I know I wish I hadn't transferred some of my investments to be watched over by a financial advisor. Not that he is doing bad but I just hate seeing the advisory fee on the statements.
Come to think about it, had I just took that money and bought a nice double barrel, I bet I would have done better than the markets the past 6 years.
The maximum fee anyone should ever pay a FA is 1% of the total portfolio. There should be no additional charges. Period. Be wary of the FA who puts you into mutual funds that have a load - the FA gets a commission and is not putting your interests before his. Be wary of the FA who puts you into mutual funds operated by the parent firm (Example: Wachovia Bank owned Evergreen mutual funds and their investment "advisors" put clients into these funds, much to the clients' sorrows)
I know of one Merrill Lynch "wealth advisor" who put one of her clients into totally inappropriate instruments and was chargin 3% per annum for this outrageous "service"
Many financial advisors, are in my opinion and that of many others, crooks. Pure and simple crooks.
