Thursday , 25 July 2024

Financial “Advisors”: Who To Hire; When To Fire

Most financial “advisors” are really not trained to be skilled investment experts. They are trained to gather assets and keep their customers happy. They are salespeople. Is your financial “advisor” selling you services that amount to not much more than a smile or is he/she offering real substance that will help you meet your financial goals? You should take a long hard look at your financial advisor and rethink what you expect of them and this summary of articles does just that.

By Lorimer Wilson, managing editor of munKNEE.comYour financial site for sore eyes and inquisitive minds.

1. 10 Signs Of A Bad Investment Advisor (+4K Views)

Is your financial “advisor” selling you services that amount to not much more than a smile or is he/she offering real substance that will help you meet your financial goals. 

Is your financial “advisor”

  • keeping up with the science of the fast-evolving profession
  • and providing YOU with a diversified portfolio that consistently beats the market (only 11% are able to do that)
  • or seemingly focused on gathering assets under management in order to grow his/her practice to make himself/herself a lot of money instead of YOU?

It is important to hold your advisor to the highest standards and this article provides 10 further signs that you have a bad advisor and need to make a change. Continue reading…

2. Is It Time To Fire Your Financial “Advisor”? (Almost 3K Views)

Most financial “advisors” are really not trained as to be skilled investment experts. They are trained to gather assets and keep their customers happy. They are salespeople.

You want to be sure that your financial advisor:

  • understands you,
  • understands the market
  • can provide you with a wide assortment of financial products
  • and actively assists you in determining which securities should best achieve your investment/retirement objectives.

This article suggests you be on the look-out for the following to determine if your advisor is competent or should be fired. Continue reading…

3. 15 Criteria for Choosing the Ideal Investment Advisor (+3K Views)

An investment advisor friend asked me to put together a “wish list” of criteria I would use to identify an ideal investment advisor to work with and I came up with 15 characteristics which I share with you in this article.

It is unlikely that any one financial advisor would be able to fulfill each of the 15 characteristics presented in my wish list so… Continue reading…

4. 6 Warning Signs You Should Fire Your Financial Advisor (+3K Views)

Investors should take a long hard look at their broker (financial advisor/planner) and rethink what they expect of them while at the same time empowering themselves to take control of their own situations. 

This article identifies several warning signs that it may be time to cut ties with your current broker and when it comes to hiring a new one make sure to ask for credentials and designations that show that he/she has made a commitment to the industry. Also perform a background check by visiting or and click “broker check” to discover any infractions against them. Continue reading

5. How To Choose A Dedicated & Competent Financial Advisor That Places Your Interests First

Unfortunately many people in the investment industry are more akin to aggressive salespeople than they are professional investors so it behooves you to perform your due diligence on advisors under consideration.

Follow the 5 simple steps in this article to weed out many of the shoddy financial “advisors” that have conflicts of interest and/or lack the skills and experience to invest your money prudently. Continue reading

6. 7 Blunders To Avoid When Choosing a Financial Advisor

Choosing a financial advisor is a big decision so avoiding these 7 common blunders can help you find peace of mind, and avoid years of stress. This article does just that. Continue reading

7. How to Find a Financial Advisor You Can Trust

According to a recent Vanguard study, the right financial advisor can add up to 3.75% of value to your portfolio but, with 310,000 investment advisors in the United States, how do you find one that is independent and that will serve your interests?

This infographic gives you the ammo you need to find an investment advisor who will provide you with better service than the rest.

8. Have You Asked These 5 Important Questions Of Your Financial Advisor Lately?

The decision to work with a financial adviser is not a one-and-done type of deal. You need to stay engaged and informed. While you probably covered most of your key financial questions in your first meeting or two, you should continue to meet at least on an annual basis. This article presents 5 important questions to explore when you do. Continue reading
You can easily hire people who claim to be good investment advisers but they hardly ever are. They’re usually downright lousy investment advisers and I group them into three categories: The delusional, the liar, and the secretly mediocre. This article shows you how to identify them. Continue reading

While financial advisors are there to help you make smart decisions with your money, they also want a chunk of it for themselves as well. How they receive their cut, though, can vary.

This article presents the different ways financial advisors get paid and what you need to know about advisor fees. Continue reading

11. The Way Your Financial Advisor Gets Paid Could Harm Your Portfolio (+2K Views)

Just as it’s smart to question the doctor suggesting test after test for you at a facility he or she owns, it’s important to know how your financial advisor’s pay structure creates incentives that may harm or help your portfolio in the long run. This article reviews the various ways there are for you to pay a financial advisor as well as the various ways a financial advisor can get compensated for how he/she “manages” your portfolio.

The SEC tells investors that, before you hire any financial professional—whether it’s a stockbroker, a financial planner, or an investment advisor—you should always find out, and make sure you understand, how that person gets paid. Continue reading

12. 4 Tricks Some Financial Advisors Use On Their Clients (+2K Views)

Because there are really no independent parties overseeing the fund managers, advisors and consultants who are managing their money, a lot of the time it’s the clients who are left to judge the performance of those investing or making decisions on their behalf.

Basically it’s a whatever-they-say goes arrangement. It’s hard for many clients to even know that they have subpar results because the “experts” they’re listening to set the expectations and benchmarks. This article presents four tricks the finance industry plays on their clients. Continue reading

13. The Pros & Cons Of Replacing Your Financial Advisor With A “Robo” Advisor? (+2K Views)

In the last few years a new “advisor” has entered the fray – the “robo” advisor, now being called “automated investment services” – to help you reduce fees, increase efficiencies and streamline your process through a simple computerized interface. This article looks at 4 primary benefits and 4 potential problems to help you decide if such a service is for you. Continue reading

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