Do you know providing financial advice is highly profitable? According to the CFA Institute, US investment firms are achieving operating profit margins as high as 39% every year. This can only be possible when financial advisors are pushing products which can earn them more interest, higher commissions and discounts without being mindful of the interest of the investors. Studies have reported sad stories of retirees who had complained about how they were advised for the inferior version which paid a hefty 3.09 per cent commission to their advisor instead of the more profitable version which paid only a meagre 2.15 per cent. Perhaps if they had only checked beforehand if their advisor was an RIA approved fiduciary financial advisor!
Here is a quick read on how to select the best financial advisor