they get paid by how much they sell you. I feel if you are looking for investments they are good but just for great financial advice speak to family members, an Accountant, or finance professionals for organizations such as CFO’s, Staff Accountants, Controllers (if you have any friends in these positions.) These people will help you with knowledge not because they will be getting paid by recommended investments.
May 27th, 2010 at 12:28 am
A FA is someone who is usually with a company (Edward Jones, Merril Lynch, etc) and represents financial products. They give you advice on what investments suit you best based on your goals (retirement, college, stocks, or just best interest for your money.) They usually get paid by commission on your investments. I have heard of some even charging hourly rates. I find it hard to believe though that a FA is going to do "your best interest" and listen to your goals hard since they get paid by how much they sell you. I feel if you are looking for investments they are good but just for great financial advice speak to family members, an Accountant, or finance professionals for organizations such as CFO’s, Staff Accountants, Controllers (if you have any friends in these positions.) These people will help you with knowledge not because they will be getting paid by recommended investments.
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