Most advisors are just monkeys
Most are just monkeys đ 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
The âI Can Use Anything, I Just Happen to Use My Own Companyâs Mutual Fundâ Advisor
I had just met with some folks who had recently moved in-state from the East Coast. They were referred to me because they were unhappy with the advisor that theyâd been with. The advisor had worked for one of those big insurance companies that also have their own proprietary mutual funds.
The advisor had always made the claim to them that he could use any type of investment that he wanted. What I found funny about that statement was when you actually looked at their account holdings, over 80% of all their investments were with that companyâs mutual funds; their own proprietary product.
What was even more a bunch of crap, was the actual funds themselves were horrible.
Their track records were bad, their fees were high, and their performance resembled that of a 16-year-old trying to make it in the NFL; it just wasnât cutting it. Lesson learned: If youâre using an advisor who works for a big company, be on the lookout if they always recommend their own companyâs funds.
Losing $22K in 90 Days Thanks to a Football Star Turned Investor
I was 29 and rolled my 401k from Virginia Tech to an âinvestment guyâ at my bank. He was the star football player in high school and had no actual qualifications for investments. I rolled my $40,000 into the bank investment account. In less than 90 days it was down to $18,000 in value.
I had them sell everything and rolled it back out to another firm. When I complained the investment guy said âyou are only 29 and you will make it back.â Yeah, but it took me 5 years to build up that $40,000 and he destroyed more than half that in 3 months.
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.
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