Should you be Skeptical of Some (Many) Financial Advisers? Yes you Should, and Here is Why.
Sometimes, you get an article across your desk that is so biased, you can’t pretend like it doesn’t exist. I read such an article earlier this week and I feel I owe it to the uninformed public seeking genuine financial advice to make a few comments about it. So today’s lesson is about how to become an informed consumer of financial products without getting a distorted view. I don’t know the financial advisor spotlighted in the article, nor do I know the reporter who wrote the article. For that matter, I didn’t know where Suwanee, GA was until last Thursday (I did Google that one). This is certainly not a personal attack but when people put themselves out there, well… then I can use this as a teaching moment. This type of financial advice happens every day in Anytown, America. This could easily happen to you.
I am a financial adviser. I do understand the industry and its faults. Overall, it is a pretty misunderstood industry when it comes to consumers. What concerns me in this article though, is a number of statements that are not quite what they seem to be. Reading this article, I got the impression there are tons of insurance salesmen just waiting to take care of you for free. And that is simply, not true.
To understand where I’m coming from, please see the original article first: http://suwaneemagazine.com/financial-fitness/ and then read my comments. Here it goes; let this be an educational opportunity. Keep reading, the last point is by far the best and most misleading. Read More