Quick. How much do you pay in investment fees? If you don't know, you're probably in the majority. But it's not your fault, you're busy with work and family, and if you have an investment adviser, he or she probably doesn't make it easy for you to know what you're paying. That's exactly what Andrea Fuller, an investigative reporter for The Wall Street Journal, found out when she tried to figure out how much she pays in investment fees.
So think of fees like termites. They're tiny, they're barely noticeable, and they can eat away your f***ing future!
John Oliver is great at explaining complex topics in a clear, down to earth, and humorous way. Last week he explained the messed up world that is financial advising.
As a favor to your future self, it is worth watching this for 20 minutes.
Broker-dealers and insurance companies will soon be forced to act in the best interests of their clients by the Department of Labor. The new laws only apply to retirement accounts, however. Buyer beware continues to be the name of the game when it comes to taxable accounts advised by broker-dealers and insurance companies. RIAs, like AlphaGlider, have always had to act in the best interests of their clients with any type of account.