The “fiduciary” smokescreen and other elements of Wall Street’s latest tactic to overcharge you paid Impact_Partner
Some investors have been lured into complacency by Wall Street’s latest “trust me” term: fiduciary. People often ask, “My advisor is a fiduciary, so I’m good, right?” My answer: “Not necessarily.”
Why, you ask? Their answer: “Annuity fees are too high, and with an investment management account, we can replicate the same investment characteristics without the surrender charges that are part of most annuities.”First, investors should know that the term “annuity” is as broad a term as “mutual fund” or “ETF.” There are great and lousy versions of each, with embedded costs that are low to just crazy high.
This article is not an indictment of fiduciary investment management, which I use every day in my practice. Nor is it a sales pitch for annuities, which usually come with liquidity trade-offs that do not make sense for 100% of your money. This article is just another reminder of a lesson that we all learn sooner or later: “Beware the motivations of the salesperson.
Certainty of not running out of money, or at least as much certainty as is achievable in today’s world.
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