Geller Law
Did you lose money after taking advice from a finance advisor or planner? This short guide will tell you how to spot if you've been misled by your financial advisor/planner.
1. Did they not think about what's best for you?
It's strange to get advice that doesn’t seem right for you. Some advisors/planners think more about their own profit, often from commissions. Another variation is a financial advisor/planner who only sells their dealer's own, often inferior, propietary products. Think a bank branded mutual fund or ETF.
There are two types of advisors:
You should check if your advisor is a "fiduciary". If they haven’t been thinking of what’s best for you, that’s a warning.
2. Did they promise sure profits or avoid talking about results?
No investment is 100% safe. If an advisor/planner guarantees profit, be very cautious. This is a red flag that sales trumped competent advice. They should also be clear about average profits net of all costs. They should show you reports to compare how your investments are doing to pre-established standardized models (example the TSX index). If they’re not open about this, they could be hiding something. Another red flag.
3. Did they not customize advice for you?
Good advisors/planners should know about your goals, family, savings, earnings, investments, and how much risk you can take. They should give you a plan that fits your life. If not written plan, then what are they really offering? Again, think in terms of their effort to promote sales over competent financial advice. If it feels too generic, ask more.
We've seen many people tricked by their financial advisors. It's hard to see them suffer because of bad advice. That's why we work to help such people.
We've met many people tricked by their money advisors over the years. It's sad to see this, especially when it brings tough times. We're here to help if this has happened to you. Worried you've been taken advantage of? Call us at 613 515 0533 or email Harold Geller at Harold@GellerLaw.ca for a free consultation. .
