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
Whole life insurance before...your 401k?
Not advice that I was given, but I've worked with plenty of clients who were told by someone else to buy whole life insurance BEFORE investing into IRA or 401(k)...young, no kids, no spouse...just bad financial advisors looking for commissions.
Identity for Profit
In 2005, I was advised by a group of real estate investors. One who says he owns 50 different properties with many partners. He advised if I do not have money for investing, I should use my identity for prospect investors to use to purchase property and I get a small share. At the time, people made lot of money and different kind of real estate financial schemes.
Definitely it is a bad advice because if the investors default the loans, you are ultimately responsible for the loans and the properties are under the water.
Soundbites and Sales Tactics: Why I Couldnât Trust a Single Financial Advisor with My Money
Iâve had initial chats with two, and met two at parties. No horror stories, but all four left me certain that I wouldnât trust them with a penny of my money. The two I met socially gave me the strong impression they had no idea what they were doing and just parroted dubious soundbites like âyouâll never lose money in propertyâ or âyou canât go wrong with bondsâ.
One had been in agriculture before getting a job at his father-in-lawâs advisory firm.
I tried to chat to them about more complex post-recession low-interest rate stuff and they kinda changed the subject and just went back to soundbites. The two I actually spoke to about getting advice, one didnât know how to deal with crypto and promptly ghosted me, the other also appeared to lose interest once it was clear I wasnât just gonna buy life insurance and commission products. All four did the 1980s sales-y bullshit like using my first name constantly (one of them calling me by the wrong name over and over).
So (while I know every industry has its bad apples), my own personal experience has been that 4 out of 4 had strong scammy used car salesman / estate agent vibes. So basically, theyâre the last people Iâd hand over money to.I manage my ~ÂŁ0.5m portfolio myself.
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