Three Signs of a Terrible Financial Advisor

Recognize red flags when searching for a new financial advisor.

Every occupation has the goods, the greats, the bads, and the uglies. Some professions have acquired an especially unfortunate reputation. Roofers. Car salesmen. Plumbers. 

And financial advisors.

When I talk to clients that have had previous relationships with financial advisors, I hear the same grievances over and over again:

1. No Communication
   The #1 reason that financial advisors get fired is over a lack of communication. When was the last time you heard from your financial advisor? This month? This year? This decade? As you look for an advisor, consider the form and amount of communication they will deliver to you.

2. No transparency
   If an advisor struggles to give you a clear answer, run! Not understanding your fees is like swiping a credit card for a product without knowing the price. Do you have a clear understanding of the product and pricing? Seek an advisor that presents fees, products, and services with total transparency.

3. No education
   Have you ever walked out of a classroom as confused about a topic as when you walked in? Some financial advisors pride themselves in presenting a product to their clients in the most sophisticated way possible to show off. Other advisors have the heart of a teacher and genuinely seek to help their clients understand the product and the risks and rewards associated with it.

Have you been burned by past financial advisors? Give us a call.