With all of our terminology and acronyms in the world of finance, sometimes consumers can feel as if they are being spoken to in a foreign language. The confusion that results can lead to mistakes and regret, especially in the area of advisor compensation. Whether it’s fee-based, fee-only, or commission-based, the type of compensation model an advisor uses can make a huge difference in the kind of advice you receive and the type of relationship you are able to build with your advisor.
A once stereotypical Millennial, I spent a good part of my 20s wrestling between "adulting" and seeking a good time. In other words, I really wanted to be an adult. Yet I felt like an imposter because I had other priorities. Pre-wife, I was perfectly content going out with the guys and getting into a bunch of nonsense. Responsibilities? Sure, when the mood struck me. I did buy my first home at the age of 25. So a part of me was trying, but honestly, beer-thirty was high on my list of to-dos every weekend.