Most advisors are just monkeys
Most are just monkeys 🐒 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.
Deceived for Commission
When I was new and wanted to buy mutual funds, they sold me ULIP in the name of Mutual Funds, which they were not dealing even, but for getting some commision, they found me a good prey.
Whole life insurance as an investment vehicle
The one stands out and given by multiple of professional or so-called professional is to buy a "Whole Life Insurance" as an investment vehicle plus life insurance coverage vs. a "Term Life Insurance" policy.
Just do some calculations of the future value (Excel formula FV) in 20 years of the estimated monthly premium cost for a $1 million Whole Life Insurance vs. a 20 year Term Life Insurance (for the rate of return, you may assume 8%, in some estimates the long term retun of the stock market if you invest that money in Index Mutual Funds.) – you'll be SHOCKED!
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