How to deal with annoying financial advisors
Sometime now and then, so called “financial advisors” cannot stop when to cut themselves off from signing up for their funds/accounts. They will boast about how great their portfolios are and brag about the bright sides, but will glitch whenever the “dark sides” are (about to be) referenced and mumble and move onto another topic abruptly on their own pace. They basically act like cheap car salespersons. What kind of pathetic compensation structure do they run on? This commission-based sales really annoys customers, and we have to bear the guts to say no to them.
Most are salesmen. Also what do you think happens here? TC?
Stop dealing with the sales guys and get a fee only fiduciary. It's that simple.
You're right, stay away from all financial advisors that work on commission. Problem solved.
Why are you talking to these people? Find yourself a good financial advisor who doesn’t do this.
Btw I disagree with wexxer. A good financial advisor more than earns their fee, even if you don’t have a couple million. If you have the time and knowledge to set yourself up to not only take advantage of a bull market, but to protect yourself in a bear market and to follow the trends so you know how and when to position yourself for either, good for you. Continue to do that and I hope you do well.
FA's don't make sense unless you have at a few million or maybe tens of millions to invest. At that point they can do interesting things with private equity, tax planning, trust funds, equity exchange funds, etc. and access a variety of financial products that can only be sold to accredited or qualified investors. For anything less than about 5mil you are better off putting your money in a lot fee mutual funds and using a CPA for basic tax planning.
This is not good advice. 1. Mutual funds, bad 2. CPAs are accountants. Financial planning is a very different realm. At $1m+ investable assets you should consult a fee-only FA to prevent you from doing the stuff above.
You are conflating FInancial advisors and financial planners. You would consult a few only financial planner and avoid all financial advisors and just invest in a diversified portfolio of index funds