To many financial advisors whom I meet these days, I pose two questions:
- Do you help your clients set total investment cost targets?
- In helping clients select mutual funds, do you screen for costs, among other criteria?
Surprisingly, many advisors respond with vexed expressions or questions of their own.
In this article, I'd like to explain why it is in your best interests, as well as your clients', to become their investment cost manager.
Two mighty trends are occurring in your business. First, the world of professional financial advice is gradually shifting from a transaction/commission model to a fee-based model. Secondly, as a result of a deep bear market, a dramatic compression has affected investors' return expectations and risk appetites.
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