This is the conversation I had with my friend. I sent him an email with a breakdown of our investments and what we paid in fees. How do I convince him to be diligent and find out what is going on?? He is a smart engineer.
So you saw my finance email?
Yes, but we don't pay our adviser anything because she took on [wife] pro bono. There are zero fees or anything in our statements.
I don't know of anyone who pays zero money for financial planning so you should stay with her forever.
Yeah we get invited to these fancy events and stuff.
Well, somebody is paying her if it's not you, how is she making her money?
She probably takes a cut of the fund.
So you are paying her? Don't you want to know if you are or how much?
No, I don't want to rock the boat.
That's how financial planners make money. They hide all their fees.
Yeah, I see that happens with my parents.
