In good times investors don’t seem to care as much as they should about advice fees.
These are not good times; perhaps explaining why all of a sudden Galileo Capital Personal Financial Advisor Warren Ingram is getting more questions about fees than ever.
Even advisors are asking Ingram how to justify their fees to clients who are asking about the value they provide.
Never be afraid to ask your advisor about fees and what they’re doing to earn them.
Ingram gave the following examples of which questions to ask:
What are your qualifications and how many years have you been advising people on their money?
Can you only recommend products from one company or a range?
Do you earn more by recommending some products over others?
How do you charge for your services? Do you have different fee options? Is there a maximum amount that you charge?
What are my total fees? (They should include all costs. I.e. advice, admin, fund manager, etc.)
Are there upfront fees? Why?
How much money can I expect to lose in a big stock market crash? How much should I hope to get in the long term? (She or he should be able to provide estimates from the worst to best case scenarios, and everything in between.)
Will you invest any of my money in index portfolios? Why not a portion?
- On what basis do you select funds and fund managers?
For more detail listen to the interview in the audio below.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Recommendedby NEWSROOM AI
Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).
About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.
The Money Show's Bruce Whitfield interviews economists Andrew Levy (Andrew Levy Employment) and Dr Azar Jammine (Econometrix).
The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.
The Money Show’s Bruce Whitfield interviews Ntuthuko Shezi, founder of a company that raises cattle on small investors' behalf.
The National Credit Amendment Bill aims to help indebted consumers earning less that R7,500 per month, restructure their debt.
Daily Maverick's Mantshantsha says the country has been waiting a long time for the economy to be turned around.
Mail & Guardian investigative editor Thanduxolo Jika unpacks the Public Protector's legal battles.
Joint law enforcement operation after visitors in Cape Town complained of being coerced into paying R50 to park on the street.
Stolen from her mother's bedside as a newborn 22 years ago, Zephany or Miché Solomon as she is now known, tells her story.
The designer and businesswoman passed away on Wednesday night following a brief illness, her company confirmed.
Home Affairs Minister Aaron Motsoaledi says Qatar has also relaxed entry requirements for SA citizens.
These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.