If you think good advice costs lots of money, consider the price of bad advice.

In discussions with business acquaintances and my own personal experience; I have noticed that most clients are so fickle and they would rather see 4.5% of their investment go toward fees, even if it accumulates to tens of thousands of dollars, than pay $5,000 upfront for the actual advice. That said, a study by the Financial Planning Association revealed that even those that opted for commission based fees, were still better off than those who never speak to an advisor.

Should you really hand over your money to an “expert” before asking a few questions?

Now don’t get me wrong, I am not slamming all accountants, financial planners and stock brokers. Hell, if I did that, I’d be putting myself out of business.

What I am saying is that you should do your due diligence, not only in choosing the people that will be managing your money but in choosing what you ultimately invest in. The right financial professionals can make you a fortune, the wrong money people could lose you money, or even get you in trouble with the law.