My friend’s friend used a financial planner. The financial planner bought an annuity and a front-load fund for her. Obviously, it is for the planner’s advantage. The annuity commission could be as high as 10%. How many times I told my friends not to buy annuities except for rare conditions? The annuity is written by the company who issues it and obviously for their advantages not yours!
The front-loaded fee could be 1 or 2%. The ‘planner’ could sell it next month to get another 1 or 2% commission until your investment goes to zero. If you have to use a financial planner, use the one for fees, not letting them selling their products to you. There are many cases of “pennies smart and pound foolish”. Sigh!