Is it Time for a Second Opinion?
Recently, we met with someone who was given poor advice. This individual was in a mutual fund portfolio. And in mutual funds, there are three classes of shares: A, B, and C. This particular individual had mutual funds that were all Class A shares, which unbeknownst to them, pay the highest commission to the broker. They were unaware that they were paying the highest fees and that their financial professional did not have their best interest in mind.
A simple way to find out if your financial professional is working in your best interest is to ask the following question: “Are you acting in my best interest here?” Then ask if they would be willing to sign a pledge that says they are going to act as your fiduciary at all times with all products, and if not, then you are going to leave. It is really just that simple.