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Playing it too safe

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Can a financial advisor give the wrong advice? Yes, especially towards young people who are starting which was my case, they went way too safe and too conservative to the point that my savings in my retirement account were gaining peanuts barely over 2% a year. I switched banks and never looked back.

Either too safe or too risky. You probably hear tons of stories, especially wasting many years of young people who could have put those crucial early years to better use under a better advisor.

ISSUES
Incorrect Advice

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Sounds like my wife’s ex financial planner. I warned her after meeting him once before she gave him her money but she trusted him because her dad uses him (btw her dad has less than 1% of his net worth with this guy). Took me five years of doing yearly reviews with her to finally pull the money and put in index funds.

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The Problem with the Industry: Unqualified Advisors and Poor Investment Choices

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I'm a tax attorney, so I see a lot of other people's finances.

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Deceived for Commission

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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.

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