Are all financial advisors shady??
I've had a real issue with the "financial advising" industry for quite sometime.
It's all 20 somethings trying to sell you some insurance product. They do this because they are commission based so the incentives aren't oriented to the clients best interests, especially if the client is just starting out in their financial journey.
I'm not sure if it gets any better as you get more wealth either, as they lump you into an AUM based product and the service is some annual/quarterly review even though the advisor hasn't been focused on your portfolio because of the commission based incentives.
Deceived for Commission
When I was new and wanted to buy mutual funds, they sold me ULIP in the name of Mutual Funds, which they were not dealing even, but for getting some commision, they found me a good prey.
Most advisors are just monkeys
Most are just monkeys 🐒 on a string following a long set of guidelines. What you need is someone who understands math and questions every single guideline. Some of the guidelines don't past the test and end up costing their clients money every year.
This is a very small percentage that can actually do this. In fact my financial advisor is one of the majority monkeys. Occasionally I need to remind him to manage my account my way or he will start managing it like the rest of his clients. But he is a very good and smart person with a good heart.
I wouldn't trust a good percentage of them, find one that gives of the right vibe.
Not sure if I should trust financial advisor
I recently started seeing a financial advisor at First Command I met through a mutual family friend. The advisor is obviously very knowledgeable about retirement and investing, but I can't help but think the funds they are suggesting I invest in are more for their profit than my well-being.
They suggested a couple of accounts through Fidelity Advisor that have large percentages to invest in (some of the percentage goes to the advisor). The funds have a good history, but I can't tell if it's a smart move for me or if they are just trying to profit. Additionally, the advisor suggested a whole-life insurance plan.
They explained how they profit from it (basically, the cash value goes to them the first 2 years), but it still seems like a good plan to me.
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