Are Financial Advisors a Scam?
Financial advisor's compensation can be commission based, fee based, or a combination of both. As will all professions, there are good actors and bad actors. The good actors can help guide you to financial goals and success. The bad actors are a scam. Bad financial advisors will sell you bad or risky products with commissions as high as 10%+ being paid to them. Bad financial advisors can have fee based compensation structures that slowly consumes your portfolio. Paying 2% of your assets per year can add up quickly.
Make sure you clearly understand how a financial advisor is being compensated. If things don't sound right, walk away. There are countless financial advisors out there. Don't settle for a bad one. It can cost you your life savings.