11 Signs Your Financial Advisor Is Robbing You Blind (And How To Stop It!)

Investing can be a complicated and confusing task. There are financial advisors in the field that are ready and willing to help, but not all of them have your best interests in mind. There are a number of typical behaviors to watch for that may indicate your financial advisor is not right for you.

If your advisor tells you they can outperform the market, that is a pretty surefire sign to run in the opposite direction. Contemporary studies have consistently shown that most people, including professionals, cannot beat the average long-term returns of the market after accounting for fees. Another red flag is an advisor that tries to sell you some new product or service every time they speak with you. Do not grow overly concerned with occasional offers, but if your advisor’s only impetus for reaching out is to make a sale, consider finding someone else.

Every professional field suffers the dishonest and incompetent, but individuals seeking to invest can avoid these more sinister elements by performing due diligence in researching potential firms and looking into their planner’s past history and track record.

See Stephen Weyman, 11 Signs Your Financial Advisor Is Robbing You Blind (And How To Stop It!), HowToSaveMoney.ca, July 12, 2016.