In a previous Blog we addressed the issues of using a Financial Adviser (broker).
A great illustration of this is on You Tube in a video called the "The Butcher vs the Dietician"
(https://www.youtube.com/watch?v=QYZ_NndjQRE). I advise everyone to watch this a few times as it clearly shows what happens when you go to a Butcher (Financial Adviser).
Who are the "Dieticians". In the USA they are know as Fiduciaries. These are people who gave up getting paid by commissions and became "Registered Investment Advisers". These people are paid for financial advise and by law this removes and conflicts of interest.
These people get paid a fee. They get no kickbacks, commissions or payouts and anything they tell you about. therefore they have your best interest in mind. They will show you the best investments for your needs and how to get the lowest fees. Also they will find the most tax efficient investments for you. However check them out because just because they are registered doesn't mean they are the most knowledgeable.
In the USA you can find one by looking on the internet at http://findanadvisor.napfa.org/home.aspx
In other countries they may have different names but they are around.
Be sure the advisor is registered with the state or SEC as a registered investment advisor (RIA) or is an investment adviser representative (IAR)
Be sure they are paid on a percentage of your assets under management not for buying mutual funds and that this is the only fee they receive
Actions to take: Get a good Fiduciary to review you portfolio and show you ways to save money and grow you portfolio more rapidily.
As always send us your questions and comments
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