Talking to your advisor shouldn’t be this hard
Secret shoppers visit four banks to learn about product fees
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Want to know what fees you’re paying your financial advisor? A comprehensive new study from Dalbar shows that waiting for your advisor to broach the topic will mean an awfully long wait. For the study, three “secret shopper” clients with investible assets of at least $100,000 were sent to BMO, CIBC, RBC and TD to complete a financial plan. With the exception of TD, it was always the clients—and not financial planners—who first brought up the topic of fees.
Source: “Client Experiences with Financial Planners: A Case Study Approach,” Dalbar.
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