IanG wrote:
Financial advisor..... they seem to get their percentage whichever way the
market goes.
Only if they're really good producers -- low- and mid-tier reps
have been getting laid off by brokerages big and small as this
long bear market continues.
At some companies, customers with smaller account balances get
transfered to lower-service call centers instead of having a
personal FA, and their advisor gets shown the door. At others,
the advisor is simply told he won't be compensated for
maintaining smaller accounts -- the customer can stay if the FA
sees future growth potential in the account, as long as he's
willing to maintain the relationship for free. The brokerage
still gets its cut, of course, they just don't pass it along to
the FA.
(All of that is seen as a boon at companies that can take care of
middle-class financial services as a profitable addition to some
existing relationship, e.g. there's a good chance the company
that handles your home, auto, or life insurance can also take
care of your IRA or college savings plans these days. If they
already have a huge agency force that's accustomed to helping you
make financial decisions, like what levels of auto liability
insurance to carry, financial services are a natural addition.)
--
josh@xxxxxxxxx is Joshua Putnam
<http://www.phred.org/~josh/>
Updated Bicycle Touring Books List:
<http://www.phred.org/~josh/bike/tourbooks.html>
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