17d • General discussion
SALESPERSON OR PROFESSIONAL!?!
THIS COULD COST YOU THOUSANDS, it is something most people don't think about when they are choosing a financial advisor.
The majority of people who go by the title of advisor, are actually an employee of the firm they represent. This means that their first responsibility is not to you but to the company that pays them. They may have a title that suggests that they are in service to you but they are actually nothing more than a salesperson.
One problem with this is that they can only offer you the products that their company offers and they are authorized to sell. There are thousands of different financial vehicles available in the marketplace but they may only be able to offer you 3 or 4 options. They are trained in sales techniques, not in strategy, and they get paid a percentage of the money they manage so they consider you a waste of time if you have less than $1M laying around.
On the other hand, if you can find a professional who is self educated and qualified to offer a variety of products and has access to an independent network of other professionals to refer you to, then you have found someone who is prepared to create a customized strategy to suit your individual needs. This is someone who is more likely to value relationships over transactions.
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SALESPERSON OR PROFESSIONAL!?!
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