Most advisors are just monkeys
Most are just monkeys đ 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.
Related Horror Stories
The âI Can Use Anything, I Just Happen to Use My Own Companyâs Mutual Fundâ Advisor
I had just met with some folks who had recently moved in-state from the East Coast. They were referred to me because they were unhappy with the advisor that theyâd been with. The advisor had worked for one of those big insurance companies that also have their own proprietary mutual funds.
The advisor had always made the claim to them that he could use any type of investment that he wanted. What I found funny about that statement was when you actually looked at their account holdings, over 80% of all their investments were with that companyâs mutual funds; their own proprietary product.
What was even more a bunch of crap, was the actual funds themselves were horrible.
Their track records were bad, their fees were high, and their performance resembled that of a 16-year-old trying to make it in the NFL; it just wasnât cutting it. Lesson learned: If youâre using an advisor who works for a big company, be on the lookout if they always recommend their own companyâs funds.
The Financial Planner Who Missed the Tax Benefits of Donating Appreciated Stock
A financial services guy told a lunch group that it made no difference whether people donated appreciated stock directly to a charity or sold it and donated the proceeds to charity. He claimed that, either way, âyou still got the charitable deduction. âWhile this is true, he completely ignored the capital gains tax that would be triggered when the person (rather than the charity) sold the appreciated stock. He could not comprehend that a direct donation of the appreciated stock to charity could save the donor from having to pay tax on that capital gain.
He was totally obsessed with the relatively minor charitable deduction on their tax return. I thought this was horrible advice and a disservice to anyone who followed his financial advice.
A Simple Mistake That Cost Me Thousands in Home Buying Benefits
When I was preparing to buy my home, my financial advisor who arranged the mortgage told me that the lender âdidnât acceptâ help to buy ISAâs, so told me to transfer the money to my savings account and withdraw the full sum in bulk.
I later found out thatâs not how it worksâŠ! 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 đ
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