Comments on: GF¢ 048: 10 Warning Signs You Need to Fire Your Financial Advisor

By: Jeff Rose

Jeff Rose — Sun, 04 Feb 2018 23:03:23 +0000

In reply to Bill Mesch. Hi Bill - You can try reporting him to different regulatory agencies, but they may not take action against him. The attorney route may be your only recourse. But even that depends on the authority you granted the advisor. If you've giving him blanket authority to manage your account, your case may be weak. But you may be able to sue for some sort of negligence, particularly if you can prove he invested your account to maximize his own income.

By: Bill Mesch

Bill Mesch — Sat, 27 Jan 2018 14:30:03 +0000

My bullion/ IRA advisor took all upon himself in ordering coin product that suited his high profit needs rather than selling me products that were better for my financial condition. As a result my portfolio is now 40% less valuable than before his services! I just ate $40k! where can I go for reparation and go after this guy?
So far all agencies say its my fault so get a civil attorney. I cannot believe this has happenned. He simply purchased whatever he wanted, then stopped answering the phone!!!

By: Jeff Rose

Jeff Rose — Fri, 13 Oct 2017 22:03:50 +0000

In reply to Linda. Hi Linda - Can she contact the company that the financial advisor works for? Failing that, you might want to check with regulators, like the Securities and Exchange Commission(SEC) and FINRA. You can also check with any state agencies who license financial advisors in your state. Call any of these, and find out what your options are. If you don't have any luck, you may need to consult with an attorney.

By: Linda

Linda — Sun, 08 Oct 2017 05:49:36 +0000

My daughter’s financial advisor from an account where she previously worked will not give her a copy of her previous statements and will not discuss the history of her suspicious balances. What can she do to get these copies? Thank you.

By: Timothy

Timothy — Wed, 16 Sep 2015 03:03:38 +0000

My advisor does return emails within 24 hrs. In these, we agree on an appointment time for him to call. He doesn’t call. His meetings run over, unforeseen events occur, his smartphone “isn’t working for some reason”, and I make another appointment. It’s always, “I’ll call you later today or tomorrow.” Never happens. I fired him today.

By: Marc Cella

Marc Cella — Sat, 21 Mar 2015 22:53:37 +0000

First off… #9 should’a been #1 (not a bonus)… Secondly, find an advisor who you either know or a friend recommended. Advisors (depending on who they’re contacted with, or employed by) come and go… Some in fact will be difficult to get a hold of simply because of the amount of money (or lack there of) you’re investing. Go with your instincts when deciding who you’re going to trust with your money. It’s your money! So there should be a high amount of trust, don’t be manipulated! I worked for a financial firm and saw this all the time. Not all are bad, but obviously there are those who are. Just keep in mind… It’s your investment, not theirs.

By: Kali @ XY Planning Network

Kali @ XY Planning Network — Thu, 05 Mar 2015 16:01:04 +0000

Wonderful tips! I would just add one more — you need to fire any financial advisor who isn’t willing to work as your fiduciary. An advisor’s primary job should be to act in your best interest, and anyone not willing to do so needs to go!

By: Jeff Rose

Jeff Rose — Sat, 12 May 2012 03:22:53 +0000

In reply to Melissa@LittleHouseInTheValley. @ Melissa Because I have to give everyone the benefit of the doubt before I know all the facts, recommending an annuity isn't "horrible". Then again, if that's all he was pitching without offering any other alternatives then his motives become more obvious. Better luck with your next meeting! Remember to ask the #1 question that I suggest when you meet: https://www.goodfinancialcents.com/7-financial-advisors-i-would-like-to-punch-in-the-face/

By: Jeff Rose

Jeff Rose — Sat, 12 May 2012 03:17:37 +0000

In reply to Chris @ Budget Ways. @ Chris This might sound ludicrous for me saying this, but I wish more people would do their own money management. Yes, that would mean less income for me because that's primarily how I'm paid (% of assets I manage), but I come across so many people who have no clue about anything of their investments.

By: Chris @ Budget Ways

Chris @ Budget Ways — Sat, 12 May 2012 01:30:59 +0000

I’m a big fan of doing your own money management. With some research, most people can learn to manage their own money. Assuming you have to pay an advisor 1% each year, the difference between investing $50,000 at 7% versus 8% over forty years means the difference between having $1.1 million or $750k. The fees really add up over the years.

Of course you could make the argument that an advisor could prevent you from making costly mistakes, so it really matters whether or not you’re up for the task of managing your own money.