Is your financial advisor stealing from you?
What are some signs that your financial advisor is stealing from you?
- They don’t provide timely statements of activity on your account.
- They give you excuses if you want to move money around.
- They can’t explain withdrawals from your account.
- They can’t provide third party account statements to support internally reported information.
Related Horror Stories
Pressure Tactics and Poor Advice
I had one guy INSIST that I buy a costly Variable Life insurance policy. “Don’t read the prospectus! TRUST ME!” Sorry. “We’re not leaving until you sign!” Okay well you may want to order a pizza, because it’s gonna be a looooooooooong wait!
Another time I met with reps from a major financial firm who asked how my investments had been doing. “For the past ten years my compound returns have been 27%.” (That is, my portfolio was up 10x over ten years.)
This upset then tremendously, like I had just told them I kidnapped babies to use as firewood. “Well, THAT’s totally unsuitable!”Well, what do YOU recommend? “We have a program that will deliver 7% a year. But no promises!” (Perhaps double over ten years.) Okay! We’re done here!
Losing $22K in 90 Days Thanks to a Football Star Turned Investor
I was 29 and rolled my 401k from Virginia Tech to an “investment guy” at my bank. He was the star football player in high school and had no actual qualifications for investments. I rolled my $40,000 into the bank investment account. In less than 90 days it was down to $18,000 in value.
I had them sell everything and rolled it back out to another firm. When I complained the investment guy said “you are only 29 and you will make it back.” Yeah, but it took me 5 years to build up that $40,000 and he destroyed more than half that in 3 months.
What are some signs that your financial advisor is stealing from you?
He is a new friend
He is a long-lost relative
He approached you in church with a Bible in hand
He offers you a guaranteed high steady return
He is addicted to something that is expensive
The name of his company includes the name of any of the Founding Fathers, any prestigious US or British University or sounds like it is affiliated with Veterans or the US government
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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.
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