It took a while for Sally Smyth, not her real name, to realize she was being taken advantage of by her financial advisor.
What took Sally too long to uncover were hidden fees that were never disclosed. Combined with advisor fees, last year they totalled $12,000. When she did manage to connect, he did not address her questions about fees and payments or the future sustainability of her portfolio. Sally was devastated. She was told her finances weren’t strong and she might have to sell her house.
Perhaps women ought to be forming investment clubs just like they start book clubs to build financial knowledge. People need to know when to trust – and when not to. Trudel adds that advisors tend to work for corporations who want their products pushed. The financial sector is constantly innovating, which is confusing for many, and few clients read the fine print about things like undisclosed management expense ratio fees.
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Bron: SaltWire Network - 🏆 45. / 63 Lees verder »