Considering the amount of compensation they receive for the services they provide and their mostly mediocre performance, financial advisors are paid far too much. How much effort is required to manage an account with half a million in it? Yet even at one percent they receive $5000. So many studies show that actively managed funds fail to beat the index over long time periods, so why not just by a few index funds? Even WaOr, subscribe to a reputable investment letter for a few hundred a year and pay no other money, except for miniscule fees for buying and selling stocks in an online account? I've averaged over 10% return yearly, for over 7 years with conservative dividend paying stocks, recommended by a newsletter. If I paid an advisor, then with $500,000 portfolio, I'd be paying about $500 per month! The majority of these advisors are grossly overpaid and do not provide value for what they earn. It is a sham and the government should do something to reduce these outrageous commissions.