6 Things Bad Financial Advisers Do

A good adviser can add money to your pocket and enhance your business strategy. However, not all financial advisers are worth their shiny suits and being a victim to a bad one could ruin you.

The reason you hired an adviser in the first place is to help you with making the right decision for your business. In this article, you will get to know few negative things that bad financial advisers do.

#1. They talk down to you

Not everyone has financial knowledge or interest. Some people, on the other hand, just don’t have the patience to look at the financial aspect of the investment and so they get an advisor to help out in such situations. A bad one does their best in not informing you about the progress of your finances. They make you feel guilty for not controlling your own finances.

#2. They put their own interest before yours

The priority for a good financial adviser is to put the interest of their client first before taking their own into consideration. Financial advisors like most skilled professionals, have a knowledge advantage over their clients, and they can sometimes use this to persuade them to buy into financial products or services that are more advantageous to them, maybe in terms of a higher bonus or commissions etc. If you feel you have an adviser that doesn’t put your interest in front then you should consider getting another one.

#3. They do not return your calls or email

Calls from clients are necessary as they may need urgent help or have meaningful issues to discuss which should not be delayed. As an adviser, that’s the reason you are being paid and as a result, if your adviser is placing you on the waiting list just to get their attention, be on the alert.

#4. They do not speak their mind

The main aim of discussing things with other people is to get their opinion on what they think of what you have come to talk about. A good adviser should be able to speak their mind on certain decisions you want taken even if you don’t like the idea.

#5. They lack credentials

Being a financial adviser is a complex tax because you will have to deal with investment, estates, taxation and so much more. An advisor has to be certified to become one. You need to be aware of scrupulous individuals posing as financial advisors. It will go along way for you to do your due diligence by doing a background check on your financial advisor and contacting current or former clients if possible.

#6. Overconfident

The problem with overconfident people is that they only think of the possibility of rising and not falling. Every human gets to fail at some point in time and especially in the arena of business, there are always chances that your decisions will fail. Having an overconfident adviser puts you in a bad spot of always thinking you will win without preparing your mind for any chance of failure. Failure on its own is also a good way for an investor to grow because it makes you prepared for any situation.

The Last Word

When making the decision of finding someone to advise you on financial matters, try your best to have sufficient background information about the person before going in for their services. Getting a bad one will only make you run for more help than required so protect yourself before it is too late.