My financial advisor overcharged me $15K over 10 years — how can I get my money back?

Core Insights - The article discusses the complexities and potential issues surrounding financial advisory fees, particularly focusing on overcharging and the structures used to calculate these fees [2][4]. Fee Structures - Financial advisors may charge fees through various structures, including hourly rates, retainers, percentages of assets, or fixed rates. Fee-only advisors do not accept commissions [4]. - Advisors using an "assets under management" (AUM) fee structure may have minimum asset requirements and often employ a tiered system where fees decrease as assets increase [5]. Overcharging Concerns - The article highlights a case where an individual, Jeff, was overcharged nearly $15,000 in advisory fees over a decade, raising questions about fair compensation and the need for regulatory reporting [2][3]. - AUM fee structures can make it difficult for clients to notice discrepancies in charges, as fees are directly withdrawn from investment accounts, leading to potential oversight [6]. Industry Trends - AUM is noted as the most common type of advisor compensation, with approximately 72% of advisors using this structure in 2024, and an expected increase to 78% by 2026 according to Cerulli Associates [6].