Financial advice - are you getting what you pay for?
Thu, 13/03/2008 - 22:40
I would prefer paying a fee. I have found out by a friend it would be better for me to have an investment trust than a unit trust but advisers seem to take advantage of my lack of knowledge in this domain to wrongly advise me and take a comission.I lost my faith in them.
Mon, 17/03/2008 - 13:30
Please don't give up on all of us.
Also be clear about why your friend thinks that an investment trust is better for you than a unit trust. It is not true to say that investment trusts are better than unit trusts for everyone and so I'd be interested to understand the rationale.
Matt Pitcher is a wealth adviser at Towry Law Group and a Moneywise Ask The Professionals columnist
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Matt Pitcher's latest blog reveals that financial advisers get more of their income from commission than client fees. He argues that commission is unfair for customers and de-motivates advisers.
Personally, I would rather pay a fee and be 100% confident that the advice I am getting is neutral and best for me.
What do you think? Is commission a concern or does it help keep fees low?