Unless you’re doing it yourself, you are paying for it. If you own mutual funds, you’re paying a fund manager as part of your fund’s expense ratios. If your financial advisor is a broker, they received a commission for whatever they sold you. If they sold you a mutual fund, they either got a commission or a portion of the fund’s 12b-1 fees, which you also pay as part of your share price. If you bought an annuity, the person who sold it to you was paid a commission of as much as 12% by the company. Plus, that company most likely invests your money in mutual funds and they receive a share of some of the fund’s expenses as well.

A fee-only planner or investment advisor does not receive any commissions for product sales. They are required by law to demonstrate that the clients’ best interest is always placed ahead of their own.

In our opinion, this is the only reasonable approach to advice and management. Pay the people who work for you directly.