Phil Cannella speaks vocally
Phil Cannella – Phillip Cannella Blog: Phil Cannella speaks quite vocally about the ongoing fees that brokers make off of the unsuspecting investor. You see there are different types of investment vehicles and Phil Cannella separates them into two distinct classes.
Phil Cannella financial vehicles
This is further explained by Phil Cannella as follows, “As a retired person, you have two types of financial vehicles available to you. Once you understand them both, it will be clear which one you want. Broker-driven financial vehicles are products that financial advisors endorse, recommend, direct and protect to no end. Because they are securities-based, your assets remain susceptible to market downturns. Financial advisors and brokerage firms prefer these products because they collect ongoing fees and commissions from them.”
Phil Cannella makes a point here that is worth mentioning. When you are invested in securities, your broker makes money off of your portfolio regardless of its performance. In an up year and a down year alike, your broker gets paid. Can you imagine paying someone to provide a service who then makes matters worse than they were previously. Imagine paying a mechanic to perform an oil change but after the oil change you now have an oil leak because he didn’t tighten a bolt properly. You wouldn’t allow that.
Yet Phil Cannella indicates that this is exactly what happens day in and day out in the securities world. Performance doesn’t seem to matter.
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