Check out this article from Marketwatch here which details just some of the Wall Street Brokerage firms 'take' last quarter. Without boring you with the exact figures and all the details, the bottom line is that in just three months, these firms made several billion dollars. Do the clients of these firms know what they are paying in commissions? Do they know what they are paying in fees (and yes, 1% over time is a HUGE NUMBER)? My guess is NO, they do not know what they are paying and that they are the source of revenue, income and profits.
There is absolutely nothing wrong with making a profit when you provide some kind of service or value. I know when I buy a suit that there is built in profit but I can't make my own suits. I know when I buy a car that there is a huge profit in it for alot of people. I know when I go see the doctor that he (and others) make a tidy sum off me but that's ok because I cannot diagnose an illness. The same is not true with Wall Street and your retail financial guy. He provides little if any value and takes a massive fee for doing so. Did you know that over 90% of stockbrokers, financial advisors, mutual fund managers, etc cannot beat the simple S&P500 index? It's true.
Stop being a stooge. Don't become next quarters Wall Street profits. Investing is alot easier than the investerati would have you believe. Invest by yourself and for yourself, save a fortune and put your money in the hands of the person who cares about it most - YOU!