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The Wall Street Journal's Jason Zweig writes "The burden of finding someone who will act in your best interest is on you. That means asking an adviser the right questions (and listening for the best answers). I encourage you to clip or print out this column and bring it to your next meeting with your financial adviser."
We answer Zweig's 19 questions.
Fiduciary Rule or not, the commission-based business model of broker-dealers is under pressure. Today the Wall Street Journal reports that Merrill Lynch is moving away from commissions and lowering its maximum advisory fee by 18.5% for the 20% of its advisory clients which have sub-$1 million accounts. But at 2.2% of assets, Merrill Lynch's maximum advisory fee is still extremely high.
So think of fees like termites. They're tiny, they're barely noticeable, and they can eat away your f***ing future!
—John Oliver
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.
