23 Secrets Your Financial Adviser Won’t Tell You
Read these before you trust ANYONE with your money.
Certified financial planners and NAPFA-registered financial advisers take a pledge
They take a pledge to put their clients’ interests ahead of their own, but traditional stockbrokers aren’t held to the same standard, even if they’ve given themselves the title “financial adviser.”
Do some digging
iStock/Jacob Ammentorp Lund
Before you hand me the keys to your future, do some investigating. Use BrokerCheck at finra.org to see if I’ve been in trouble. Here are the 13 secrets and IRS agent won’t tell you about filing taxes.
I work on commission
I typically make money whenever you buy a new product, and I’ve probably got monthly quotas to meet. That’s why I always seem to call with something to purchase at the end of the month.
I may have other incentives to get you to buy
If I sell to enough people, I could win a trip to the Caribbean, a new laptop, or a big bonus. (The guys behind the product may also have bought my dinner at Morton’s last week and sponsored our corporate golf tournament.) These hilariously bad pieces of advice are the opposite of what you need.
Look for other options
Before buying a mutual fund with a load, see if there is a better option. For every fund that has one of these sales charges, there’s usually a similar one that doesn’t. Steal these other 17 habits of people who are great at saving money.
Be careful with annuities
They pay me big commissions, but they’re not a good fit for many clients.
Stear clear of back-out fees
Stay away from investments that have a fee to get back out. If you get married, get divorced, change jobs, or move, it can come back to bite you. Don’t miss these 16 other money mistakes even financial experts make.
You’re spending way too much
But I’m not going to be the one to tell you to give up your cleaning lady or your fancy car—or me.
We can give discounts
Some of us can give discounts, but you may not get one if you don’t ask. These are the 19 other personal finance tips you were never taught but need to know.