Monday, May 16, 2016

Exaggeration or Cold Hard Truth that Most Financial Advisors are Full of Hot Air?

Exaggeration or cold, hard truth that most financial advisors are full of hot air?

I might be over-exaggerating things here, or perhaps the situation is just as dire as I perceive it – that so many hard-working people out there are getting what amounts to shoddy treatment from the so-called financial advisors, consultants, or what-have-yous they’ve turned to for guidance to secure their financial futures.

Here’s why I am saying this. Quite often, I meet and/or talk with folks who by any reasonable standard were given bad financial advice which led them to invest their hard-earned money in the wrong products – things that ended up giving them less than optimal benefit. On the other hand, however, the advisors always end up receiving their paychecks.

For these unsuspecting folks I have personally met, this usually is a wake-up call, but how many more out there aren’t even aware that they are not getting the best bang for their efforts and money? Unfortunately, I think many of these shady advisors are getting away with this unacceptable behavior.

When you go to talk to a financial professional about your retirement, you would expect to get only the best suggestions. However, based on what I see in my practice on an almost-daily basis, it seems to me that the vast majority of people tend to end up with some cookie-cutter, off-the-shelf advice and products without any real emphasis on their unique set of circumstances.

So, again, I ask: Am I over-exaggerating what’s happening out there? Of course this doesn’t apply to every financial advisor. There are certainly some great advisors out there who are actually going above and beyond to help their clients get the best possible outcomes. In fact, isn’t this exactly and precisely what people should expect from any financial professional they might talk to? Why should that be the exception instead of the norm?

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