Like any other service people provide, you’re not always going to get the best service, and financial advisors are no exception. Here are five things that, if you ever hear from them, should be major red flags and potentially even enough for you to turn around and walk out.
“It’s Just Money”
I don’t know about you, but we think working with professionals who take what they do seriously is important. So saying something is “just” money when your financial advisor makes a mistake is like your hairstylist saying it’s “just” hair when they accidentally buzz a line through the middle of your head.
Are they right? Technically, sure. But it doesn’t change the fact that they messed up, and now you’re the one paying for it. And even if you’re not hard up for money or it wasn’t necessarily a significant loss, it can still hurt when someone waves away your feelings like they don’t matter.
“I’m a Big Talker”
After hearing this, you might want to give this person a chance; talking a lot isn’t inherently a problem. Many people think they talk too much or say they do, but they are talented conversationalists who know how to give, take, and listen well.
But be skeptical about a statement like this and focus on how much they listen from here on out. People who genuinely talk too much often don’t ask clarifying questions or try to gain insight into your wants and needs. And if that person is your financial advisor, it’s time to find a different one.
“I Know You’re Worried, but Just Trust Me”
We’re not saying trust isn’t vital if you want a healthy relationship with your financial advisor — it is. But if they will dismiss you or potentially even pressure you into making investment decisions that don’t feel good, then they aren’t working with you.
If you honestly feel like they still have your best interests at heart, then you should at least be able to ask them for clarification as to why they think the move is such a good idea. And if they can’t hear the no after that, it’s time to go.
“You’ll See Guaranteed Returns With Me”
It’s nice to hear an advisor say this, but how can they possibly guarantee this? Nothing is guaranteed, and a good financial advisor knows this, so they’d never lead you astray with such language. Financial advisors should be upfront and honest about everything — including potential risks and fees if they’re working with you.
And if someone is willing to try and butter you up with these empty promises right out the gate, it’s safe to assume it probably doesn’t stop there.
“I’ve Got It Handled”
Again, this phrase isn’t inherently bad to hear, but it is if you’re trying to get information about investments. It’s still your money, even if you’re giving them a license to make decisions with it. Anyone dismissing you and suggesting that you don’t need an explanation for why things are happening the way they are should not be handling your money.
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