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Help Rick Help Advisors in India

India MapI will travel to India next month to give a presentation to Indian financial advisors on the benefits of moving from commission-only to fee-only. The Indian government is requiring any advisor that gives financial advice to become fee-only within 5 years.

I am told the advisors have a hard time believing their clients will actually pay a fee (that they can see) versus a commission that is unseen. Also, most of them do not understand that being fee-only frees advisors to focus on full financial planning, not selling a product so they can get paid.

Would you be willing to help me with this presentation by writing a sentence or two that speaks to the advantages you experience using a fee-only advisor over a fee and commission or commission-only advisor? You can feel free to put the comments below or email them to me. I will only use your first name.

I think that having feedback from clients, rather than just my own perspective, will add a great deal to this presentation. Thank you very much for any comments you are willing to offer.

 

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4 Responses to Help Rick Help Advisors in India

  1. Carol Nielsen January 17, 2015 at 1:01 pm #

    Working with a fee-only financial advisor gives me confidence that recommendations made are based on what is best for my future rather than the financial gain the advisor may receive. I also like knowing what I am paying up front instead of wondering where the hidden fee is, how much it is and how it affects my overall return.

  2. Verla Van Etten January 17, 2015 at 9:52 pm #

    I know that our advisor does research on the managers of various funds so we are confident our money is being invested in the funds with the best managers. If he was putting our money in funds for which he received a fee we could never be assured this was true and would have to end up doing our own research.

  3. Monte Beck January 18, 2015 at 2:34 pm #

    I never realized the fees that I was being charged with my previous financial advisors, hidden and never disclosed, and always had the underlining feeling they were much more interested in the products they were promoting than what my needs or preferences were.

  4. Judith Kennedy January 18, 2015 at 4:34 pm #

    The reason I investigated a fee-only financial advisor is that one year, while doing our income taxes, I called our current investment advisor to find out what the “hidden” fees were on just one investment we had. I was told the hidden fee was $800 — for just one investment we had. We decided to go with a fee-only because we know what we are paying, our fee-only advisor is not trying to sell us his particular product, and I can text or call him at any time for questions ranging from “Should I refinance my home?” to “What credit card do you recommend for international travel?” This decision has been a very good one for us.