Hidden Agendas Financial Planners Don't Share + 3 Easy Checks to Discover the Truth

Let's get personal. I'm going to tell you a story about my biggest pet peeve. It bothers me so much I sometimes get angry.



It Happened This Week & It Made Me So Mad

I had a client come to me ready to "take her investments to the next level." With such a big financial decision to make she was considering the advice of numerous financial planners. I reviewed the advice of the other planners and....then it happened. BAD ADVICE.


What would motivate a financial planner to suggest such a terrible thing? 


It's Always About the Money... But, In This Case Not Your Money


Financial planners can establish different fee structures and two are most common. It's vitally important you understand how your advisor is getting paid.

Here are the most common scenarios:


1. A Commission-Based Financial Advisor

When you open an account or buy a financial product, the company offering the product pays the advisor. So, he is paid regardless if the move is a good idea for you.


2. A Fee-Based Financial Advisor

When you invest with advisor gets a percentage of whatever you invest or sometimes a flat fee. There is no bias to lead a client towards a specific product and more motivation to give good advice, so the advisor can maintain the relationship.


3 Things To Check With Your Financial Advisor


Check #1 - Be sure your advisor is paid and licensed how you prefer (fee or commission).

- More Than Money is a completely fee-based structure.


Check #2 - Is the advisor independent or do they work for a larger company?

- More Than Money is an independent company.


Check #3 - What services do they provide? (Investments? Insurance?)

- More Than Money crosses the spectrum and believes all of them are key to your planning.


Run these 3 checks past your financial advisor and be 100% sure they have your best interest in mind and your financial planning is structured to benefit you!