{"id":4986,"date":"2014-11-05T04:14:11","date_gmt":"2014-11-05T12:14:11","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=4986"},"modified":"2014-11-05T04:14:11","modified_gmt":"2014-11-05T12:14:11","slug":"investment-fees-know-youre-paying","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/investment-fees-know-youre-paying\/","title":{"rendered":"Investment Fees – Know What You\u2019re Paying For"},"content":{"rendered":"

\"investment<\/a>In my previous article,

management fee<\/a>; if it\u2019s substantial, it\u2019s worth investigating if you\u2019re truly getting enough bang for your buck.<\/p>\n

As a general rule, if you\u2019re just investing with a firm, your management fee should be low\u2014and you\u2019re probably better off going with an index fund rather than paying someone to pick stocks for you. Conversely, if your management fee is high, you should be receiving comprehensive advice as well as the type of trusted advisor relationship you want.<\/p>\n

Let\u2019s say company A charges you a 1% management fee primarily to invest your portfolio. That\u2019s good, but wouldn\u2019t it be even better\u2014of greater value\u2014to work with company B, which provides the same thing company A does, plus additional services, for the same 1% fee? Those additional services can include receiving one statement that consolidates all your accounts, having access to a digital locker to store important documents, and even doing your taxes and wills (not something we espouse, but that\u2019s for another blog).<\/p>\n

You will probably want to work with a Certified Financial Planner (CFP)<\/a> who can discuss your short-, medium- and long-term goals; set a plan to achieve them; and monitor it to ensure things are on track or modifications are needed. A CFP also can assist with the integration of your entire financial \u201clife,\u201d which includes your estate plan, tax plan, charitable giving needs and insurance needs.<\/p>\n

Expertise from a CFP is valuable, i.e., fee-worthy, because making poor financial decisions and\/or investing mistakes can have a huge impact on your future. We\u2019ve seen it many times before: people are scared or greedy and they do stupid things, or they take advice from a bad source, perhaps someone with little or no investment training who has a hot tip or claims to be knowledgeable about the next big thing.<\/p>\n

What about the benefit of having a relationship with a financial advisor you really trust? You can\u2019t affix a numerical value to this intangible, but it can be worth its weight in gold. When the market plummeted in 2008, a lot of people were tempted to sell everything and bury the proceeds in their backyard; because good advisors know their clients, if any of them developed that desire, they\u2019d be able to talk them out of making a short-sighted choice.<\/p>\n

It\u2019s hard to fathom, but many people entrust their financial future to someone they don\u2019t really know<\/a>\u2014and more importantly, someone who doesn\u2019t really know them. We recently asked a prospect how he chose his current broker, and he said it was the person his father had used. He admitted they never talk. We were dumbfounded; this advisor can\u2019t know his goals and objectives, when he\u2019s sending kids to college, how long he wants to work, etc.\u2014and he\u2019s probably charging a pretty penny for his \u201cservices.\u201d<\/p>\n

I\u00a0hope you see that all fees are not the same. Unless you like overpaying, it behooves you to know what you\u2019re paying for when you work with a fee-based advisor\u2014or choose to work with a fee-only advisor, who will provide you with objective counsel for a totally transparent fee.<\/p>\n

To learn more about Christopher Van Slyke, view his Paladin Registry profile<\/a>\u00a0or visit Worthpointe<\/a>.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In my previous article, Investment Fees \u2013 The Hidden Cost, I\u00a0discussed the sources of fees that clients unwittingly pay to advisors and brokerages. Not knowing you\u2019re being charged for something is an issue, but so, too, is whether you know what you\u2019re paying for. Let\u2019s start out by saying that fees in and of themselves aren\u2019t necessarily bad, but you want to get value for your expenditure. This is especially<\/p>\n","protected":false},"author":52,"featured_media":4990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325],"tags":[],"class_list":["post-4986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors"],"yoast_head":"\nInvestment Fees - Know What You\u2019re Paying<\/title>\n<meta name=\"description\" content=\"Investment fees in and of themselves are not necessarily bad, but you want to get value for your expenditure. 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