cabinover wrote:Thank you
Since the push began to end pensions and put the burden of funding retirment on the employee, there's been a slew of for-profit advisors/companies that take exorbitant amounts of money from the people who need it most. Front loading, high expenses and commissions will never appear on an account statement but over the course of 30 years of saving can take tens (or hundreds) of thousands of dollars from you and transfer it to the financial industry. Edward Jones and Ameriprise are notorious for this. Did you know that the vast majority of "advisors" do not have fiduciary duty to their clients? That is, they do not have a legal responsibility to put the client's best interest first.
There are ways to avoid this, but it requires some effort on the part of the consumer to educate themselves. The website I posted is full of people who know how to do so. Collectively, they're referred to as "Bogleheads" (named for the founder of Vanguard John Bogle, who champions a certain passive investing strategy, and who created his company to serve the average investor). I strongly encourage anyone not relying on a pension to visit that site.