[jeffrey]

According to a new MyWay Investment Advisors (MWIA - an independent financial planning and investment advisory firm) survey, 98% of respondents would change the way they work with their advisor with 43% saying they wanted to change the amount they paid for the financial advice and services. This compares to only 13% of advisors who would look to improve how they currently operate, including pricing for clients.. The survey focused on how individuals would like to be treated by their financial advisor or investment professional and how they would like to pay for those services.

The survey targeted the individuals with annual incomes greater than $75,000 and $150,000 to $600,000 in invested assets, including 401Ks. A duplicate survey was sent to financial planners, investment managers, insurance sales people and other financial industry professionals to compare responses.




When asked how they would like to pay for financial advisor services, 44% wanted to pay a flat dollar amount that was known upfront. 36% indicated they would prefer to pay a percent of their assets which also included all brokerage fees while 18% said they'd like to pay a percent of their assets and would also be willing to pay brokerage fees on top. Nobody wanted to pay a financial advisor on commission

When it comes to financial advice, however, financial advisors isn't where most of those surveyed go for information. Only 27% utilize financial advisors while over half (56%) get advice from a friend, publications or on their own.

Of those that have a financial advisor, only 18% are happy with him or her. a whopping 56% say they are dissatisfied and 23% still have not made a decision.

The negative view of financial advisors likely comes from the results they have provided. two-thirds say the advice they received from their financial advisors returned less than the S&P 500 while only 22% beat this benchmark

Some other interesting facts from the survey:

• Not a single respondent could answer exactly what they paid for a fee in 2005 as a dollar amount.
• Not a single respondent knew what their advisor was paid as a dollar amount based on their investment management business.
• A mere 17% of respondents knew if they were working with a broker or a financial advisor (or both) and what the differences between the two are.
• Less than one quarter (18%) knew commissions or compensation was paid to advisors for Variable and Fixed annuities and Certificates of Deposits.