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Never, ever, ever go to a financial adviser paid on commissions. I mean never. I work at an insurance company. There are products that we sell all the time t
by tdees40 11y ago
Never, ever, ever go to a financial adviser paid on commissions. I mean never.
I work at an insurance company. There are products that we sell all the time to commission-based advisers that we almost never sell to fee-based advisers. Why? Because those products aren't right for the customer, but with 5%+ commissions they sell like hotcakes.
- gavreh 11y agoNever go to an insurance salesman for financial advice. Go to an insurance company (salesman) to buy insurance.
- TeMPOraL 11y agoIn general, never go to any salesman for advice related in any way to the thing they're selling. They're being paid for securing the best deal for their employers, which usually is not the best deal for you. Yes, there is such thing as reputation, but it doesn't come into play unless you play on the same power level as them. That is, if you are a wealthy person with connections then by all means, find a reputable financial adviser, they'll happily work in your interest. Such clients are scarce, after all, so they need to care. But if you're a Joe or Jane Random, salesmen have little incentive to offer you a good deal - they have hundreds or thousands people just like you every month, and none of you can do any damage to them.
- utefan001 11y agoAmen. Financial advisers can steal you blind and the punishment is only losing their license. Shout out to my old adviser who sent me quarterly statements with the fee/commission column omitted. F%@k you Sean K Hannon :) http://www.investorclaims.com/Blog/2012/July/North-Carolina-Financial-Services-Executives-Fac.aspx http://www.investorclaims.com/Blog/2012/July/North-Carolina-... http://www.adviserinfo.sec.gov/IAPD/Content/ViewIndvl/IAPD_IndvlSummary.aspx?SearchGroup=Individual&FirmKey=-1&BrokerKey=4296260&Indvl_PK=4296260 http://www.adviserinfo.sec.gov/IAPD/Content/ViewIndvl/IAPD_I...