Financial advisors - any experiences?

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Forums › Finance and wealth management › Financial advisors - any experiences?

howdystranger

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Master Geek
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#280058 24-Nov-2020 16:57

Hi all

Has anyone here used a financial advisor? How did you find the experience?

Even better, is anyone here a financial advisor themselves?

I am interested in learning more about them as vaguely thinking of a career change. I know there's a lot of new regulation coming into force early next year but it looks like an interesting job.

Many thanks

Geektastic

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#2611194 26-Nov-2020 14:37

Like everything else, they vary!

I have interacted with very poor ones who seemed more fixated on their golf and their fees than our requirements and very good ones who travelled 160km round trip to meet with us. So far my better experiences come from those who have used the field to work overseas in large financial centres and learned well from that opportunity.

howdystranger

152 posts

Master Geek
+1 received by user: 32

#2611202 26-Nov-2020 15:01

Geektastic:

Like everything else, they vary!

I have interacted with very poor ones who seemed more fixated on their golf and their fees than our requirements and very good ones who travelled 160km round trip to meet with us. So far my better experiences come from those who have used the field to work overseas in large financial centres and learned well from that opportunity.

Thanks! Do you prefer to see advisors who are free (i.e. commission-based) or who charge a fee and don't operate on commission?

BlinkyBill

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#2611291 26-Nov-2020 16:46

howdystranger:

Thanks! Do you prefer to see advisors who are free (i.e. commission-based) or who charge a fee and don't operate on commission?

If you are commission-based, you aren’t an advisor, you are just a salesman. If you are fee-based, and don’t have a research department to leverage, your advice isn’t worth the fee.

Geektastic

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#2617140 6-Dec-2020 21:58

howdystranger:
Geektastic:

Like everything else, they vary!

I have interacted with very poor ones who seemed more fixated on their golf and their fees than our requirements and very good ones who travelled 160km round trip to meet with us. So far my better experiences come from those who have used the field to work overseas in large financial centres and learned well from that opportunity.

Thanks! Do you prefer to see advisors who are free (i.e. commission-based) or who charge a fee and don't operate on commission?

I prefer a more up front fee based approach myself. I think it helps to ensure that your people are picking things that benefit you not things that pay them most. It’s not infallible, but what is?