Thursday, September 23, 2010
Your Financial Advisor Cares For Your Money
Financial Adviser. Such a strong trusting name.You have to hand it to the banks to come up with a name like that. What would be the qualifications of such an individual? First and far most important is the gift of the gab. Concept of morals should be on the weak side. And education? Nice to have but not really necessary. This sounds like the resume of another career we are familiar with. Used car salesman.
Financial Advisers are a welcome guest to our house.(Say in a deep voice.) "My Financial Adviser is coming over this afternoon to update me on my portfolio." We proudly tell our friends and neighbours, hoping to gain some esteem. What about the car salesman? (Say in a deep voice.) "The used car salesman is coming over this afternoon to update me on the new list of used cars." Doesn't carry the same weight, does it?
Financial Advisers are bank salesmen, selling bank products such as insurance,stocks,bonds and mutual funds. They get a fee each month from your monthly deposit. No matter what happens to your portfolio, he still gets his fee. To sum it up, I guess a financial advisor is like another member of your family that gets an allowance every month. Dad, can I borrow your wallet?