11 Signs Your Financial Advisor Is Robbing You Blind (And How To Stop It!)

11 signs your financial advisor is robbing you blind and how you can stop it

Investing your money is complicated at best. And downright scary at worst.

With seemingly unlimited investment options available and no formal training on how financial markets work, you naturally turn to a financial advisor for help. Seems like the only rational choice, right?

It is a good choice actually - the bad news is that many people cannot be trusted with your money, including so-called “financial advisors”. That term is completely unregulated in most of Canada and practically anyone can call themselves an advisor.

Many of these advisors, especially at retail banks, are just glorified salespeople that are given extremely short training. They are basically told to promote the bank’s own products whenever possible to give them the highest profit. Here’s one prime example.

Advisors that work more independently - like those at Investors Group, Freedom 55, or the investing arms of the big 5 banks - have a huge incentive to recommend high fee funds that pay them increased commissions. That doesn’t mean your advisor is doing that - but you need to be aware that they could be doing that.

Sadly, the low cost DIY approach to investing can be equally problematic - take a look at my own investing blunders for proof of that.

So what’s a Smart Saver to do then? Throw in the towel?

NO WAY ...

Instead, watch out for these big red flags that your financial advisor is ripping you off, start asking the right questions, and take action!

Warning Signs Your Financial Advisor Is Ripping You Off

1) They don’t explain how they get paid.

When you visit many financial advisors it can feel like you are getting a free service because you don’t have to pay anything directly out of pocket to see them. That couldn’t be any further from the truth.

Both the financial advisor and their parent company get paid a commission or fee based on the products they sell:

  • If you buy individual stocks or bonds, there will be a flat one-time commission charged when you both buy and sell them.
  • If you buy a mutual fund - a managed collection of stocks, bonds, and other investments - there is a percentage-based management expense ratio (MER) fee that you are charged annually lowering your investment returns. The advisor, his company, and the company that manages the fund all get a piece of that. Mutual funds can also have hidden front-load and back-load (deferred sales charges) fees in addition to the MER. Fortunately, those have mostly gone away in the face of increased low cost competition.
  • If you buy exchange traded funds (ETFs), which are like low cost mutual funds that are traded on the stock markets, you will pay a flat one-time commission + typically a very small MER. The commission goes to the advisor and his company, while the MER goes to the company that created the ETF.
  • If you pay for fee-based advice, then your advisor and their company charge you a flat percentage of the total value of your portfolio every year for their services. The cost of any trades on the stock market are typically included at no extra charge and the MER of any mutual funds is reduced accordingly. Your advisor doesn’t make any additional money from selling you investment products.

On large portfolios, those ongoing MER fees can really add up. The average MER fee paid by Canadians on mutual funds was 2.20% in 2014, meaning if you have $250,000 invested it costs you $5,500 per year. Your advisor might only see 25% of that, but that’s still $1,375 every year.

Those fees compound too, meaning over a period of 30 years on that same $250,000 portfolio you’d have $976,876.89 less in the end. That number comes from comparing a 7% return on a hypothetical no-fee investment to the 4.8% you would get with a mutual fund containing identical underlying investments after subtracting the average 2.2% mutual fund MER. Yes, that 2.2% fee means a loss of nearly 1 Million dollars - essentially half of the roughly 2 Million you would have if you could find a way to pay no fees.

Fortunately, new regulations are being introduced forcing companies to disclose exactly how much investors are paying in fees in actual dollar amounts. These regulations introduced in 2013 are finally coming into full-effect this month.

Related: Self-Directed Investing: What You Must Know Before Starting

2) They don’t really care about your needs and goals.

If your advisor hasn’t taken the time to truly get to know YOU, then there is no way they can properly advise you on your money. They should try to understand you as a person along with your goals for life, your time horizon for retirement, and how concerned you are about investment losses over the short and long term.

If you don’t feel like your advisor cares about you and your financial success, it’s time to look elsewhere.

3) They tell you they can “easily” beat the market.

If anyone tells you they can beat the market, don’t walk - RUN - in the other direction.

Study after study has proven that the vast majority of people, including investment professionals, can’t beat the average long-term returns of the market after fees.

Keep in mind, your financial advisor isn’t a top-tier stock trader no matter how good they are. Most of their day is spent managing clients and their portfolios. They don’t have the time to master the ins and outs of the markets to always be picking winners.

Even most highly paid mutual fund and hedge fund managers whose sole job it is to outperform the markets typically can’t beat market returns with any level of consistency.

4) You only hear from them once a year, or less.

Any advisor worth their salt should make an effort to communicate with you on a semi-regular basis. At the very least they should be calling to see how you are doing, ask you about any major life changes, and make sure you are on track to reach your long term goals.

Additionally, they should occasionally check to see if you are earning extra money and want to increase your contributions, update you on investment performance, tell you about current market conditions, and possibly hold your hand and help you stay the course if markets are in turmoil.

5) You’re only invested in high fee “closet index funds”.

We’ve established mutual funds often have high fees, but that doesn’t make them worthless.

However, if your fund has a high fee and is also a standard “balanced” or similar fund that contains a set basket of stocks and investments that rarely changes, you are getting ripped off. You are paying high fees for a fund manager to do practically nothing.

If this is you, seek out low cost alternative funds or ETFs that track an actual index. If you are going to pay a high fee, make sure that your “actively managed” fund is actually actively managed. For the added cost, you should at least have a chance at outperforming the markets - but it has also been proven that chance is relatively small.

6) Every time you talk, they ask you to buy something.

If your advisor is paid by commission, they only make money when you buy or sell something. They are highly incentivized to call you and get you to buy and sell your investments.

Sure, it’s normal to buy and sell investments or change your asset allocation as your priorities and goals change. Or, sometimes there is a real opportunity that has cropped up that you could benefit from. Just be wary if that happens too often or if it is always the primary reason for the call.

7) They haven’t offered you a written financial plan.

If you’re paying hundreds or thousands of dollars a year for a financial advisor, they should help you plan for the future. It should be more than just a little pie in the sky advice, but a real written financial plan with targets based on your budget and income.

8) They have few certifications and qualifications.

We’ve established that literally anyone can call themselves a financial advisor whether or not they are educated and certified, so it’s up to you to make sure they are qualified.

If they are capable of buying and selling investments on your behalf, then they need a minimum of the following from the Canadian Securities Institute:

  • Canadian Securities Course (CSC)
  • Conduct and Practices Handbook Course (CPH)

You should also look for the Wealth Manage Essentials certification. You can see a full list of certifications here.

Another (optional) one to look for is the Certified Financial Planner (CFP) designation. This is a more rigorous training program with exams that the advisor needs to pass. You can use this tool to verify your advisor’s CFP designation or find one in your area.

9) They only sell you funds from their own company.

When selecting a mutual fund or ETF, you should be looking for a low cost option with a proven track record. If your advisor is only offering funds from their own company, chances are you are paying more than you need to and possibly getting worse performance. This is a clear sign they are trying to maximize profits and increase bonuses.

10) They’re always giving you “hot stock” tips.

Any advisor who tries to talk you into investing a large percentage of your portfolio into an individual stock, especially a “hot” stock, should be avoided.

There is a chance that they have done the research and have good reason to believe one particular company will perform well, but it is still VERY risky. See how I lost my shirt betting on individual companies like Nortel, Bombardier, and Yellow Pages.

Instead, if you are buying individual companies it should be with a small portion of your portfolio you are comfortable losing entirely or a group of well-diversified companies to limit your concentration risk.

11) They won’t compare your results to an equivalent benchmark.

Just because your investments are showing big gains does not mean you are doing well. Markets are very cyclical and go through periods of massive growth and big declines.

When markets are on fire, even the poorest investments can look amazing. The only true test of performance is to compare your actual results with that of a comparable benchmark.

For example, if you are globally diversified in 100% equities, then a benchmark or index that tracks the performance of all the companies worldwide would be suitable. If you have a balanced fund that contains stocks from North America and a diversified set of government and corporate bonds, then you would need a benchmark that combines a similar set of investments to compare with.

Related: Two Sides To Options Trading: Speculation Vs. Protection

How To Avoid Getting Ripped Off

It seems picking a good financial advisor is almost as difficult as picking the investments themselves.

That’s why you need to do your research, arm yourself with information, ask the right questions, and get reliable help you can trust.

Do Your Research

A good place to start doing your research is by tuning in to a couple of good investing blogs. That way you’ll get to know some of the terminology and investing strategies that are out there so you can have a more informed conversation with your advisor. Here are two that I recommend:

Then, if you want to start asking questions and getting some advice from other people, you could read and participate in a few forums like:

If you want a quick study, then picking up a few Canadian personal finance books can help immensely:

Ask The Right Questions

When choosing a financial advisor, you should properly interview them. Don’t just go with any random Joe your friends or bank recommends. Go in prepared with a list of smart questions to ask and see how well they answer them.

Here’s a few questions to get you started:

  1. Can you explain to me what fees you charge and how you make money from me?
  2. How often can I expect to hear from you after our initial meetings?
  3. What process do you use for selecting the investment products you recommend to clients?
  4. What is your opinion on investing in individual stocks vs. mutual funds vs. exchange traded funds?
  5. Can you give me a sample financial plan that you offer to your clients?
  6. Can you give me a list of products and funds you typically recommend?
  7. Can you guarantee my investments will beat market returns? (The answer should ALWAYS be no).
  8. What training and certifications do you have? Are you a certified financial planner?
  9. What resources do you use for giving financial and investment advice? (This could be additional team members, software, tools, access to industry experts, etc).

Get Help You Can Trust

One of the best ways to ensure you are getting help you can trust is by removing advisor financial incentives from the equation. All bank employees and commissioned financial advisors have at least some conflict of interest.

One way to do this is to hire a fee-only financial planner and pay them to create a financial plan for you and get started with low cost investments from which they will earn no commission.

Robb and Marie Engen, a trusted personal finance blogger duo, have started a fee-only advice service for Canadians.

Robb has many years of personal finance blogging experience and is currently studying for his CFP designation. Marie is a former bank employee and financial advisor with 25 years of experience and a CFP designation. Their packages start at $750 for a basic financial plan and go up from there depending on which type of services you need.

Sandi Martin of Spring Personal Finance is another well-known personality in the Canadian personal finance scene that has a fee-only planning business. She left the banking industry because she became disgusted at the pressure to push products instead of genuinely helping her clients.

Use A Cheap Automated Approach

Investing doesn't have to be expensive or complicated if you choose an investing service that follows best practices of global diversification and risk management.

Fortunately, a new type of service just like this has become popular in Canada called robo advisors. They essentially use pre-built low-cost portolios to automatically invest your money according to an asset allocation that is based on your risk appetite.

With this approach you get to essentially be a DIY index investor, which is a low cost investing style that is known to perform very well by taking the emotion out of investing, without having to learn about it and manage it all yourself. You pay a very small management fee for the robo advisor to do it for you.

If you have questions or need help choosing a robo advisor, this Canadian guide to robo advisors will point you in the right direction.

Laugh While You Learn!

The following video from John Oliver on retirement plans will have you laughing out loud and by the time you’re done you’ll actually learn quite a lot the fun way. He does use a fair amount of mature language but it’s completely worth the full 21 minutes to watch it:

It’s Time To Take Charge

Remember - only YOU can make sure your money is being properly taken care of. Don’t skimp out when choosing a financial advisor or investing approach. Once you have a solid plan, you can relax and let it unfold gradually over your entire life.

Until then, you need to put in the work to make sure you are on the right track. Your whole financial future is at stake and you shouldn’t take that lightly.

Question for You

If you want to take charge of your money and your future, there's no better time than now.

Here's my question: What stage are you at with investing?

  • Do you manage your own investments? If so, I would love to hear what you've learned along the way.
  • Do you have a financial advisor you can trust? If so, tell me how you found that person.
  • Or are you just about to get started (and witness the magic of compound investment returns in action)?

Leave a comment and share your thoughts below.

Disclosure: Some links in this article may be affiliate links. We're letting you know because it's the right thing to do. Here’s a more detailed disclosure on how HTS makes money.

Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity.

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Francois's picture

the one i am currently encountering dealing with my mom's estate, is that her advisor didn't really tell her he had little value to her in the last 5-7 years with her revised investment policy. There was actually probably no way for him to even beat simple GIC's with her full service account, but he failed to disclose that. He did an OK job in the accumulation period, but the 1.2% management fee, when there was nothing to managed looks really bad now.
Most of the fees were above board. Even when there was extra fees he had her in cheap bond ETF, there was just no advice to give, and he should have moved her to a transactional type account

July 13, 2016 @ 7:44 pm
Stephen Weyman
Stephen Weyman's picture

The ongoing 1.2% fee is pretty standard depending on the size of the portfolio. It definitely would have been nice if he had disclosed that he wouldn't be able to provide any real value going forward. At least it's good that he had her in an ETF instead of a more expensive bond fund.

Moving away from transactional accounts and going towards flat fees is becoming a bit of a trend to have a more stable revenue stream and so there is less pressure on the client and the advisor when it comes to commissions. Sounds a commission based account would have saved your mom a good chunk of money though, especially if she wasn't doing any buying or selling at all.

July 14, 2016 @ 9:13 am
Steve Bridge's picture

Hi Stephen,

Thanks for writing such a great article. I feel that the scales are starting to very slowly tip in the favour of fee-only unbiased advice and that Canadians are opening up to paying for advice. One of the biggest challenges people like me, Robb and Sandi face is the power of the mutual fund industry- they have all the marketing dollars and want to protect their interests (the best example I can think of is that many people use the phrase, "I am going to buy some RRSPs", which is impossible, it is like saying, "I am going to buy some savings accounts." But banks and others have for so long promoted and almost exclusively sold mutual funds inside RRSPs, Canadians now think they are the same thing).

Your illustration of the impact of fees is excellent- it should be mandatory for mutual fund salespeople to show this impact to clients (can you imagine that conversation???).

Keep up the good work!

Steve Bridge
Money Coach

July 14, 2016 @ 11:42 am
Stephen Weyman
Stephen Weyman's picture

When I was originally planning this article I actually meant to put a link out to Money Coaches Canada because getting a money coach is another great way to help get your finances organized and on track.

I spoke to Noel D'Souza at length at the 2015 Canadian Personal Finance Conference and loved the sound of the work he was doing to help his clients. He was very passionate about his clients and it seems like he builds a very personal relationship with them to truly understand their needs so he can help build them a better future.

July 14, 2016 @ 12:12 pm
Bob Pearson
Bob Pearson's picture

Two years ago I decided to become a DIY investor. I used major indices ETFs for diversity, as well as a bond ETF
My criteria for ETFs was which one was cheapest. My mutual fund advisor was not happy, but I was.
When i sold my funds, I noticed that most were in the 2.6 to 2.8% MER range, No wonder I was not making money.
My portfolio was over $400,000 so the fees were approaching $10000 per year. My fees now are approximately $800, and the charges are going down because of the competition in the ETF market.
I love the fact I can check my portfolio every day, or twice a day if I prefer, and it tells me exactly how much each investment is worth. I do not rebalance my portfolio as I am not sure it is worth the trouble.
I also put my mutual funds holdings, before I sold them, in an online portfolio so I could check on how well they were doing, compared to my ETF portfolio. It is shocking to see the difference. I had a LIF that I left alone. The mutual funds LIF is now 44,000, my ETF is now just over 50,000, even though I have withdrawn 6000 from the account.
My only regret is that I did not do this sooner. I feel that if I had done this when I retired, 2009, I would be so much further ahead.
Changing over your investments from one company to another is not as easy as it sounds. It took me almost four months before all transactions were complete.
My advice to anyone? Do it and do it as fast as you can.

July 17, 2016 @ 11:36 am
Stephen Weyman
Stephen Weyman's picture

That's a perfect example of what poor advice from self-serving financial advisors can cost you. The funds he had you could theoretically have been good funds and somehow worth the 2.6 to 2.8% - but the fact that you tracked performance and have shown much stronger performance with index ETFs suggests that those high MERs were costing you big time.

You are right that opening new investment accounts and getting things switched over can be a bit of a hassle. Some companies make the process easier than others I think. But, as you say, it is worth it to go through the short term pain for long term success.

July 18, 2016 @ 9:49 am
Nancy Greenaway
Nancy Greenaway 's picture

I, along with my husband, am just starting the retirement stage of investing. So not much actual investing now, just deciding what to do with things that come up for renewal.

Our first financial advisor was with BMO, because my parents were using him and getting good returns. I became joint account owner of my parents' account, with my mom, when my dad died The advisor's credentials were revoked for improper practices and my mother was refunded some money. We were all assigned a new advisor and my husband & I kept our investments there for a few years before moving them to our local credit union, to consolidate things, and for convenience. I left the joint account with BMO, and the advisor took us through the passing of my mom's account to us four children / inheritors.

I have become concerned that our advisor does not give us individualized advice, but just phones to recommend a sell & buy when he's doing it for all his clients. He doesn't like to have "orphan" holdings, which would complicate things for him. He recommended buying GasFrac, which I did, but then he did not recommend selling it as it slid towards bankruptcy. To realize the capital losses I had to sell it to a family member for $1. I would have liked to have been informed of my options regarding GasFrac prior to the bankruptcy. The advisor only calls when he wants to sell & buy, for $500 each way.

I'm wondering if this is the best I can expect from BMO, and if I should transfer the BMO investments to our credit union, where we trust & like our advisor. Any advice would be much appreciated!

July 18, 2016 @ 1:49 pm
Stephen Weyman
Stephen Weyman's picture

Since it seems like you are uncertain if your BMO advisor has your best interests at heart I would consider consulting with a fee-only advisor to get an unbiased opinion on your current situation. You could have them review both the track record of your BMO advisor and your credit union advisor to see if they both are making good decisions on your behalf.

From there, you could decide to go with one or the other of your existing two advisors or choose a new one entirely. I can't really give you any specific advice here other than to get a proper financial review by a qualified professional.

July 19, 2016 @ 9:01 am
Don's picture

I started investing 30 years ago in what seems like the stone age. It really surprises me how few people actually want to spend time to research one of the most important things they'll do in their life. I know people that spend more time figuring out what they'll eat for dinner than what they want their retirement to look like. The thing that really has me scratching my head is how you can do in-depth research with a few clicks of a mouse these days, but most people don't even bother to spend a few minutes to find out the basics such as how much they're being charged, and what the CAGR is for their investments vs an index such as the S&P 500.

I remember poring over ROB, FP, and countless annual reports in the library because there was little investment resources, other than some investing letters. You were forced to either put in the work, or go with the advise of your broker, and that was at $50 a pop. It was like putting your trust in some secret society because you really had no way of knowing what was going on in the stock market during the day, without calling your broker. At best, you had a five minute recap on the nightly news, and then you could read about the closing numbers in the paper the next day. There was so little clarity in how the prices were set at that time that you'd swear they were done by some secret occult ceremony.

Buying mutual funds was even worse because a CFP was just someone who sold funds on the side of their real job, which was selling you life insurance. Good luck finding out what you were actually buying. You had a better chance of figuring out who Jack the Ripper was, and the fees were buried on the 32nd page of fine print in a prospectus.

The reality is that the information is so readily available (such as on this blog), and there are so many alternatives that there are few reasons for anyone to be ripped off. I know that there are older people who aren't in a position to know better - I've seen it happen to my parents. However, for most people, it really comes down to priorities.

July 20, 2016 @ 10:38 pm
Stephen Weyman
Stephen Weyman's picture

Very well said Don - I definitely chuckled at your remarks. I can't imagine what it must have been like trying to invest in that era. The wealth of information we have now is simply amazing.

The down side is that there is so much more information and knowledge out there to distract and overwhelm us now it's easy to lose focus and not pay attention to something as important as investing for your future.

July 21, 2016 @ 10:47 am
Douglass Brayer's picture

See a high amount and it’s time to call your advisor on it. If you can’t rectify the situation or there isn’t a good reason why the expenses are so high, it’s a sign you may need to fire your financial advisor.

August 06, 2016 @ 3:44 am
D King
D King's picture

We had a very reliable advisor for over 30 years and then 2 years ago we had to change; he became very ill. I consulted with a trusted and well invested friend, who worked for a financial advisor, (a) is he honest and forthcoming re fees and advice, and (b) does he make a good return for his clients? Her answer was "yes" to both and we made an appt. to interview him. He explained his sample plans after assessing our risk tolerance and expectations and we decided to go with him.

August 23, 2017 @ 12:10 am
Amr Hefni
Amr Hefni's picture

Thank you Stephen for the valuable information and the time you dedicated to explain financial planning for usual folks like me (for dummies).
I want to ask you if you have resources, references, or guides for Quebec? Usually the ones given are valid also for QC but often there are QC provincial particularities.

Thank you!

September 17, 2017 @ 3:52 am
Marpy's picture

I started managing my own money 40 years ago at a very young age. It was a learning experience and for the first 5 years a losing proposition. Learn I did and I have done quit well ever since. I very much enjoy managing my own money and as such, I don not have any mutual funds or exchange traded funds and prefer to buy individual stocks. My advice to those who do not like managing their own money is to take the GIC, Exchange traded funds route and to stick with the big institutions even when taking this route as this helps greatly in avoiding all the scammers that are out there. Even with exchange traded funds, you can get quite a variety with some of them very leveraged ( they will go up or down at a much higher rate than the index they are tracking) and so you have to understand what you are buying or at least be able to convey your level of risk to the banks investment advisor and make sure he buys the right exchange traded funds.
Some key points that i found very helpful are as below:
1) Understand what you are buying and why you bought it and occasionally review this after buying.
2) Avoid greed as it usually always costs you - if something seems to good to be true, it most likely is.
3) Don't follow the herd and get caught up in the latest investment trends as the herd generally loses money.
4) You need to look at things over the long term - buying quality stocks or Exchange traded funds when they/ the market is out of favor and holding for a considerable time was , I found was a very good approach that worked very well.
5) Buy what you know and understand - For example, I did/ do not buy any tech stocks as i do not understand them well, the market changes to fast and the price to earnings is generally to high for my liking.
6) Don't be afraid to be completely out of the market for periods of time. I have done this a number of times as i felt the market was to high and did not have a good feel about the economy and it worked well in preserving my money. This is one area where the greed factor comes into play as people do not sell because they are afraid of missing out.
7) Preservation of capital is very important. - losing 50% of your portfolio means you have to make 100% on whats left to get back to even. its twice as hard to make up what you lost.

Just my opinion after a long time in this game! ;-)

October 25, 2017 @ 11:53 am
hockey's picture

Senior in late 70s 4 mutual funds not doing well 18 dividend stocks most lost over 27%. Was put into the Meridian Account which charges 1 1/2% on each account EACH month. Advisor only sells as never advice and when asks relies on Head Office to give him product to sell. Was worn down and bought a bank tied autocallable 5 year unprotected note and worried I won't get money back. Have used other companies over years and don't want to change again BUT would like SECOND OPINION but don't know how to get it. Have asked bank if could get someone else but they said there isn't anyone. Not getting ahead but loosing money every year. Advisor just says well I'm withdrawing set amount each month -- if need money take it out of TFSA or Unregistered or Savings. What do I do other than scream as don't know much about investing and yes I said I 'm not aggressive but middle investor.

June 08, 2018 @ 11:44 am
Paul Lambe
Paul Lambe's picture

Really balanced article.

Great comments also.

I am just beginning as a fee-for-service CFP after 20 plus years, as a financial planner selling mutual funds and insurance.

I plan to be unlicensed and help clients set up under robo advisors or direct investing.

August 27, 2018 @ 12:59 pm
Ted's picture

I literally did the opposite of what this article recommended. I was at a bank, while my money was steady, it was not really doing anything in the balanced plan it was in. But I wish I stayed. I switched to a wealth management group at the advice of a relative who spoke very highly of them and has been with them for years.. and they've done nothing but lost me money. And what I mean by that is they have dipped into principle. I am terrified and don't know how to get out of this hole now.

January 20, 2019 @ 3:29 pm
Liz Crookshank
Liz Crookshank's picture

My husband who has a very sever squired brain injury went to a a financial adviser recommended by our local Canada Post office.
this advisor Tracy Martell at Clearview Fincial Servecies took advantage of my husbands disiabilty.
She with out any other person in office invested his oer a million dollares in unseccessful funds and locked them in until 2025. He is retired and currently has no way of getting his funds out and able to live with out paying a huge pently.
I have contacted Manulife Fincial but they are caliming she was not aware of his disability. This is a complete lie.
He had not done his bussiness taxs for 10 years and his personnal income tax for 3 years.
He has lost a great deal of money. Even after beefing up his tax free savings account she told him to take his truck payments out of this account.
Tracy Martell Kennedy is a very nasty and smooth operator do not invest with her.

January 24, 2019 @ 2:40 pm
LBG Adviser
LBG Adviser's picture

I actually work as a bank advisor. I got the job at age 19 straight out of school with no financial qualifications. Im lucky because I work at a British Bank and hence do not work on a commission basis, I just receive a wage and that is all. But, believe me when I say that most advisors in retail banks, especially the young ones, do not have a clue when it comes to complicated financial products. Thats why they recruit us, we have no bias and can be told what to say and will do it. I got into the industry with good intentions and just wanted a job my mother would be proud of, and I promise that I would personally never miss-sell a product, but I know people who would - the worst bit - they dont realise they are doing it! There are good Advisors out there, and the staff in banks are not all crooks, I have helped hundreds of people improve their financial situation. Just remember its your money and just because someone wears a suit and has a fancy title, doesnt mean you should take their word as gospel. I wish there were more resources like this website.

January 28, 2019 @ 5:19 pm
HowToSaveMoney Team
HowToSaveMoney Team's picture

It's inspiring knowing there are people like you who care about their customers. Thanks for sharing!

January 29, 2019 @ 12:54 pm
Rianell's picture

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May 24, 2019 @ 3:03 am

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