Financial Advices

Project details:

In the middle of the financial advice hierarchy, we have fee-based advisors. They have no real duty to their clients. They can charge a fee for advice, but they also sell products for a commission. They have the same suitability standard, but ultimately their advice is again tailored toward selling you investment products.

Any advice they give is most likely part of their sales pitch and has inherent conflicts of interest. Fee-based financial planners don’t always differentiate between providing genuine advice and selling financial products. Clients may be confused by this lack of distinction, blurring the line between receiving unbiased advice and a sales pitch. This raises concerns about the potential conflicts of interest when fee-based financial planners prioritize selling products over providing objective advice.