Psyber wrote:Full service Brokers are a bit like other Financial Advisors - they have a tendency to steer you towards dealings that are profitable for them. CommSec do it too though. I managed my sister's account with them for a while under Power of Attorney, and they were big on encouraging you to invest in schemes the Commonwealth Bank had put up the finance for - presumably to ensure the security of the CBA's investment!devilsadvocate wrote: ... Agreed, this is the benefit of a full service broker. Personally I don't like trusting my money with anyone, but they should listen to your needs and risk profile and then be able to advise you accordingly, but for an additional fee as mentioned.
Some of the schemes they put up as "good investment opportunities" looked pretty risky to me.
So, in the end you have to listen to the advice, but not assume the advisor's are really committed to your best interest.
I was also annoyed with the exit fees when my sister died and her CommSec account had to be closed and the shares transferred to me. I'd been prepared to open my own CommSec account and transfer them to it, but they wouldn't waive the fees. So, I'll set up with e-trade. Their transaction fees are a little higher, but there are no exit fees. And because I bank with the ANZ it appears I can set it up all on one log in.
That's the bottom line really. Good point.