Quote:
Originally Posted by Agamemnon
... do you have to pay an investment advisor? Do they get commission based on what you buy if it happens to be within a certain product-range?
|
I can tackle this one.
Most planners don't charge a fee. Our income comes when products (investments, insurance, bank products, etc.) are purchased. For this you get services in a variety of areas. I disagree with the hate-on one poster had for planners. You are paying for service in your MER anyway (yes, at the bank also) but the difference is with a good planner you get tax advice, estate planning advice as needed and advice in a whole lot of other areas.
It's a misconception that planners will sell products that pay substantially higher commissions that others, so there is bias. The commissions are very similar on like products and most of us are ethical and truly believe that ultimately what benefits the client benefits us.
For the original poster, if he wishes I can email a budget template that is quite good.
Unfortunately, a smaller client just starting out may be hard pressed to find a good planner because the really good, sucessful ones will often not take on small clients. We have to devote our time to our larger clients. If you have a few questions that won't take lots of time, feel free to PM me.
But good luck. Starting young is one of the most important decisions that can have a large impact in youir financial life.