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  • Why I don’t trust a financial advisor

I know I am going to get a lot of hate comments from this post – but usually, that’s what happens when you speak the truth and people don’t like to face reality. I’m going to give you my opinion and then you can decide for yourself…

So should you trust your financial advisor with all your money? The answer is NO! In fact, you should not trust anyone 100% of your money. 

Is your financial advisor giving you the best information?

Probably not – and here’s why. Firstly, he makes a commission from whatever he sells to you. Not that there's anything wrong with it but how do you know he is not just selling you the product that generates the most commission? Just do a Google search and you will see my point. In fact, here’s a screenshot:

Secondly – he is only recommending what he is allowed to sell. So let’s say Bob is your financial advisor and he is only affiliated with company X and Y. He will ONLY recommend you those companies. What about the hundreds of other companies out there? Won’t it be very possible for you to get a better deal there? Probably…

Let’s take a travel agent as an example (and btw this is a great tip if you like traveling). When you go to a travel agent and ask them to work out an itinerary for you. I bet you 100% of the time, they will come back with expensive hotels and an itinerary that is ridiculously expensive. Why? Because they can only recommend what they have! A travel agent doesn’t recommend Airbnb, Booking.com, or local tour guides, which will save you a fortune because they don’t earn a commission from that. The same goes for financial advisors…

Look I am not saying your financial advisor is dishonest and I am not bashing him. In fact, I have a financial advisor for some of my investments.

But the fact is – when it comes to your hard-earned money, you need to make educated decisions. Don’t make decisions because someone tells you it’s what 99% of the others do. If you do, then you will end up like the other 99%

Albert Einstein said, “We can’t expect things to change if we keep doing the same thing”. Only you can change your outcome and it starts with being educated by money. 

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