Average Reviews:
(More customer reviews)I have to say, this book was the best investment I've ever made. It explained why I have been so unhappy with my financial advisors. My advisors were broker/dealer and NOT fiduciary advisors. As Mr. Blackwell explains in his book, there is a huge difference between these two types of advisors. A broker/dealer takes a cut or commission off of the products he sells you. So, if your broker talked you into an annuity, mutual fund, bonds, etc., he is raking in a commission off of everything you invest in. He is only held to a "suitability" standard, which means that he is only required to determine whether or not he believes the products he sells you are "suitable" for you. So, it's quite possible that he is steering you into investments that net him higher commissions. Yes, it is a HUGE stinking conflict of interest. A Fiduciary is held to a higher standard; they are required to advise you in terms of what is in YOUR BEST INTEREST and they charge you an upfront FEE versus collecting commissions off of your investments. Mr. Blackwell explains the difference in his book.
After reading Mr. Blackwell's book, I am now searching for an independent RIA (Registered Investment Advisor) that is held to a FIDUCIARY standard. I have found that broker/dealers are very crafty and will try to disguise themselves as fiduciary advisors. If a planner is a member of NAPFA or The Garrett Planning Network, they are probably FIDUCIARY. Also, I look for a planner that charges FEE ONLY. If they smile and wink and say they are FEE BASED that is not the same. A broker/dealer can also be FEE BASED. Whereas a Fiduciary will only charge as FEE ONLY. A Fiduciary will also present you with a ADV form that outlines EXACTLY how they invest, how they earn their money, whether or not they are a BROKER/DEALER.
Mr. Blackwell has done us all a huge favor by writing this book. I know I owe him a huge debt of gratitude. Thanks to Mr. Blackwell, I now realize that I had unrealistic expectations of my current financial planners. I expected them to advise me to get out of the market BEFORE the '08 crash. Silly me. I now realize that, as BROKER/DEALERS, they would never advise a client to get out of the market. It's been a huge relief to realize that there is a better option out there. Thank you Mr. Blackwell, for pulling back the curtain on the industry and helping the little guy navigate the shark infested waters. Bravo, Mr. Blackwell!
Click Here to see more reviews about: Secrets of the Skim
Ever wonder exactly how financial advisors are paid? Do you have any idea how much you pay your financial advisor? (You have no clue, by the way!) "Secrets of the Skim" is the story of how a Merrill Lynch financial advisor comes to understand this industry's sleight-of-hand dirty tricks and the devious methods it uses to inconspicuously cull money from client accounts.Readers will be shocked and dismayed by the real agenda of this culture that has been put in charge of safe guarding our nation's wealth. The wealth management industry's practices are an affront to the true capitalist principles which underpin the American economy.
