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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75809  
Subject: Re: New York forces insurers to reveal fees Date: 3/31/2012 10:05 AM
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In the old days when my insurance agent was just selling straight insurance products like home, life, and auto I didn't care what he was being paid. Of course I knew he was getting a commission but I had no reason to believe the amount was unreasonable compared to any other product.

Now that agents sell a variety of financial investment products I think customers should know the agent's compensation for their own protection. Is a huge chunk of my investment going straight into the agent's pocket? Does the investment he recommends pay him significantly more than another product he sells, and is that the reason he recommended it?

I don't trust any financial advisor who is being compensated to sell me a product to put my interests ahead of his own. Knowing his compensation for various products might actually help me trust him more.
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