My REIT Nightmare
What's the dumbest piece of advice a financial adviser has given you? Put your money in this “safe” REIT…. lost half of it AND the fund was “frozen” when the banks did their nasty back in 2008; had to wait for 5 years to get even that back.
Related Horror Stories
Two weeks for nothing
We are in the midst of looking elsewhere as we speak. Our guy is not untrustworthy. It’s just that when I ask for a simple projected income statement for post-retirement, he worked for two weeks on it and said he just couldn’t produce one. It seemed like a simple request.
What does an advisor do?
Years ago when I was getting started i spoke to a Schwab advisor. After speaking with him for an hour I still couldn’t figure out what a financial advisor does.
Do you pick stocks? “No, we allocate it to a few different index funds” which funds “funds you feel comfortable that suits your risk level” so I pick the funds?? “Yes” on so then what do you do??! “I advise you, and help you with your unique needs” my unique needs??? My need is for my money to grow as fast as possible.
Do some people have the unique need to lose money?? “….”
Not sure if I should trust financial advisor
I recently started seeing a financial advisor at First Command I met through a mutual family friend. The advisor is obviously very knowledgeable about retirement and investing, but I can't help but think the funds they are suggesting I invest in are more for their profit than my well-being.
They suggested a couple of accounts through Fidelity Advisor that have large percentages to invest in (some of the percentage goes to the advisor). The funds have a good history, but I can't tell if it's a smart move for me or if they are just trying to profit. Additionally, the advisor suggested a whole-life insurance plan.
They explained how they profit from it (basically, the cash value goes to them the first 2 years), but it still seems like a good plan to me.
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