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What are some signs that your financial advisor is stealing from you?

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He is a new friend

He is a long-lost relative

He approached you in church with a Bible in hand

He offers you a guaranteed high steady return

He is addicted to something that is expensive

The name of his company includes the name of any of the Founding Fathers, any prestigious US or British University or sounds like it is affiliated with Veterans or the US government

ISSUES
Conflicts of Interest

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Not sure if I should trust financial advisor

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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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ISSUES
Incorrect Advice
Conflicts of Interest

What are some signs that your financial advisor is stealing from you?

Read full story

He is a new friend

He is a long-lost relative

He approached you in church with a Bible in hand

He offers you a guaranteed high steady return

He is addicted to something that is expensive

The name of his company includes the name of any of the Founding Fathers, any prestigious US or British University or sounds like it is affiliated with Veterans or the US government

Read more
ISSUES
Conflicts of Interest

Soundbites and Sales Tactics: Why I Couldn’t Trust a Single Financial Advisor with My Money

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I’ve had initial chats with two, and met two at parties. No horror stories, but all four left me certain that I wouldn’t 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 “you’ll never lose money in property” or “you can’t go wrong with bonds”.

One had been in agriculture before getting a job at his father-in-law’s 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 didn’t know how to deal with crypto and promptly ghosted me, the other also appeared to lose interest once it was clear I wasn’t 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, they’re the last people I’d hand over money to.I manage my ~£0.5m portfolio myself.

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ISSUES
Conflicts of Interest
Incorrect Advice
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