seraphim
Thinks s/he gets paid by the post
- Joined
- Mar 6, 2012
- Messages
- 1,555
DW is currently dealing with a PNC bank financial adviser reference inheriting her mothers portfolio. DW handled her moms assets for the past few years, but did not choose the adviser, nor does she understand how he is compensated. He is helping set up benefit accounts and bank accounts for the transfer of funds.
Being thrust into finance unexpectedly, and looking forward to setting up our own from tax deferred funds after retirement, I have just begun learning about fees and costs, etc. at this point, we're still waiting for IRAs to be transferred; equities must go through probate as they list no beneficiaries.
According to online information, the advisor has 14 years experience, is registered in quite a few states, has three FINRA disputes (?), and is fee and commissioned based.
I intend to interview him at the next meeting, but am curious about everyone's thoughts on choosing an adviser. DW seems to trust him, saying he has done a good job of maintains 5 to 6 percent income while her mom was in special care.
My recent reading spree makes me wonder...
Addendum: disclosure shows he administers 'wrap fee accounts', of which I have heard unpopular comments reference cost. Is an advisor employed by a bank even a good idea? Won't they be limited in funds they can employ? And paying a fee AND commission? Conflict of interest between commissions and recommending funds in the investors best interest?
Being thrust into finance unexpectedly, and looking forward to setting up our own from tax deferred funds after retirement, I have just begun learning about fees and costs, etc. at this point, we're still waiting for IRAs to be transferred; equities must go through probate as they list no beneficiaries.
According to online information, the advisor has 14 years experience, is registered in quite a few states, has three FINRA disputes (?), and is fee and commissioned based.
I intend to interview him at the next meeting, but am curious about everyone's thoughts on choosing an adviser. DW seems to trust him, saying he has done a good job of maintains 5 to 6 percent income while her mom was in special care.
My recent reading spree makes me wonder...
Addendum: disclosure shows he administers 'wrap fee accounts', of which I have heard unpopular comments reference cost. Is an advisor employed by a bank even a good idea? Won't they be limited in funds they can employ? And paying a fee AND commission? Conflict of interest between commissions and recommending funds in the investors best interest?
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