The Blunt Truth #1 - The guy on the other side of the desk who is supposed to have all the answers to your financial questions maybe alot dumber than he actually looks.
My wife decided that it would be a good idea for me to start a blog. She said I had alot of interesting comments about all sorts of issues and that I should share them with the world. I think she`s feed up of me forcing her to listen to my rants and wants me to vent to the rest of the world and leave her alone!!!! I knew I married a smart woman!!
I work in the financial services industry and alot of my comments will have to do with my experiences in the field. To be honest with you (I always will!) I feel really sorry for the average Canadian who deals with the average advisor out there. Many of you are definitely not getting the advice you deserve and are paying a hefty price for it. As an insider with 15 years in the business, I have seen it all. I am currently in a position where I advise advisors on how to deal with all of their clients needs and focus on more than just selling the product. I trust you will pray for my sanity as I need all the help I can get!!!!
Don`t get me wrong here folks, there are alot of good advisors out there, but there are alot more who are not. Unless you have alot of money, you are not getting the best advice. Case in point:
I got to the bank a few months ago to activate my daughter`s debit card. I run into a former colleague who I trained (or atleast I tried to train him) when he joined up. I was a financial planner when he got hired and was managing about $50 million after a dozen years in the business so I knew what I was doing. Anyway we get to chatting and he tells me that he`s going to be filling in for my replacement as she is taking a year off for personal reasons. This guy didn`t know the difference between an investment and a debt and now he`s managing millions!!! I was shocked!!! I don`t know who to feel sorry for in such a lose/lose/lose situation: the client who is going to freak when this guy opens his mouth, the guy who has got to realize at some point that he`s in over his head, or the bank who obviously can`t find competent people to handle their clients. I`ve already got two calls from former clients who can`t believe this is their advisor. Isolated incident your say? Stick around as I see this stuff every day of the work week.