Money has a new column written by an anonymous financial planner (and you know how much we love that sort of sh*t), who says that if your financial planner is honest, he or she will tell you how you’re making them money.

It’s the “generous” sounding ones you gotta keep your eye on.

From CNNMoney:

We all have our stereotype of the crooked financial planner who robs little old ladies and laughs all the way to the bank.

The reality, however, is more nuanced. Financial incentives are all around us planners, in both obvious and subtle forms.

If we recommend something, you can be sure it fits in with our fee model. A trustworthy planner should be able to tell you how he makes money off you. It’s the ones who constantly bleat “The client comes first” who worry me.

To protect yourself, I suggest the following:

1 Always ask your planner to estimate your total costs and what benefit you are getting for it.

2 Ask if there is an alternative way to meet your goals that lets you keep more of your money.

3 Get the planner to put the above two answers in writing. If he won’t, ask yourself why.

4 Always know what you are buying. As a general rule, the more complex it is, the worse it is for you.

Seems like good advice. If your financial planner acts like he’s running a charity, you might find that he’s sold you investments that are more about fees for them than they are about making money for you.

Why ‘Trust Me’ makes me nervous [Money via Freakonomics]

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