Stop Overpaying Your Financial Advisors
Hi Everyone,
I hope you had fun over the weekend. Heather and I are out in Kona for the summer Maui MastermindTM which starts today.
I wanted to talk to you about saving thousands on the fees and money you pay to your financial advisors. A few weeks ago I was reading an article in "Worth" magazine about this very subject.
The article shared the results of an interesting survey of 1,500 "affluent" investors, with affluent defined in 3 categories:
Group A--Those with $1-5 million of investable assets.
Group B--Those with $5-10 million of investable assets.
And Group C--those with over $10 million of investable assets.
The article showed the results from several studies done from 1995 through 2007. Here are the three bottom-line results that the article shared.
Finding One: Wealth builders today are 3-4 times more likely to negotiate fees with their advisors than they were in 1995! (For those in group A, in 1995 only 5.2 percent would try to negotiate a lower fee. By 2007 over 22 percent would!)
It’s also interesting to note that people in group C ($10 million or more of investable assets) were 2-3 times more likely to negotiate lower fees!
There is a moral to the story here: don’t be shy about negotiating lower fees, it’s what the wealthiest people in our society do. (Keep reading for the link to an audio class I just posted to Maui MastermindTM Online on exactly how to ask most effectively for a discount.)
Finding Two: The average person negotiated their fees DOWN by 10-30 percent! That’s a huge savings just for asking.
In addition, over the past ten years or so, the size of the discount that the average affluent investor has been able to get has grown by 50-100 percent. That means that in 1995 they got a 10 percent discount on their fees, then now they are getting a 20 percent discount. The trend is for you to save more and more money on your fees.
Finding Three: Between 90 and 100 percent of all those surveyed reported little or no difficulty in obtaining a fee reduction! That means just for asking you have a 90+ percent chance in getting your fees reduced.
What does all this mean for you?
The next time you work with your financial planner, or your stock broker, or your investment advisor, or your attorney, or your… fill in the blank… ask for a discount off the fees.
For those of you who are members of Maui MastermindTM Online, I just posted an audio workshop going through exactly how to ask for a discount the best way possible. The class is called, The Five Essentials to Negotiating Discounted Fees from Your Advisors. Members can listen to this class by clicking here.
Not a member yet? No problem, click here for a free 30-day trial membership. After that your membership is just $9.97 per month auto-billed to your credit card. Each week we add cutting edge updates to the site just for members. You can cancel at any time (but why would you want to?)
*************
Deadline to Get the Preemptive Tax Strategies Workshop for Free Expires at Midnight July, 31st!
You have less than 24 hours if you still wanted to take advantage of the special offer I made you at the end of last week. The offer was that when you register for the Wealth Vehicles Workshop by July 31st, 2007 for just $3,997, you will also get to attend the $6,000 Preemptive Tax Strategies Workshop for FREE! Click Here for Full Details and to Register Now! (This offer cannot be extended for any reason.)
*************
I’ll talk with you all later in the week with another wealth update.
My best to you,
David
P.S. For those of you who wanted to take me up on that special offer and attend the Preemptive Tax Strategies Workshop AND the Wealth Vehicles Workshop for just $3,997, remember that offer expires in less than 24 hours! It expires at midnight Tuesday, July 31st, 2007. Don’t miss out. Click here for full details and to register now! Or call our office toll-free 1-888-889-0944.
I hope you had fun over the weekend. Heather and I are out in Kona for the summer Maui MastermindTM which starts today.
I wanted to talk to you about saving thousands on the fees and money you pay to your financial advisors. A few weeks ago I was reading an article in "Worth" magazine about this very subject.
The article shared the results of an interesting survey of 1,500 "affluent" investors, with affluent defined in 3 categories:
Group A--Those with $1-5 million of investable assets.
Group B--Those with $5-10 million of investable assets.
And Group C--those with over $10 million of investable assets.
The article showed the results from several studies done from 1995 through 2007. Here are the three bottom-line results that the article shared.
Finding One: Wealth builders today are 3-4 times more likely to negotiate fees with their advisors than they were in 1995! (For those in group A, in 1995 only 5.2 percent would try to negotiate a lower fee. By 2007 over 22 percent would!)
It’s also interesting to note that people in group C ($10 million or more of investable assets) were 2-3 times more likely to negotiate lower fees!
There is a moral to the story here: don’t be shy about negotiating lower fees, it’s what the wealthiest people in our society do. (Keep reading for the link to an audio class I just posted to Maui MastermindTM Online on exactly how to ask most effectively for a discount.)
Finding Two: The average person negotiated their fees DOWN by 10-30 percent! That’s a huge savings just for asking.
In addition, over the past ten years or so, the size of the discount that the average affluent investor has been able to get has grown by 50-100 percent. That means that in 1995 they got a 10 percent discount on their fees, then now they are getting a 20 percent discount. The trend is for you to save more and more money on your fees.
Finding Three: Between 90 and 100 percent of all those surveyed reported little or no difficulty in obtaining a fee reduction! That means just for asking you have a 90+ percent chance in getting your fees reduced.
What does all this mean for you?
The next time you work with your financial planner, or your stock broker, or your investment advisor, or your attorney, or your… fill in the blank… ask for a discount off the fees.
For those of you who are members of Maui MastermindTM Online, I just posted an audio workshop going through exactly how to ask for a discount the best way possible. The class is called, The Five Essentials to Negotiating Discounted Fees from Your Advisors. Members can listen to this class by clicking here.
Not a member yet? No problem, click here for a free 30-day trial membership. After that your membership is just $9.97 per month auto-billed to your credit card. Each week we add cutting edge updates to the site just for members. You can cancel at any time (but why would you want to?)
*************
Deadline to Get the Preemptive Tax Strategies Workshop for Free Expires at Midnight July, 31st!
You have less than 24 hours if you still wanted to take advantage of the special offer I made you at the end of last week. The offer was that when you register for the Wealth Vehicles Workshop by July 31st, 2007 for just $3,997, you will also get to attend the $6,000 Preemptive Tax Strategies Workshop for FREE! Click Here for Full Details and to Register Now! (This offer cannot be extended for any reason.)
*************
I’ll talk with you all later in the week with another wealth update.
My best to you,
David
P.S. For those of you who wanted to take me up on that special offer and attend the Preemptive Tax Strategies Workshop AND the Wealth Vehicles Workshop for just $3,997, remember that offer expires in less than 24 hours! It expires at midnight Tuesday, July 31st, 2007. Don’t miss out. Click here for full details and to register now! Or call our office toll-free 1-888-889-0944.
posted by David Finkel at 12:14 PM
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