Kevin McNab explores the evolution of advisor fees in this ColoradoBiz Magazine article. While many investors are complacent or don’t know any better, the way you pay your advisor greatly matters. As the financial services ocean liner is slowly turning, smart investors are jumping ship to a wave of new advisors.
As a kid, I was always looking for ways to make money. Those adventures included raising a vegetable garden to sell produce to neighbors, picking wild raspberries behind my house to sell at the end of our dirt road, and keeping score for the local church softball league. By my 12th birthday, I had saved up $1,000. I knew my grandma had a stockbroker and I had big dreams. I approached her about buying stock. She connected me with her stock broker who did her a favor and set an appointment with me. We arrived at a 10-story building in a city two towns over from my hometown. I took an elevator up to one of the top floors and sat down in front of the stockbroker in a three-piece suit behind an executive desk. At the time, I thought I was going to be an engineer. The stockbroker suggested I buy Fluor Corporation, a constructions and engineering firm. I was in the market!