- NEW!
by Yarnlady is happy every day on September 17th, 2009
It depends entirely on who they represent. If they are independent contractors and help you evaluate plans from several different sources, they work for you, and their fee is higher.
If they represent a specific company, and their job is to convince you to choose a plan from that company, they are serving the interest of the company, and their fee is much lower, since they receive a commission.
by writemyselfaletter on September 22nd, 2009
Well, since I'm an independent financial planner, former bank trust officer, here's the deal. I don't do what I do for free, so in one sense I serve my own interests. In fact, if I could not serve my own interests, I wouldn't do it at all. But at the same time, I must also serve my client's interest, and it is my job to balance the two. What I offer must be worth, preferably more than worth, what I charge. And every financial planner has access to exactly the same products and services, those who are not independent having less flexibility and perhaps less objectivity than independents.
One might ask whose interest does the caterer serve whom I hired today. Certainly she serves her own interests. I know she is going to charge me what the food costs plus the cost of her time, plus a profit. That's fine with me, as long as I get really good meals and really good service, thereby she serves my interests.
All business is the same. Both the provider and the user must be served. Nobody does it for free. We all work to make a profit. Bottom line for all is do we get what we want for a reasonable price.
How do I get a license to give financial advice in Malaysia?
by Answerbag Staff on February 11th, 2010
| 1 person likes this
Would you like a financial planner to give you a good kick in the assets?
by Piano Player on December 8th, 2011
| 1 person likes this
WHAT IS FINANCIAL PLANING AND RELATIONSHIP MANAGEMENT
by Anonymous on April 6th, 2009
| 3 people like this
What is a resultant rate in relation to financial planning
by Brian 1288 on May 19th, 2009
| 1 person likes this
I got an e-mail from a Nigerian prince who promised me money. How do I know that he means it before I travel to Africa to collect it?
by joshg on October 7th, 2010
| 1 person likes this
You're reading Whose interests do financial planners serve?
Your favorite Q&A site is on Facebook! Become a fan to connect with the ever-growing community of Answerbaggers, share your thoughts and find out what Answerbag's up to next!
Comments