Disclosure: PortfolioPilot is a technology product of Global Predictions Inc, a Registered Investment Advisor. You must subscribe to receive personalized investment advice.
Back to all stories

Churned and burned

Original source

Some time in the past, a “financial advisor” convinced me that I could make a lot of money trading commodities. Wrong! I figured out he was just “churning” me (putting me into and out of too many positions, just to earn the commission), and I closed the account, buy not until he lost 80% of my money in less than a year!

ISSUES
Deceptive Practices
Incorrect Advice

Related Horror Stories

Trading My 401k for a Questionable Insurance Policy

Read full story

It was once suggested to me by a “financial advisor” to cash out my 401k and reinvest it into a whole life insurance policy.

Read more
ISSUES
Incorrect Advice
Conflicts of Interest

Pushed to the Edge: How Three Financial Advisors Tried to Sell Me High-Risk Investments I Didn't Need

Read full story

Had three different independent FAs try to sell me into high risk VCTs (despite being wholly inappropriate for my goals / financial position) - all I wanted was some one-off financial modelling that I couldn't figure out in a spreadsheet. I literally gave up trying to find an FA at that point.

Read more
ISSUES
Conflicts of Interest
Incorrect Advice

A Simple Mistake That Cost Me Thousands in Home Buying Benefits

Read full story

When I was preparing to buy my home, my financial advisor who arranged the mortgage told me that the lender ‘didn’t accept’ help to buy ISA’s, so told me to transfer the money to my savings account and withdraw the full sum in bulk.

I later found out that’s not how it works…! I missed out on the government grant. I would have reported but I have no evidence as the advice was via email while I was using my work email address of a workplace many workplaces past!

Still bugs me when I pass his office 🙃

Read more
ISSUES
Poor Communication
Incorrect Advice
Read more stories

Share Your Story

Have you had a negative experience with a human financial advisor or other human “financial expert”? Share your story to help others avoid similar issues. Together, we can shed light on the importance of reliable, unbiased financial advice - its been a big motivator for us to build PortfolioPilot.

Shield icon representing anonymity protection
Don't worry, stories are anonymous!
Thank you for adding your story - we'll review for compliance reasons and post it in the next few days!
Oops! Something went wrong while submitting the form.