Well it looks like my last post got a few financial planners upset. What is sad is that they did not have the guts to post a comment on the blog. Rather they decided to lambaste me through another social media forum. I guess that I must have hit a nerve.
Please understand that I am not saying that financial planners are bad – some of my friends are financial planners. All that I’m saying is that some financial planners are more concerned about their bottom line. Obviously the more they sell the more they earn. When I was involved in the financial services industry I was paid $2200 for placing a $100,000 investment with one of our product providers. You do the math – a couple of deals like that a week ($100,000 investment loans were available to those that qualified) I would have a nice chunk of change in my jeans.
Planners will tell you that their job is to educate their clients. The question that you should ask is: what exactly are they teaching you? If you don’t understand what they are talking about hold on to your wallet and run like the wind! The worse investment is one that you do not understand.
My two cents worth…
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