There may be another, psychological, reason why investors want to pay for advice: the avoidance of regret.
Mike Piper just wrote an excellent article about how to pay for advice in his Oblivious Investing blog.
Another hazard for public funds: A conflict of interest among some of the consultants whom they pay for advice on where to invest.
But today Health Grades' methodology is an industry standard, and top hospitals pay for its advice.
Unless investors are willing to pay for objective advice, they may be doomed to receive bad advice.
The key is to make the knowledge that you have gained so marketable that someone will be willing to pay for your advice.
It still amazes me that two out of three consumers would refuse to pay for financial advice (typically 1% or less) but have no issue with being charged 3.522% in hidden fees.
He went on to say that it was important that people who may not otherwise have the means to pay for legal advice could have access to a solicitor who can prepare and present their case.
Hopefully, they will not pay heed to the advice of their former colleague.
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The saddest part is that people pay good money for advice like this.
And I hate to say it, you might need to pay for a little advice and see if you are well-diversified.
This is civilized lawyering-slowly bleeding corporations to pay for bad legal advice.
Trustees of the Florida funds who have engaged these consultants boast that they pay nothing for the advice they receive from their consultants.
FORBES: U.S. Institute Senior Delegates�� Roundtable Speech (June 7, 2004 )
The answer to the first question is usually YES. Give yourself a little piece of mind during this critical transition phase and pay for some good advice.
Get some professional advice and pay attention to tax rules.
As part of the next phase in its efficiency programme, the council also announced that residents would be able to call it in the evenings and on Saturdays for a larger range of services, and also seek advice and pay bills at its five town centre libraries.
Most boards appointing a new chief executive will seek the advice of a pay consultant, who will tell them the going rate.
The online guide features attention-grabbing yellow and black boxes of text exhorting would-be graduates to pay particular attention to the advice contained in them.
Ironically this pricing structure may result in the participants paying more for the managed account advice than they pay Vanguard for actually managing their money in mutual funds.
FORBES: More Worries for Defined Contribution Plan Fiduciaries (August 31, 2006)
Their shops must focus on those things, such as expensive clothes and gadgets, that customers will want to try before they buy, and for which they will pay extra, such as advice from competent sales assistants.
The benefits of the less than averagely bipedal performing Swan Lake are not really amenable to fiscal analysis: but we do need some method of working out whether you and I should have to pay for their diversity outreach advice.
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Our advice to investors: Pay a lot of attention to costs and turnover.
Finally, pensions must be persuaded that in order to receive objective expert advice, they must pay investment consultants substantially more.
FORBES: The Future of the Consulting Industry Speech, (September 19, 2005)
First, pensions are unwilling to pay much for objective investment consulting advice.
FORBES: Freakonomics: The Hidden Side of Managing Money ( September 2, 2005 )
The initial meeting is often free, but from then on you will be expected to pay for the on-going advice in some form.
No-frills Vanguard Group , the second-largest U.S. mutual fund company, is attracting a number of investors who are willing to pay for fee-based financial advice.
Investors are almost universally not prepared to pay the full price for objective advice and are generally resistant to paying any separately stated fee for it, however small.
The clients aren't coerced--they pay large fees because they value the advice and investment-banking services that are offered to them.
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