There are definitely some ways to spot a BAD “financial advisor”. Anytime you hear an advisor say any of these quotes or anything related to the items on this list, that is your sign to run in the other direction as fast as you can.
Financial advisors often will use terms to describe themselves like “fiduciary” or “fee-only”. While these may be important to pay attention to, they can be very confusing for most people and they are often misused by bad financial advisors.
So, it’s important to listen to the words a financial advisor is saying to you to see if they are using fear tactics, pushing a commission based product, or trying to manufacture complexity to make you think that you NEED them.
But wait, what’s so bad about a FREE steak dinner?? On the surface that might seem appealing, but you’re really just setting yourself up for being in an advisor’s sales funnel for years to come and will get non stop cold calls from them trying to get you to buy whatever product they are selling.
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane