{"id":9197,"date":"2018-08-07T09:03:15","date_gmt":"2018-08-07T16:03:15","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=9197"},"modified":"2024-08-28T06:06:43","modified_gmt":"2024-08-28T10:06:43","slug":"how-transparent-is-your-financial-advisor-when-it-comes-to-compensation","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/","title":{"rendered":"How Transparent is Your Financial Advisor When It Comes to Compensation?"},"content":{"rendered":"<p><strong><a href=\"https:\/\/www.dol.gov\/sites\/default\/files\/ebsa\/laws-and-regulations\/rules-and-regulations\/proposed-regulations\/1210-AB32-2\/impacts-of-coi-in-the-financial-services-industry.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">A 2011 survey of 7,800 investors by Cerulli Associates<\/a><\/strong> revealed that 33 percent did not know how they paid for the investment advice they receive, and 31 percent said they thought their financial advisor provided investment advice for free. That means that nearly two-thirds of investors did not really understand how their financial advisors were compensated.<\/p>\n<p>Why do most financial advisors hide their compensation from investors? The answers may surprise you.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e5f337cfe89\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e5f337cfe89\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#How_is_Your_Financial_Advisor_Compensated\" title=\"How is Your Financial Advisor Compensated?\">How is Your Financial Advisor Compensated?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#Commission-Based_Advisors\" title=\"Commission-Based Advisors\">Commission-Based Advisors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#What_You_Dont_Know_Will_Probably_Hurt_You\" title=\"What You Don\u2019t Know Will Probably Hurt You\">What You Don\u2019t Know Will Probably Hurt You<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#Fee-Only_Advisors\" title=\"Fee-Only Advisors\">Fee-Only Advisors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#A_Note_About_%E2%80%98Hybrid_Advisors\" title=\"A Note About \u2018Hybrid\u2019 Advisors\">A Note About \u2018Hybrid\u2019 Advisors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#Its_All_About_Transparency\" title=\"It\u2019s All About Transparency\">It\u2019s All About Transparency<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"How_is_Your_Financial_Advisor_Compensated\"><\/span><strong>How is Your Financial Advisor Compensated?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In general, there are two ways financial advisors get paid:<\/p>\n<ol>\n<li>Commissions \u2013 The source is a broker-dealer or a third-party product company.<\/li>\n<li>Fees \u2013 An asset-based fee (present of assets), fixed fee or hourly fee.<\/li>\n<\/ol>\n<p>Most advisors charge asset-based fees for investment services and fixed or hourly fees for financial planning services. Some advisors provide investment advice and services for fixed fees.<\/p>\n<p>Let\u2019s examine commission-based advisors first.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Commission-Based_Advisors\"><\/span><strong>Commission-Based Advisors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Commission-based advisors have a great sales pitch. They will \u201cconsult\u201d with you \u201cfree of charge,\u201d create a financial plan at \u201cno cost\u201d and recommend a product \u201csolution\u201d for which you \u201cwon\u2019t pay anything\u201d unless you decide to buy. Even then, you \u201cwon\u2019t have to pay anything out-of-pocket when you purchase the product.\u201d What\u2019s not to like?<\/p>\n<p>But you\u2019re smart enough to know that there are no free lunches, so you ask the advisor, \u201cHow do you get paid?\u201d to which he or she might answer, \u201cMy firm pays me or a third party pays me.\u201d A third party might be a mutual fund or insurance company that produces the products that were sold to you by the advisor.<\/p>\n<p>Free advice sound attractive, but the devil is in the details.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_You_Dont_Know_Will_Probably_Hurt_You\"><\/span><strong>What You Don\u2019t Know Will Probably Hurt You<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Because the commission-based advisor is not paid directly by you, but rather by their firm or a third party, you will never know how much the advisor was paid for the sale and you won\u2019t know how much the firm or third-party provider earned. While you may not feel worse off for not knowing \u2013 after all, \u201cit didn\u2019t cost you anything\u201d \u2013 your lack of knowledge will cost you a lot more than you know. And the less you know, the more vulnerable you are to slick sales tactics and \u201cfree\u201d offers that aren\u2019t really free. In fact, the product companies mark up their fees to cover the expense of paying commissions to your advisor. You may unknowingly pay higher fees for several years or for as long as you keep the product.<\/p>\n<p>The problem is not necessarily the commission, or sales charges, because some of that front-end compensation to the advisor must be disclosed to the client at some point. The real problem is transparency and the way commission-based advisors, and the firm they work for, get compensated on the back end, which is where the bigger conflicts occur.<\/p>\n<p>The crux of the problem in commission-based sales is that, ultimately, advisors work for the companies that pay them. They are your advisor, but they are paid by a third party. At the end of the day, it is na\u00efve to believe your interests are being served by a financial advisor who is paid undisclosed amounts of money by third parties.<\/p>\n<p>Now, <strong><a href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-to-distinguish-between-fee-based-and-commission-based-advisors\/\" target=\"_blank\" rel=\"noopener noreferrer\">let\u2019s compare this to how fee-only advisors work<\/a><\/strong>.<br \/>\n<style type=\"text\/css\">\r\n  .articles-ad-page {\r\n   border-top: 1px solid #ADADAD;\r\n   border-bottom: 1px solid #ADADAD;\r\n   padding: 15px 0;\r\n   margin-bottom: 10px;\r\n   display: block;\r\n  }\r\n\t.articles-ad-page {padding: 10px 5px; border-top: 1px solid #BEBEBE; border-bottom: 1px solid #BEBEBE; margin-bottom: 20px;\t}\r\n\t.articles-ad-page img {float: left; margin-right: 20px; max-width: 140px; margin-top: 5px; margin-bottom: 5px; border-radius: 0;}\r\n\t.articles-ad-page .txt {line-height: 21px; margin-bottom: 0; font-size: 14px; margin-top: 4px; }\r\n  .articles-ad-page .txt p{font-size: 14px;}\r\n  .articles-ad-page .txt p a{color: #035184 !important; font-weight: bold; text-decoration: none;}\r\n  .spocored-text{color: #cac5c5; font-weight: 500; float: right; font-size: 12px;}\r\n  .wa-text{color: #183a68; font-weight: bold; float: left; font-size: 12px;}\r\n  .articles-ad-page .alignleft{ float:left!important;}\r\n  .txt-head{margin-bottom: 2px; text-align: left; margin-top: -6px;}\r\n  .txt-text{margin-bottom: 14px;}\r\n  @media screen and (max-width:767px) and (min-width:320px){\r\n      .articles-ad-page .txt-head {margin-top: -15px; float: left; width: 50%;}\r\n      .articles-ad-page .txt {width: 100% !important; margin-top: 12px;}    \r\n      .articles-ad-page { display: block;}\r\n    }\r\n  @media screen and (max-width: 360px) and (min-width: 320px){\r\n    .articles-ad-page .txt-head a {\r\n        font-size: 16px!important;\r\n        line-height: 16px!important;\r\n    }\r\n    .articles-ad-page .txt-head{\r\n        margin-right: 14px;\r\n            width: 45%;\r\n    } \r\n    .articles-ad-page img{ margin:0 10px 10px 0px!important;}\r\n  }\r\n<\/style>\r\n\r\n\r\n<p><span class=\"spocored-text\" >SPONSORED<\/span> <span  class=\"wa-text\">WISERADVISOR<\/span><\/p>\r\n<div class=\"clearfix\"><\/div>\r\n<div class=\"Articles-ad-page\"><img decoding=\"async\" class=\"alignleft-new\" style=\"margin-top: 0px;\" src=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2023\/03\/ads-image-1.jpg\" alt=\"ad_article\" width=\"\" height=\"\"><p><\/p>\r\n<div class=\"txt-new\">\r\n<p style=\"margin-bottom: 22px;\"> <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-how-transparent-is-your-financial-advisor-when-it-comes-to-compensation&amp;utm_medium=middle\" style=\"color:#035184;     font-size: 20px;font-weight: 700; text-decoration: none;\" target=\"_blank\" rel=\"noopener noreferrer\">Need a financial advisor? Compare vetted experts matched to your needs. Compare credentials and fees.<\/a><\/p>\r\n<p>Choosing the right financial advisor is daunting, especially when there are thousands of financial advisors near you. We make it easy by matching you to vetted advisors that meet your unique needs. Matched advisors are all registered with FINRA\/SEC.  <a href=\"https:\/\/www.wiseradvisor.com\/match_advisors.asp?kwd=paladin-blog-ad-how-transparent-is-your-financial-advisor-when-it-comes-to-compensation&amp;utm_medium=middle\" target=\"_blank\" style=\"font-weight: 700;    color: #035184;\" rel=\"noopener noreferrer\">Click to compare vetted advisors now.<\/a><\/p>\r\n<\/div>\r\n<div class=\"clearfix\"><\/div>\r\n<\/div>\r\n\r\n\r\n<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fee-Only_Advisors\"><\/span><strong>Fee-Only Advisors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Advisors who charge annual fees are paid directly by their clients, which makes them accountable only to their clients. The fee compensates the advisor for working with his or her clients to develop an investment plan, implement the plan and then manage the investments under the plan according to the clients\u2019 objectives.<\/p>\n<p>Advisors who charge fees are regulated by the Securities and Exchange Commission (SEC). They work for Registered Investment Advisors (RIAs) who must adhere to strict fiduciary standards that require them to put their clients\u2019 interests first. In addition, RIAs are required to fully disclose up front all forms of compensation they receive in their interactions with their clients.<\/p>\n<p>Contrast that with commission-based advisors, who are not required to put their clients\u2019 interests first and are not required to fully disclose how they and their firms are compensated. It marks a clear distinction between a true advisor, who is paid specifically to dispense unbiased, conflict-free advice, and a salesperson, who is paid to sell investment and insurance products.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"A_Note_About_%E2%80%98Hybrid_Advisors\"><\/span><strong><em>A Note About \u2018Hybrid\u2019 Advisors<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There is a third class of professionals known as \u201chybrid\u201d advisors because they wear two hats. Some RIAs charge fees for advice, so they must adhere to the fiduciary standard. They then turn around and offer investment products for which they are paid commissions, which presents a potential conflict of interest.<\/p>\n<p>You should be aware that these types of advisors exist. They work for fees and commissions based on the needs of the investor.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Its_All_About_Transparency\"><\/span><strong>It\u2019s All About Transparency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>From the clients\u2019 perspective, it all comes down to transparency. The essence of the client-advisor relationship is full disclosure by advisors so investors can make informed decisions. In reality, the more information the advisor has to hide, the less transparent that advisor will be. The advisor is concerned that full transparency could interfere with the sale.<\/p>\n<p>At issue is the level of trust you can expect to have in your advisor. It\u2019s very telling that, of the investors surveyed in the study referenced above, of those who did not understand how their advisors were compensated, nearly half were unhappy with their current advisors.<\/p>\n<p>Having a clear understanding of precisely how your advisor is compensated is critical in knowing whose interests are being served. When looking for a financial advisor or reviewing your relationship with your current advisor, always ask the advisor to disclose in writing how he or she is compensated and by whom. RIAs must provide their clients with a Form ADV, which is their registration with the SEC disclosing exactly how they are compensated.<\/p>\n<p>One way to know if you are working with a fee-only advisor or a commission-based advisor is to <strong><a href=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/what-to-look-for-when-researching-a-financial-advisor\/\" target=\"_blank\" rel=\"noopener noreferrer\">ask for their Form ADV<\/a><\/strong>. If he or she is unable or unwilling to provide one, you know you are working with a commissioned-based advisor.<\/p>\n<p>All of this information has been verified and listed on an advisor\u2019s profile that is in the <strong><a href=\"https:\/\/www.paladinregistry.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Paladin Registry<\/a><\/strong>. To research an advisor by name, <strong><a href=\"https:\/\/www.paladinregistry.com\/find\/online-financial-advisor-directory\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a><\/strong>. To search an advisor by area, <strong><a href=\"https:\/\/www.paladinregistry.com\/find\/search-for-local-financial-advisors\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a><\/strong>. To find the best, vetted financial advisor for you, <strong><a href=\"https:\/\/www.paladinregistry.com\/landing\/find-financial-advisors?kwd=how_transparent_is_your_financial_advisor&amp;pagetype=blog\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A 2011 survey of 7,800 investors by Cerulli Associates revealed that 33 percent did not know how they paid for the investment advice they receive, and 31 percent said they thought their financial advisor provided investment advice for free. That means that nearly two-thirds of investors did not really understand how their financial advisors were compensated. Why do most financial advisors hide their compensation from investors? The answers may surprise<\/p>\n","protected":false},"author":2,"featured_media":9198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[325],"tags":[],"class_list":["post-9197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advisors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Transparent is Your Financial Advisor When It Comes to Compensation? - Paladin Registry Blog<\/title>\n<meta name=\"description\" content=\"Do you know how your financial advisor is compensated? You may be surprised. 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Financial advisor fees are often hidden from investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/\" \/>\n<meta property=\"og:site_name\" content=\"Paladin Registry Blog\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/PaladinRegistry\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-07T16:03:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-28T10:06:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2018\/07\/fees-transparency-Paladin-Registry.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jack Waymire\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:site\" content=\"@PaladinRegistry\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jack Waymire\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/\",\"name\":\"How Transparent is Your Financial Advisor When It Comes to Compensation? - Paladin Registry Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/advisors\/how-transparent-is-your-financial-advisor-when-it-comes-to-compensation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2018\/07\/fees-transparency-Paladin-Registry.jpg\",\"datePublished\":\"2018-08-07T16:03:15+00:00\",\"dateModified\":\"2024-08-28T10:06:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.paladinregistry.com\/blog\/#\/schema\/person\/4f94af521e23212d5ffd08618ecb46c0\"},\"description\":\"Do you know how your financial advisor is compensated? 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