What type of financial planner is likely to be least biased?

Question

a commission only
fee only,
self employed,
or fee based financial adviser

I thinking about getting one and would like to know what you all think

Answer 1

Beware of ever trusting someone else with your money. The best financial adviser, who will best look after your own interests, is yourself.

Answer 2

Commission is terrible -- they're interested in churning your account, buying and selling a lot, so they make more money.

Fee-based is best -- they get paid the same no matter what.

Or you can consider someone who makes a small percentage, perhaps 1% on the total. They have an interest in your going up so that they make more over time.

Self-employed doesn't matter, although you might get more personal service from someone who's a small operation, because they know you.

Get references!!!

Answer 3

If you want someone truely non biased you must find a broker who is not affiliated to a specific life insurance company or investment house. Obviously those who are, only want to sell you products from those companies and it may not be best for you.

Rather educate yourself on what you need and then contact the company directly and let them just facilitate the transaction for you directly, thus eliminating agent/broker commission.

Answer 4

shop around different financial institutions, and tell the planners you are. don't be afraid to be pushy.

banks will fight each other for your business. just say "oh such bank offered me this" and show them the brochure. they'll beat it. then go to another bank and do the same till you get the plans you want.

a prior relationship with the bank of your choice always helps as well. as they won't want to lose your business.