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Fees, Commissions, and Being a Fiduciary
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Have you asked questions about payment to that financial advisor you’re considering hiring? When it comes to hiring a new financial advisor, it is important to ask and understand how they’re getting paid.
Whether they’re getting paid through commission or fees, they should disclose that information with ease. It’s always good to know the type of fees you’re getting into.
In this episode of the Secure Your Retirement podcast, we talk about how advisors can get paid through fees and commissions. Listen in to learn about fiduciary and why it is important to ensure the financial advisor you hire is also a fiduciary.
In this episode, find out:
· Why you should ask your financial advisor how they’re getting paid to understand fees.
· How advisors used to be paid commissions on stocks and mutual funds brokering.
· How advisors charge on an hourly basis/flat rate or a percentage of assets they’re managing.
· Fiduciary – someone making decisions for you before they make decisions in their favor.
· The importance of working with a fiduciary and asking that question before hiring an advisor.
· The difference between legal and assumed fiduciary.
· Ways that can hold an advisor to a fiduciary standard and suitability.
· Ensure you properly understand an investment when not working with an independent advisor.
Tweetable Quotes:
· “The big thing here is someone that is working in your best interest, making decisions for you regardless of how it’s going to affect them.”- Murs Tariq
· “Fiduciaries a lot of time will keep things very clean so they don’t have to disclose things like paid recommendations.”- Radon Stancil
Resources:
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!
To access the course, simply visit POMWealth.net/podcast.
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