Why You Have More Power Than Ever Over Your Financial Advisor

Whatamp8217s Going On With AdvisorsFinancial advisors are facing a lot of pressure these days Technology has made it easier than ever to invest on your own Roboadvisors automated investment platforms are getting more popular and many people are turning to lowcost investment options like ETFs exchangetraded funds that charge little to no feesBig companies like Vanguard and BlackRock are leading this charge offering investment products that cost almost nothing to own This puts traditional advisors in a tough spot they now have to work much harder to justify the fees they chargeInvestor author and financial analyst Gregory Blotnick explains that investors today have more leverage than ever amp8220Clients are in a stronger position nowamp8221 he says amp8220Advisors know this and many are willing to make deals to keep your businessamp8221Why That Matters to YouIf you39re paying someone a percentage of your portfolio every year to manage your money itamp8217s fair to ask what exactly are you getting in returnWith so many lowcost options out there many investors are starting to ask this questionamp8212and advisors are noticing Theyamp8217re more open to cutting their fees adding extra services or changing how they work with you just to keep you from walking awayBlotnick points out that the old rule of paying 1 of your assets per year is slowly being challenged More clients are waking up to the idea that they can and should ask for better deals And often theyamp8217re getting themDonamp8217t Be Afraid to Speak UpSo can you negotiate your advisoramp8217s fees Absolutely And you shouldThis doesnamp8217t mean you have to be pushy or confrontational It just means doing a little homework Know what alternatives are out there like lowcost ETFs or roboadvisors and be prepared to talk about themAdvisors arenamp8217t strangers to these conversations In fact many expect them If they know youamp8217re an informed investor who understands their options theyamp8217re much more likely to work with you on pricing or offer added valueThe Financial World Is Changing Use It to Your AdvantageThe truth is investing is easier cheaper and more accessible than ever You donamp8217t need to blindly accept high fees or outdated advice Todayamp8217s tools and information put you in controlFinancial advisors can still offer value especially for people with complex financial situations or those who prefer a human touch But that value should be clear and the cost should make senseIf it doesnamp8217t Donamp8217t be afraid to ask for better Itamp8217s your money after allBottom LineThe balance of power has shifted In the past clients may have felt lucky just to get an advisoramp8217s attention Now itamp8217s advisors who are trying to keep clients from leaving Use that to your advantageAsk questions Compare options And donamp8217t be shy about negotiating fees The modern investor is smart informed and in control and that investor is youPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Why You Have More Power Than Ever Over Your Financial Advisor

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Gregory Blotnick

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Why You Have More Power Than Ever Over Your Financial Advisor

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