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Listen: What should financial advice cost?

by | Apr 8, 2022

: What should financial advice cost?Good financial advice is worth paying for. We can probably all agree on that. But when we buy a traditional financial product sold to us by a financial adviser, do we know how much it is really costing? And how do we know we are getting good advice?

In this podcast Maya (@mayaonmoney) speaks to Rory Brachner (@rorybrac), founder of DoshGuide.co and financial planner Marc Sydow about a further evolution where financial planners no longer make their living by charging a percentage of “assets under management”, but are paid for work actually done.

Commission-based financial advice

Financial advice is often wrapped up into sales commissions, creating the impression that you are getting “free advice”. Of course, this advice is anything but free, but you don’t really notice what you are paying for it because you’re not laying out money upfront. The fee takes the form of eating into the returns that you should be getting on your investment.

Thankfully, the industry is changing, and many financial advisers recognise that the selling of financial products should be separated from financial advice. DoshGuide is a platform that connects investors with fee-based financial planners.

Listen to this episode of the My Money, My Lifestyle podcast to find out more.

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Maya Fisher-French author of Money Questions Answered

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