{"id":201739,"date":"2025-04-24T01:36:20","date_gmt":"2025-04-24T01:36:20","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/why-do-people-pay-for-expensive-financial-advisors\/"},"modified":"2025-04-24T01:36:20","modified_gmt":"2025-04-24T01:36:20","slug":"why-do-people-pay-for-expensive-financial-advisors","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=201739","title":{"rendered":"Why do people pay for expensive financial advisors?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Derek Sivers famously <a href=\"https:\/\/tim.blog\/2016\/11\/21\/tools-of-titans-derek-sivers-distilled\/\" target=\"_blank\" rel=\"noreferrer noopener\">once said<\/a> \u201cIf [more] information was the answer, then we\u2019d all be billionaires with perfect abs.\u201d<\/p>\n<p>But that\u2019s not human beings work. It\u2019s usually not about information but human behavior. And our lizard brains, as much as we don\u2019t like to admit it, are in control.<\/p>\n<p><strong>And that\u2019s the big reason why financial advisors are able to charge a percentage of assets under management.<\/strong><\/p>\n<p>If we know that 1% is too much to pay someone to manage our investments, why do so many people do it?<\/p>\n<p>In fact, why do so many people pay even more than 1% each year? Sometimes 1.5% or even 2%?<\/p>\n<p>Rather than scoff at those people, I want to try to understand.<\/p>\n<p><strong>There\u2019s a reason why there are so many commission-based advisors.<\/strong><\/p>\n<details class=\"block-toc\" open=\"\">\n<summary>Table of Contents<\/summary>\n<ol>\n<li><a href=\"#h-fee-vs-commission-based-advisors\">Fee vs. Commission-Based Advisors<\/a><\/li>\n<li><a href=\"#h-what-are-you-paying-for\">What are you paying for?<\/a><\/li>\n<li><a href=\"#h-how-much-is-peace-of-mind-worth\">How Much Is Peace of Mind Worth?<\/a><\/li>\n<li><a href=\"#h-is-it-worth-it\">Is It Worth It?<\/a><\/li>\n<\/ol>\n<\/details>\n<h2 class=\"wp-block-heading\" id=\"h-fee-vs-commission-based-advisors\">Fee vs. Commission-Based Advisors<\/h2>\n<p>First, a quick vocabulary lesson and context.<\/p>\n<p>Financial advisors come in two main compensation types \u2013 fee-only or commission-based.<\/p>\n<p><strong>Fee-only advisors<\/strong> charge you a flat or hourly fee for their services. You might pay a \u201cset up\u201d fee for the initial analysis and then a flat annual fee, which includes quarterly meetings and a few ad hoc phone calls.<\/p>\n<p><strong>Commission-based advisors<\/strong> charge you a percentage of your assets that they manage (assets under management, or AUM).<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Fee-based advisors<\/strong> are an amalgamation of the two \u2013 they charge a fixed fee like fee-only advisors but they can also earn commissions. They fall within the commission-based advisors category despite having \u201cfee-based\u201d in their name.<\/li>\n<\/ul>\n<p>Fee-only advisors have a fiduciary duty to put your best interests above those of any other person or group. If they recommend products or services, it has to be for your benefit (and not because they\u2019re getting a commission).<\/p>\n<p>Commission-based advisors only have to follow the suitability rule \u2013 they can sell you any product or service as long as it suits your needs (goals, objectives, etc.). It\u2019s a slightly lower bar.<\/p>\n<ul class=\"wp-block-list\">\n<li>Fee-based advisors may be bound by a fiduciary duty when they\u2019re advising you but when they sell you products and services, they may only have to meet the suitability rule. Gets a bit muddy here.<\/li>\n<\/ul>\n<p class=\"has-secondary-bg-background-color has-background\">\ud83e\udd14 If you are unsure what type of advisor you are working with and to what standard they are held to, you can look them up on the <a href=\"https:\/\/www.sec.gov\/check-your-investment-professional\" target=\"_blank\" rel=\"noreferrer noopener\">SEC website<\/a> and the <a href=\"https:\/\/www.napfa.org\/find-an-advisor\" target=\"_blank\" rel=\"noreferrer noopener\">NAPFA Advisor search<\/a>.<\/p>\n<p>The knock against commission-based advisors has two parts:<\/p>\n<ol class=\"wp-block-list\">\n<li>They are <strong>expensive<\/strong>, because paying someone 1% a year <em>significantly<\/em> reduces the returns on your portfolio.<\/li>\n<li>Some commission-based advisors are paid a commission by brokerages, mutual funds, and insurance companies when the advisors sell their products and services.<\/li>\n<\/ol>\n<p>But today, we\u2019re not here to argue whether fee-only advisors are better or not, I want to understand why commission-based advisors are still so popular.<\/p>\n<p>And one thing is clear, it\u2019s not about the math \u2013 everyone knows paying 1% each year is going to cut into your returns.<\/p>\n<p class=\"has-quaternary-bg-background-color has-background\">\ud83d\udcca If you invested $6,000 a year into a fund that had a rate of return of 8% for 40 years, you\u2019d end up with about to $1.67 million. Pay a 1% fee and it\u2019s only $1.28 million \u2013 <strong>a difference of nearly $400,000<\/strong>.<\/p>\n<p>What is the benefit of commission-based financial advisors?<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-what-are-you-paying-for\">What are you paying for?<\/h2>\n<p>Financial advisors offer two main benefits:<\/p>\n<ol class=\"wp-block-list\">\n<li><strong>A Financial Plan<\/strong> \u2013 What you need to do to achieve your goals<\/li>\n<li><strong>Peace of Mind<\/strong> \u2013 Someone to talk to when you have a problem<\/li>\n<\/ol>\n<p>What are you NOT paying them for?<\/p>\n<ol class=\"wp-block-list\">\n<li><strong>Investments <\/strong>\u2013 You don\u2019t need them for access to investments, you have access that to already. Vanguard, Fidelity, whatever, etc. They <strong>may <\/strong>have access to specialized funds or investment opportunities but most people don\u2019t need those. And they aren\u2019t really that special, they\u2019re just gated.<\/li>\n<li><strong>Predicting the future<\/strong> \u2013 because no one can do that!<\/li>\n<\/ol>\n<p><strong>What don\u2019t you get?<\/strong> You don\u2019t get better performance. Actively managed mutual funds can\u2019t beat the market, your financial advisor\u2019s mix of investments is likely not beating the market (and definitely not beating it once you deduct their fee).<\/p>\n<p>Here\u2019s a story from a reader, Scott, about his experience of a AUM-based vs. fee only advisor:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>A few years ago, we were searching and interviewing a few advisors. During our conversation we asked about how the Health Savings Account plan we had set up should be incorporated into our plan.<\/p>\n<p>2 fee-only advisors both said the same thing. Put the minimum in. They are nice to have for medical purposes, but that\u2019s about it.<\/p>\n<p>From my own research I knew these accounts could be much more beneficial. We kept searching, not thinking we had found the right fit. For the HSA reason, and a few others.<\/p>\n<p>Funny story, a woman from Boston we had met in Spain while on our honeymoon, and who my wife had remained in contact with afterwards, reached out and one day and referred us to a planner in her professional network that lived in our area.\u00a0<\/p>\n<p>This planner\u2019s response was much different regarding the HSA account. She encouraged us to put as much into as possible. And showed us how to invest the excess savings into mutual funds. Talked about the tax savings\u2026 a much different response<\/p>\n<p>I realized later the other planners were incentivized by growing their AUM. Our current advisor who we pay a flat monthly rate and have regular access to was not.<\/p>\n<\/blockquote>\n<p>We all know the value of having a plan. But you can <a href=\"https:\/\/wallethacks.com\/diy-financial-plan\/\">build a financial plan on your own<\/a> or with a fee only advisor. The advisor is there to guide you through that process and ensure you do the whole thing. It\u2019s like using a tax preparer over tax software (but again, you can just pay a flat hourly or annual rate).<\/p>\n<p>But maybe you don\u2019t trust yourself to build that plan. Or you don\u2019t trust that you\u2019ll stick with the plan. Either way, we can agree that it\u2019s not about the plan\u2026 it\u2019s about confidence and peace of mind.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-how-much-is-peace-of-mind-worth\">How Much Is Peace of Mind Worth?<\/h2>\n<p>There\u2019s value in having a question and being able to ask a professional for their opinion and their advice. And trusting that they have the correct answer and that <span style=\"text-decoration: underline;\">you don\u2019t need to fact check them<\/span>.<\/p>\n<p>This is how I look at insurance. I\u2019m required to get auto and homeowner\u2019s insurance but we also have umbrella insurance to cover everything else. Insurance is literally buying the confidence that an accident won\u2019t ruin you financially. It\u2019s a figurative safety net.<\/p>\n<p>But you can just hire a fee only advisor for this.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-is-it-worth-it\">Is It Worth It?<\/h2>\n<p><strong>That is the question you have to ask yourself.<\/strong> <strong>And only you have the answer.<\/strong><\/p>\n<p>The main reason for going with a financial advisor, regardless of fee structure, has to do with getting confidence that your plan is correct in a world of uncertainty. We won\u2019t know what will happen in the next few weeks, let along the next few years and decades.<\/p>\n<p>A financial advisor can also be a voice of reason and potentially a barrier to prevent emotional decision making. If you have to talk to your advisor before making a chance to your portfolio, you\u2019re less likely to panic and make a quick decision.<\/p>\n<p><strong>Can you get that from someone you pay a flat rate or do you need to pay a percentage of assets under management?<\/strong><\/p>\n<p>Perhaps. And I\u2019ve never worked with someone who charged a management fee, I\u2019ve only worked with an advisor who charged a flat annual fee.<\/p>\n<p>In my research, I read this insightful AMA on Reddit in which a wealth advisor shared what it was like to <a href=\"https:\/\/www.reddit.com\/r\/fatFIRE\/comments\/mhxhsq\/ama_i_am_a_wealth_advisor_to_high_net_worth\/\" target=\"_blank\">work with high net worth individuals<\/a>. One of the biggest mistakes he (no idea if it was a he) was how much emotions played a role in decision making. He also said most people don\u2019t need active portfolio management and most of his work was advice in other areas like business transactions, tax planning, etc.<\/p>\n<p>In other words, it seems to make more sense for someone with a more complex financial situation where you might be paying based on assets under management but the advisor is a resource that extends far beyond that. I still struggle to understand why this can\u2019t happen with someone you pay hourly, like a lawyer, but it appears simply to be the conventions of the industry.<\/p>\n<p>It\u2019s also quite possible that you get a better advisor if you go with one that you pay more. You could argue that in a world where a strong advisor could pick one or the other, they would pick the one where they\u2019re compensated more. In fact, you\u2019d want your advisor to be wise enough to pick the one that pays him or her more!<\/p>\n<p>The point of all this is to help you understand why some people would pay a commission-based advisor rather than a fee only advisor \u2013 I still don\u2019t, to be honest.<\/p>\n<p>Though the idea that you could get a better advisor by paying more does make sense to me, even if I\u2019m not personally convinced.<\/p>\n<p>The only thing I can equate this to is handbags. It\u2019s why someone would pay for a Hermes or YSL bag vs. a Coach or Michael Kors bag. You\u2019re not just buying a bag and you\u2019re not just buying a financial plan or advice, you\u2019re paying more for a reason beyond the financial ones.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Derek Sivers famously once said \u201cIf [more] information was the answer, then we\u2019d all be billionaires with perfect abs.\u201d But that\u2019s not human beings work. It\u2019s usually not about information but human behavior. And our lizard brains, as much as we don\u2019t like to admit it, are in control. And that\u2019s the big reason why [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":201740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[11403,2157,10912,11007,3794],"dealstore":[],"offerexpiration":[],"class_list":["post-201739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-advisors","tag-expensive","tag-financial","tag-pay","tag-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why do people pay for expensive financial advisors? - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=201739\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why do people pay for expensive financial advisors? - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Derek Sivers famously once said \u201cIf [more] information was the answer, then we\u2019d all be billionaires with perfect abs.\u201d But that\u2019s not human beings work. 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