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How My Financial Advisor Profited More Than I Did

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No horror story, they just made more money out of me than I made out of them, so in a way they taught me a useful lesson. This was back in the 90s, when we were all simpler folk.

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ISSUES
High Fees
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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
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The Financial Planner Who Missed the Tax Benefits of Donating Appreciated Stock

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A financial services guy told a lunch group that it made no difference whether people donated appreciated stock directly to a charity or sold it and donated the proceeds to charity. He claimed that, either way, “you still got the charitable deduction. ”While this is true, he completely ignored the capital gains tax that would be triggered when the person (rather than the charity) sold the appreciated stock. He could not comprehend that a direct donation of the appreciated stock to charity could save the donor from having to pay tax on that capital gain.

He was totally obsessed with the relatively minor charitable deduction on their tax return. I thought this was horrible advice and a disservice to anyone who followed his financial advice.

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ISSUES
Incorrect Advice
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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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ISSUES
Conflicts of Interest
Incorrect Advice
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Have you had a negative experience with a human financial advisor or other human “financial expert”? Share your story to help others avoid similar issues. Together, we can shed light on the importance of reliable, unbiased financial advice - its been a big motivator for us to build PortfolioPilot.

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The Impact of Bad Financial Advice

Getting poor financial advice can have serious consequences, from financial loss to emotional distress. More and more investors are choosing to take matters into their own hands – and we're here to help.

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