Giving Control of $100K and Earning Less Than Their Fees
I once gave a major fund control of 100G for one year. I got a 2% return. They made more money in fees than I did in ROI. Meanwhile, the rest of my money invested in index funds earned 10%+ after fees.
The “12%” Advisor
A few years ago, I was competing for a client’s business. I was one of two other advisors who were being interviewed, and I gave my traditional spiel. It turns out that one of the guys I was up against had guaranteed to the potential client that he could make 12% in the stock market.
Now, keep in mind that this was not before 2023, and even if it was, it wouldn’t matter. The advisor was using basic mutual funds and still had the audacity to claim to my client that he could net him a guaranteed 12% return.
I was in shock.
Lesson Learned: If you ever come across any type of advisor that guarantees you any rate of return, and isn’t quoting you a fixed annuity, a CD, or some type of insured bond – don’t fall for it. It’s too good to be true. Get out of their office fast.
Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
Playing it too safe
Can a financial advisor give the wrong advice? Yes, especially towards young people who are starting which was my case, they went way too safe and too conservative to the point that my savings in my retirement account were gaining peanuts barely over 2% a year. I switched banks and never looked back.
Either too safe or too risky. You probably hear tons of stories, especially wasting many years of young people who could have put those crucial early years to better use under a better advisor.
Share Your Story
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The Impact of Bad Financial Advice
Getting poor financial advice can have serious consequences, from financial loss to emotional distress. More and more investors are choosing to take matters into their own hands – and we're here to help.
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