An unthinkable way to charge
... but still in widespread use
It really is unthinkable, isn’t it?
I mean, what serious professional would charge you – according to your wealth?
- Your dentist?
- Your private surgeon?
- Your fitness instructor?
- Your accountant or solicitor?
- Your hairdresser – I don’t know much about these 😉
No, none of them but that’s exactly what many wealth managers and financial advisers do.
So, this is one good reason to learn the basics about your money.
You see there are some big problems with financial advice in the world today … and too many to cover in one Insight here …
… but we will cover them all over time. So, stay tuned for future insights.
Or if you want all the answers now, just grab a copy of my book:
Now, what’s this ‘overcharging’ issue about?
The simple truth is that really good financial planning advice, at a fair price is quite difficult to find, anywhere in the world.
And the reason is simple.
Most advisers seek to charge you fees as a percentage of your funds.
And whilst some advisers discount their percentage fees on larger funds – many do not – which means they earn ten times as much to give advice on a £500,000 portfolio as they do on £50,000!
So, they focus on wealthier clients
Now, this means that a lot of advisers focus on helping wealthier clients …
… which, in turn, means if you’re not (yet) wealthy, you’ll struggle to find a high-quality adviser who wants you as a client 🙁
So you might want to stay tuned to this site – because we aim to help you, regardless of your current wealth …
… and we offer you ideas to help you build your wealth too 🙂
Of course, if you are already wealthy, and you already have an adviser …
… you might still want to stay tuned here …
… to work out if the advice you’re getting is worth what you’re paying for it!
Financial Adviser charges can range from a few hundred up to …
… tens of thousands of pounds each year.
So, you might say that, like our Rhino adviser friend here, some of them like to ‘charge a lot’ !!
And if this concerns you, why not get an idea of just how much they might try to charge you … or already be charging you here.
And remember that not all advisers give great advice all the time either – even when they charge a lot.
Quality doesn’t always match price …
… when it comes to financial advice!
The good news is that you can seek out good quality advice – at a good price …
… you just need to know how and where to look.
If you need some help with that, give me a shout. It’s all part of my financial coaching and education service – just tell me what kind of help you need.
And, in the meantime, please make sure you’re covering the basics around investment advice …
… and take very good care out there
All the best for now
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