It’s been nearly 100 years in the making.

For over 90 years, if one wanted to experiment with the financial markets, all one had to do was call their non-salaried “broker,” place a trade, charge a commission, and off you go.

Until the commissions became too high.

Then, by the revolution of financial planning in the 1990s, Wall Street mucky mucks came up with another idea: clients would pay financial “brokers” a fee for constructing portfolios and financial planning, typically a percentage of assets under management, and custodians collected interest on clients cash and margin, distribution fees from mutual funds and, of course, commissions on trades.

So actually, you got charged twice: A fee under management then discount commissions on trade. The total commissions, however, were lowered, from a high of 8 percent in the 1920s, to four percent in the 1970s to two percent in the 1990s.

Over the last 20 years, new players, like Charles Schwab, E-Trade, Ameritrade and any other discount brokers started lowering their trading, by price, first to $9.99 then $6.99, even as low as $5.99.

Starting Oct. 1, Charles Schwab, Vanguard, E-Trade and many other discount brokers have now announced that trading is free.

Wow, free trading! Free products. So what is not free? Advice!

So, do you understand what makes a stock go up or down? Do you know what it means to markets when The Fed makes interest rates go up or down? Do you keep track of the world markets at 11 p.m. in Hong Kong, 2 a.m. in Europe and at 4 a.m., while you are sleeping?

Yes, we now have a financial revolution. Get the product for free, you pay for the advice.

And advice will be cheaper, if it is not face to face and becomes even cheaper, if you receive automated advice. Remember, whether it’s the old commission product model or today’s flat fee advice model, the lower the costs, the higher your final investment performance.

In theory that’s supposed to be true and better for the consumer. In reality, I press a few buttons at McDonalds, wait on a super long line for my order, and it’s actually more expensive?

Professor Anthony Rivieccio, MBA PFA is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Bronx News, thisisthebronx.com and The Bronx Chronicle. Mr. Rivieccio is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. Financial Focus Interactive is now an app and a place where one can: Read, Listen, Watch Talk & Learn about Financial Solutions with like minded people and a live financial advisor. This month we focus on: College Planning. Financial Focus Interactive app can be found on the Google Play Playstore or on or internet app at: https://www.financialfocus.app For financial assistance, Anthony can be reached at (347) 575-5045.