Lowering investment costs is one of the keys to successful investing.

In an article titled ‘What to Know About Advisor Fees and Costs,’ Coryanne Hicks of U.S. News & World Report urges investors to assess the cost of their financial advisor upfront.

“You wouldn’t get your oil changed or your hair cut without knowing the cost …”

We couldn’t agree more.

Hicks recommends investors ask these four specific questions before engaging a financial advisor:

  1. How are you getting paid?
  2. Do you earn commissions?
  3. How much money are you and/or the company making to put me in this investment?
  4. What are my total costs for working with you?

At Luma Financial, we are paid only by the clients we serve. We collect no commissions or other incentives on the investments we recommend and are under no pressure to recommend in-house products that don’t suit client objectives.

Furthermore, our clients pay no brokerage fees on buy/sell transactions and neither we nor our broker receive any compensation for order flow.

What you pay is an annual fee on the assets under management between 0.4% – 1.0%, depending on account size. Compare that to the average advisor fee of 1%-2%.

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