I've always believed that an advisor has to get paid to help the client. He should be honest and unapologetic about these fees. You can buy no load funds on your own and not pay a fee, just as you can write you own will and not pay a fee. Just as you can sell your own house and not pay a realtor's commission. But, if you need advice, expect somebody to charge you for it. It doesn't have to be an arm and a leg, but he deserves something. Hiding fees builds distrust and I am totally against that.
You are a good man. But most stock brokers and real estate brokers are worse than useless. Not working for my interest, not honest, not smart - for me.
I had two coops in New York City. I quickly surveyed the market. I placed an ad - I think yahoo - for sale by owner-with a firm price - just below the best prices. I sold the coop - got a few offers in one day. I arranged to go to the coop for a few hours. I met buyers at the coop. I signed one up that day for the full asking price, which netted me more than if I had used a broker. The other coop - someone put a note under my door - he really wanted my place badly. I called him - he came up, I checked with coop about sales in past two years - looked at dates, number of dollars per share, etc., asked for a high number, and he agreed to it - and gave me six months to close - as I didn't even have my place up for sale.
When I go to buy, I see the same place or similar - same line in the building. The one without the broker is for less. |
