April 14, 2014
What is the problem with trusting your local financial advisor/life insurance agent? What can you do about it?
What is the problem with trusting your local financial advisor/life insurance agent? What can you do about it?
The financial advisor is not your friend, he is not looking out for your best interest. If he wants to makes a large pay check he is going to have to charge you alot. This is a conflict of interest, he can either help you or help himself, and I dont know any who will really help you before himself. Just dont go to people like this, for life insurance you can go online to acuqote and term4you to find the best term life policies for your money. When it comes to investing your money you want to use Vanguard. Vanguard offers you the best products for your money and does not have a conflict of interest because you are the owners of it. The more you know the more you can help yourself avoid people like that.
They have a conflict of interest, you want to get the best financial advice, and they want money. To get more money, they will most likely not be giving you the best financial advice. You can educate yourself on finances so that you can take control of it yourself.
Well said, gentlemen. Let’s review.
Their interests and your interests are different. You are both trying to make money. You are trying to make money off your money. He is trying to make money FROM YOU using your money as leverage. That conflict of interest should identify clearly why you need to steer clear of these “experts.” They are really nothing more than salespeople for the financial industry.
Avoid these salespeople at every turn by increasing your education on financial matters and go around them to avoid the commissions and high fees. Vanguard.com would be a very wise option for the vast majority of people.