So many financial advisors are so full of BS. It's not that they are bad people necessarily, they just don't know what they don't know BUT they pretend like they do! And so when smart people go see these advisors, they sit down and listen to what the advisors have to say. But they can't help but notice that this guy is so full of BS that it's coming out his ears. And they're like, "Excuse me but you've got a little something..." If you ask an advisor why they think someone should work with them, they will probably say things like "Well I help people organize their financial life, I help people spend less time on their finances so they can enjoy life, I help people make good decisions about their finances, I help them grow and protect their wealth." Those sound fruity but ok. But HOW do you do that? And why should I work with YOU in particular? And most importantly WHY is that worth 1% a year? What outcomes can you create for me that are WORTH 1%? Ask them that and they'll probably start to blush. The thing about advisors full of BS is that, deep down, they KNOW they're full of it. They know that they are overpaid and that they don't really bring that much value to the table. The results they give their clients are ok but worth 1%? Nope. And they know it! Want to watch an advisor get really bashful? Ask them if they think they are overpaid for the service they provide. There are advisors who are worth 1%, but chances are it isn't them! Financial planning as it currently stands is an industry where an advisor with an order of magnitude less technical skill than a surgeon can make more than a surgeon. The only reason this has gone on this long is because people don't realize that 1% is actually $10,000. And boy oh boy, advisors avoid dollar terms like it's a disease. Want to watch a grown adult get really timid and sheepish? Ask your advisor what you pay them in dollars. Because they sure as hell aren't going to come right out and tell you. That would force them to confront the very scary internal conflict of knowing that they (and 90% of the rest of advisors out there) are way overpaid. Having your CFP doesn't mean you are worth 1%. More than likely, it probably means Certified Full of Poop. Caveat emptor.
Submitted March 13, 2019 at 01:02PM by OtherPeeplesMoney https://ift.tt/2u6ke0o
