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Worth of Services Questioned by Some
[Staff Reporters]
While at a conference in Baltimore, DC, VA and the Eastern Shore of Maryland; and nestled among the rustic rowhouses and quaint scenic homes; a rural doctor recently asked us this traditional question but with a new spin.
Q: Does software, the internet and cloud computing, ETFs and index funds, etc., obviate the need for financial advisors? His email query was similar, but even more pointed.
Value Added – or No
In other words, he wrote, “for many informed investors, firms like Vanguard, Fidelity, Schwab, TD Waterhouse – and other mutual fund companies and discounters – and even independents like www.FinancialFinesse.com offer the same or similar services of Financial Advisors, benefits managers, Financial Consultants, stock-brokers, Certified Financial Planners®, Financial Analysts and Wealth Managers for free. Some do, or don’t, have account minimums. Some charge, while others do not. Far too many appear self-biased. Far too many have the same mind-set.”
Assessment
So, why pay brokerage commissions – or a percentage-of-assets – on a corpus they didn’t earn in the first place? Please tell me why this medical practitioner should “hire” a financial advisor, especially now that the market is so bad and the entire industry seems to have gotten it so wrong?
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- FINANCE: Financial Planning for Physicians and Advisors
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- Dictionary of Health Economics and Finance
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- Dictionary of Health Insurance and Managed Care
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Filed under: "Ask-an-Advisor", Ethics, Investing, Op-Editorials | Tagged: agents, CFA, CFP, financial advisors, MBA | 10 Comments »
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