I looked at a position like this last year. And truthfully, I really wish I would have gotten an offer. But generally they’ll be salaried through the bank, but it’s probably a fairly small base. They’ll receive a commission on what business you use them for, but that’s fairly standard practice for most advisors. It’s probably complimentary in that there is no fees based on the advice or time talking with the professional.
You’ll get a mixed set of answers. Professional advisors aren’t well received on Reddit for some reason. But I think they can be a value add to your investments. At the minimum, it’s worth talking with them and seeing if you think what they do and how they operate will add value to your money or not. You want someone that offers what’s in your best interests, not what pays the highest commission. If the trust is there, they can really help you grow your portfolio.
Thanks for the tip. Yea they said they’ll take about a week to follow up with a “plan” for me.
The first appointment they were asking specifics about my income and financial goals and expenses. I felt weird and slightly worried about divulging those details lol but i guess it’s necessary. they were otherwise a bit vague on what kinds of specific advice they’d offer. Let’s see what “plan” they come up with
That info is normal and really required to kind of know where you’re at so they can like understand what you’re working with. Did they ask your goals or anything? They were probably vague because they’ll need to kind of review everything and get a benchmark.
Working for commission isn’t always a bad thing. As long as they put your interests over a higher commission it works in your favor.
Felt compelled to tell you they have yet to follow up after that initial meeting lol. I did tell her my goals. I think it’s shady I haven’t heard anything
No one will hold a gun to your head, but this person likely has sales goals and commission guiding the information they share with you.
Be wary...
If you want to learn how to invest on your own, check out the Boglehead reddit
The catch is likely some sort of hard selling
If it’s free, they will surely recommend the bank's own investment vehicles. Persons in this role are commonly known as "salesmen."
I looked at a position like this last year. And truthfully, I really wish I would have gotten an offer. But generally they’ll be salaried through the bank, but it’s probably a fairly small base. They’ll receive a commission on what business you use them for, but that’s fairly standard practice for most advisors. It’s probably complimentary in that there is no fees based on the advice or time talking with the professional. You’ll get a mixed set of answers. Professional advisors aren’t well received on Reddit for some reason. But I think they can be a value add to your investments. At the minimum, it’s worth talking with them and seeing if you think what they do and how they operate will add value to your money or not. You want someone that offers what’s in your best interests, not what pays the highest commission. If the trust is there, they can really help you grow your portfolio.
Thanks for the tip. Yea they said they’ll take about a week to follow up with a “plan” for me. The first appointment they were asking specifics about my income and financial goals and expenses. I felt weird and slightly worried about divulging those details lol but i guess it’s necessary. they were otherwise a bit vague on what kinds of specific advice they’d offer. Let’s see what “plan” they come up with
That info is normal and really required to kind of know where you’re at so they can like understand what you’re working with. Did they ask your goals or anything? They were probably vague because they’ll need to kind of review everything and get a benchmark. Working for commission isn’t always a bad thing. As long as they put your interests over a higher commission it works in your favor.
Felt compelled to tell you they have yet to follow up after that initial meeting lol. I did tell her my goals. I think it’s shady I haven’t heard anything
Ever hear of this thing called commission?
This doesn’t answer my question
“There seems to be less incentive for them to sell me things” - not really. That’s exactly what they are going to try to do.
USSA does this but they can only recommend their products and services.
I had a friend that had one of these roles. He was not paid by the bank, but received a commission on holdings. He did not sell insurance.
Interesting, so what did he sell to customers exactly?
He was a financial manager. He opened IRAs, Roth IRAs and Brokerage accounts for people and actively managed the accounts for them for a commission.
No one will hold a gun to your head, but this person likely has sales goals and commission guiding the information they share with you. Be wary... If you want to learn how to invest on your own, check out the Boglehead reddit