The debate over advisor compensation has been heating up lately so we reached out to seniors to get their thoughts on this timely topic. In canvassing seniors throughout the country we asked them the question: Do you know how your advisor is compensated? The following are highlights from our correspondence.
“I think it’s by commission—I’m sure it is. I vaguely recall him disclosing that information to us in writing when we made our first sale with him. I don’t know how else he would get paid. But, the truth is, I really don’t care how he’s paid. He makes us a lot of money—and has protected us from some of the terrible losses that our friends and family have gone through. He’s a good man. He wouldn’t take us for a ride.”
“We used a fee-only advisor we found through an organization that recommends that type of person. My husband was very cynical about having a commission advisor do our finances because he said we wouldn’t be able to trust their advice. Made sense to me. So, we got a listing of fee-only and just picked one. He gave us some great advice, which we still follow today, and charged a fair price.”
St. Petersburg, Fla.