<prompt> Human: So I just received a large inheritance and didnt need the money so I decided to invest it. Someone I know referred me to the wealth manager he has been using for a couple decades. I met with the guy and he was very nice and knowledgable plus my friend trusted him so I decided to go with him.He suggested I build a portfolio of mutual funds, which is what I was considering anyway. So he suggested some funds which have a front-end load sales charge. I didnt think much about it because I figured that was pretty standard so I agreed. Now after doing some research, every bit of advice I read tells me not to buy mutual funds with sales charges because Im basically just paying extra for my wealth managers commission.Im wondering if 1. He only suggested these particular mutual funds because they had a sales charge? Should I even listen to him at all? I feel like I have to re-evaluate everything hes told me and consider his incentives. Or is there some justification in buying the more expensive funds?2. If he was screwing me over, is there any way to reverse the sale in a certain time frame? He just bought them today so if I call him tomorrow morning can I get out of the sale and buy my own non-charge funds?3. I guess a more general question, is a wealth manager even worth it? I feel like I could do some research on my own especially with help from PF and not have to worry about his commission fees.Thanks PF!Assistant: He only suggested these particular mutual funds because they had a sales charge? Yes. This is how he makes his money. Otherwise, did you pay him? How do you think he gets compensated? Should I even listen to him at all?No. Or is there some justification in buying the more expensive funds?For you? Unlikely. For him? Putting a roof over his head and food on the table. If he was screwing me over, is there any way to reverse the sale in a certain time frame? He just bought them today so if I call him tomorrow morning can I get out of the sale and buy my own non-charge funds?Was the sale actually executed? Or did you both just decide on what to buy? Call him up and ask to stop the sale if it hasnt gone through yet. Otherwise, I do not believe there is anything you can do.As for considering him screwing you over in the sense of fraud, unless he is a fiduciary advisor which it doesnt seem like he is, since you never mention paying him, which is how such an advisor would make their money, generally speaking, then there was no fraud. I guess a more general question, is a wealth manager even worth it?At most levels, no. At a high enough level where complicated estate tax avoidance and management becomes something to consider, it may be worthwhile.Human: I dont mind him getting compensated on the sale. The thing is he must have known there were no-load funds that do just as well so he purposefully steered me towards a worse deal. So its not like its fraud but hes giving me bad financial advice, which was the whole point in going to him. Anyway it seems like I have to just bite the bullet this time but Ill probably do my own investing from now on. Thanks!Assistant: This is one of those life lessons where taking into account that it is hard to convince someone of something if their livelihood depends on them not understanding it is helpful.Yes, he may have read plenty of studies showing no-load index funds are usually the better choice. But most likely he simply focused on the fact that some funds did better than index funds and that he was so knowledgeable about investing that he of course would pick all of the winners. It is not necessarily that they are doing it out of selfish disregard for you, but just out of ignorance or denial.You will find many such people who try to convince you to part with your money in deals that are not optimal for you. This is a good lesson to have learned, so you go into any such encounters thinking about what the salesmans gain is so you can identify any conflicts of interest. The hardest ones to keep your wits about you with are people you trust, like an advisor who comes highly recommended from a trusted friend, or a close friend, or even occasionally a relative. Just remind yourself where they get their money from and therefore be sure to do your own research before agreeing to spend money.If you have any other questions, please come on back and post it. We love to help people take control of their own financial lives!Human: One more question then, I still have some cash in the account which he was planning to use to buy structured notes based on DOWSNP500. He pitched it as something that limits the downside while still giving the potential for gains in good times but I figure that must limit the return and maybe is not worth it. Are structured notes something that would also come with a high commission charge? Im considering just asking him to give that money back and buy a Vanguard mutual fund instead.Thanks again.  <response>: Structured notes are an overly complicated investment and really are not something you need to get into.My suggestion is to make a simple Three Fund Portfolio to start. Or you can pick a Target Date Retirement Fund that is an all-in-one fund. Either option is good and offers plenty of diversification. 