"If, on the other hand, a client needed an ongoing retirement income plan, a recurring plan-based fee might be more appropriate," he continued. "Once the appropriate fee style is determined, cost comparisons can be made. Oh, and anytime an advisor says their products don't have fees . . . run!"
Additionally, chartered financial analyst Grant Bledsoe, president and founder of Three Oaks Capital Management, points out a great way to help get at the truth about fees.
"I had someone ask me recently, 'Are there any fees I'll incur in my account that you don't invoice me for directly?'" he said. "I think this is a good way to phrase the question, since it encompasses loads, commissions, expense ratios, 12b-1 fees and anything else that comes out of the account."