Finance: Why you Should Fire your Broker or Financial Advisor

Why you Should Fire your Broker or Financial Advisor

Written by David C. Arena

Why you should fire your broker or financial advisor

by David C. Arena

The recent bear market should have opened repparttar eyes of investors, making them realize that you can't possibly think someone else, such as a financial advisor or broker can care more about your financial situation than you do. Now that investors have lost in some cases over 80% of their retirement accounts, all that these so called “advisors” can do is put their hands up in repparttar 112570 air and say I was wrong. That is simply not good enough for clients who have trusted that professional for 10, 15 or 20 years. I know people that literally had to put retirement plans on hold and go back to work because they can't financially support themselves after these losses. Brokerage firms teach their brokers to advise clients that thinking long term by making them sit in mutual funds for years and years is repparttar 112571 way to come out ahead. This is done in an attempt to easily control that client for a long time while continuing to collect commissions no matter if your money is growing or not. What if after years, your funds didn't grow enough to meet your goals? When we have a market fallout like we did a few years ago, advisors simply say, “that's ok, we planned for these ups and downs, now we have to stay invested and wait for it to go up”. They are preying on a person's fear. “If I leave this advisor, will I be wrong”? This keeps most investors with an advisor for much longer than they need to be. There is no excuse for having major losses like this, it is simply repparttar 112572 advisor's fault. You either were not diversified, repparttar 112573 investment choices were poor or they didn't take profits and manage losses properly. Believe it or not, repparttar 112574 main problem is that brokers and advisors don't know enough about repparttar 112575 investments they are recommending. The major brokerage firms influence their brokers by pushing whatever product they want clients to buy. They will even sponsor nice lunch meetings with repparttar 112576 sales staff, so repparttar 112577 brokers rally behind this product and then immediately sell as much as possible to their clients. These recommendations are regardless if repparttar 112578 investment is appropriate for repparttar 112579 client or not. The brokerage firm will even offer contest incentives to those that push repparttar 112580 most product. Does this type of selling seem like it has repparttar 112581 investor's best interest in mind? Then once you buy it, they make sure you feel comfortable just sitting there not making any major decisions and hoping repparttar 112582 advisor knows what he is doing. It's about time people knew that there is nothing glamorous about a financial advisor or stock broker, they are simply over glorified salesmen. Most couldn't predict repparttar 112583 correct direction of a stock if his or her life depended on it. And independent financial advisors do repparttar 112584 same thing. They may not have a large firm telling them what product to push, but they have several mutual fund choices to pick from, each offering incentives or certain commissions for using their fund. And why all repparttar 112585 mutual funds? Because they are easy to sell and repparttar 112586 broker doesn't have to worry about getting calls every day from annoying clients wondering if repparttar 112587 50 shares of some stock they just bought is going up or down. Mutual funds are for repparttar 112588 long term they tell you, so you are supposed to sit and wait. The most ironic thing about mutual funds is that they claim to be long term investments, but repparttar 112589 fund managers are actively trading in and out of positions daily without repparttar 112590 client even realizing. But these brokers tell you that active trading is dangerous. Why? Because they do not have repparttar 112591 know how to manage such an account, having to give you advice sometimes intra daily. They also have no interest in actively managing such an account. It takes up way too much of their time to baby sit a bunch of clients, but more so, they do not have repparttar 112592 expertise to correctly advise you of what to trade or how to manage risk. What an advisor wants is to put everyone in repparttar 112593 same few long term investments and review everyone's portfolio once a year. Then, they can sit back and manage more clients and more assets, collecting a small percentage on those assets for their trouble. Minimal work for maximum gain.

Amazing Free Government Grants Giveaway!

Written by Jim Branco

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Get Free Money for:

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Everyone qualifies! Even with Bad Credit

Government Free Money programs aren't only for repparttar 112573 very needy. Even those who make $35,000,$50,000, even $85,000 a year can qualify for many of these programs. And others programs have no income requirements at all. You can even be a millionaire and get Free Money from repparttar 112574 government (like Donald Trump, Sam Donaldsonand even George W. Bush and Dick Cheney did)!

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140 million People are eligible for money to pay for medications but only a fraction apply

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$500 to pay your Property taxes

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Need more? KEEP READING Need even more? READ FURTHER!

$500,000 free goverment grant to start or expand your business

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Ronald Olszewski of Alabama received a $500 free goverment grant to fix up his car.

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