20 years ago my wife and I went to American Express Financial Advisors and had them draw up a plan. We were making good but not great money at the time. The plan was sound but 6 months into I noticed that the advisor was getting a 5% cut on every dollar I invested with them according to their plan. I met with the advisor and asked about how I was going to make money if he was taking 5% off everything I invested bc that is hard to do when some the returns were as low as 7%. Long story short I pulled my money and went somewhere else. It was a wakeup call for me that you have to know what the fees are...
I’m closing in on retirement, and I'd love to move to a warmer climate, but home prices are ridiculous now.. do I look at other assets and wait for housing crash, or go ahead with house purchase anyways?
Just looking at what triggered the last crash, predatory lending and low or no equity mortgages. 98 % of us payed for that crash through one tax or another. We need more transparency to combat the greed not less.
With the implementation of such an act, it's the propensity of money managers to seek maximum profits on behalf of the client that's at stake. The bigger the risk, the greater the range of profit or loss!
The 4th option: cash out your 401k, take control over your own money and trade options. Why on Earth would you ever give up your financial power to other people?