Is Your Advisor Worth 1%?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 2 October 2023
⏱️ 28 minutes
🧾️ Download transcript
Summary
In this episode, we dive into the real worth of a financial advisor. If they're only offering investment management or just lightly touching upon financial planning, is that 1% fee justifiable? Then Devin and John talk about the evolution of how compensation for advice has changed – from its commission-based roots to percentage-based asset management fees, and now, towards the emerging trend of flat fee charges.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.0 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.2 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:12.9 | I'm your host, Devin. |
| 0:14.2 | Join today by my co-host, John Ross. |
| 0:16.9 | Tony. |
| 0:24.3 | John... Howdy. John, you know, typically you get what you pay for. |
| 0:27.3 | That's true. |
| 0:27.9 | Not always. |
| 0:28.9 | Well, yeah, that's also true. |
| 0:30.4 | Sometimes you do. |
| 0:31.0 | Sometimes you don't. |
| 0:31.8 | I'm trying to think of some examples of things that I've bought and I did not get what I paid for. |
| 0:35.8 | But, you know. |
| 0:36.9 | Here's my favorite story. So, and this did not get what I paid for. But you know, here's my, |
| 0:37.5 | you know, here's my favorite story. So, and this happens, this, I get this every year. So I have |
| 0:42.6 | an outdoor fire pit, you know, a little outdoor, you sit around in the fall, right? And you know what |
| 0:47.3 | else is in the fall? Leafs. Halloween. Oh, yeah. And so I had seen these ceramic skulls, like life-size human ceramic skulls. And they're kind of hollowed out. And you'd stack them. You'd have a stack of skulls in your fire pit. And then when you run the fire pit, you've got flames. And it's very, very Viking-ish, you know. |
| 1:11.2 | And I just thought, well, that would be pretty cool, right? You know, you go out to the fire pit, you've got a stack of skulls, right? I was like, that's pretty cool, especially Halloween, right? Yeah. And so I had looked around. Whoa, whoa. So you're not talking about a yard decoration. you're talking about for you to go out and sit and enjoy the fire. |
| 1:29.0 | Yes. |
| 1:29.4 | Through the skulls. |
| 1:30.8 | John, that's odd. So you're not talking about a yard decoration. You're talking about for you to go out and sit and enjoy the fire. |
... |
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