Financial Advisors Are Overpaid

By: Larry Miles

That’s right. Yes, I’m a financial advisor. Yes, my firm is a national network of like minded advisors. And yes, I believe financial advisors – on average – are overpaid. Why?

  • Advisors’ fees are not tied to the value they deliver. Too many so called “advisors,” continue to charge asset-based management fees, earn commissions and sell insurance - when their focus should be on what really matters to clients.

  • Entitlement. Advisors believe “this is how much I’ve always been paid, and this is what I deserve.” It’s BS, excuse my language. Times have changed. Technology has disrupted. Advisors need to reduce their fees, add more value or plan to go out of business.

  • Greed. Many advisors charge as high a fee as they can get away with. It’s not ethical, it’s not right, and it happens all the time. It’s disgusting.

AdvicePeriod advisors believe in charging a fair fee for the value they provide. The more we can help a family? The more we’ll charge. The less there is to do for a family? The less we’ll charge. It’s that simple. Join us today.