Financial advisors have positioned themselves in a dominant role in the financial planning industry for decades, strictly targeting the richest 1% to manage their money over time while ignoring the rest.
These advisors charge anywhere between .50% to 2.50%, or more, of all your money each year. That may not sound like a much, until you start to imagine hitting retirement with a $1 million portfolio and realizing you’re paying $25,000 or more every year to your advisor for decades. And for what?
On top of that, many advisors will put you into mutual funds and other products that charge an additional 1%, 2% or even 3% every year. Who’s retirement are we saving for here?