You might not know this, but under current rules, it’s perfectly legal for your financial adviser to steer you into retirement investments that might make more money for them than you.
Currently, unscrupulous professionals can make recommendations based on the amount of commission they receive, rather than what’s in your best interests. As long as an investment is deemed “suitable” for investors, it’s fair. “They have to take your appetite for risk and your personal goals into account. But they can recommend something that’s high cost,”
Therefore, brokers could recommend a mutual fund that imposes a high upfront fee instead of a similar lower-cost alternative, leaving you with less money to invest.
You would like to think that your adviser has your best interest at heart but at the end of the day they need to put food on the table.
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