Short YouTube clip by Ramit Sethi (uploaded Oct 25, 2023) explaining that many financial advisors (mortgage brokers, whole-life insurance salespeople, some financial advisors) are not legally required to put clients' interests first, often work on commission, and thus can take substantial fees via poor investments; he advises avoiding commission-based advisors and preferring flat fees.
I'm going to explain something right now that's going to blow your mind. Consider that if you go to a doctor, you expect they're going to take care of you. They're going to put your needs first. But if you go to a mortgage broker, or a whole life insurance salesperson, or even.
Most financial.
Advisors, could you expect the same? No.
Most financial.
Advisors are.
Not legally required to put your.
Interest first. Some of you are out here worrying about the price of pickles while you.
Are secretly letting thousands and thousands and tens of thousands of dollars be taken.
Out of your account for terrible investments. That is why it is so important to avoid commission based financial advisors. Just as a general rule, their incentives are not aligned with yours. And that is why you should be paying a flat fee, not a percentage.
