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7 financial advisors I want to PUNCH in the face 馃 - YouTube
Channel: Wealth Hacker - Jeff Rose
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so here's something that you need to
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know about me I'm not a violent person
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I've never been in a fight okay so there
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was one fight but that dude totally
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deserved it but when it comes to this
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topic this topic this deserves to put
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the gloves on because in this video I am
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getting in a fight and there are seven
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financial advisors that I want to punch
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in the face
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who are these financial advisors you're
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gonna find out who these suckers are
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right now what's going on y'all welcome
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the channel wealth hacker labs I am your
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host Jeff rose and this is the channel
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dedicated to teaching you new ways to
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grow wealth that does not talk to you in
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schools or by your parents and I
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probably need to take these off all
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right for real so I've been a flight to
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planet for over 16 years and when you
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are in this business you come across
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other financial advisors either through
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competition or just hearing various
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stories from your existing clients or
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potential clients that you're trying to
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recruit for your business so in my years
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of experience I have encountered some
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pretty shady mother I try to keep it PG
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here because my kids do watch my videos
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but seriously those like these are seven
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shady advisors that if I were to meet
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them in real life like I would probably
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give them a punch in the face and maybe
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a kick in the shin and probably Anita
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these are seven financial fighters that
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if I were to meet them in person I would
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punch them in the face I would kick them
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in the shin I'd probably kick them in
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the nuts soup because they deserve it
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and they give other good financial
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advisers a bad name and probably if you
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met this type of advisor if you work
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with this type of advisor they're
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probably lost you money or taking money
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from you because they're just shady so
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who are these people what do they do
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what do you need to look out for but the
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first financial advisor that deserves a
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punch to the face is the 12% advisor and
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you could replace 12% with any other
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that is larger than 6% but here's the
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other part with that 12% advisor is that
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they say they will get you 12 percent
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return guaranteed and last time I
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checked the stock market is not
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guaranteed sure there are financial
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experts such as Dave Ramsey that will
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say that you can expect to get 12%
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return if you are investing into quality
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mutual funds now the stock market has
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averaged over 10 percent since its
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beginning and in another video I shared
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about how the Vanguard SP 500 fund by
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far one of the largest index funds that
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exists with almost 500 billion in assets
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has averaged over 11 percent return but
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with any of these numbers the one thing
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that they all have in common is that
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they are not guaranteed and I have came
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across more than one advisor that has
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met with their perspective clients and
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shared with them these illustrations on
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what the performance of the funds or the
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ETS or whatever it is they're trying to
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sell and sharing with them that they can
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expect to make 12% return as if as like
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it's just a matter of fact as if it's
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guaranteed to happen and the one thing
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that these all have in common is that
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they are not guaranteed and I've came
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across more than one advisors that when
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they are meeting with their prospective
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clients and they're sharing like their
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illustrations and their hypotheticals of
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what the performance could be on whether
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it's a mutual fund or ETF or whatever it
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is that they're trying to sell they will
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look these people in the face and tell
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them that they can expect to make 12%
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per year
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guaranteed it doesn't work like that
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people so if you come across this
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advisor you better punch them in the
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face because if you don't I will red
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cross you out advisor number 2 yet
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deserve a punch in the face is the
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surrender charge conversation is
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optional advisor so who is this advisor
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this is an advisor that sells typically
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an insurance product some sort of
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investment that has a surrender schedule
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attached to it so that means if you buy
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this investment and if you need
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liquidate if you want to sell it say
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like in three or four years you have to
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pay a hefty surrender charge so you have
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to give up a big chunk of your principal
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just to get your money back and I have
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came across so many advisors that when
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they sell this investment to their
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clients they didn't feel the need to
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disclose with them that there is a
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surrender charge to get their money back
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like you see that shady right that's
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Shady
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now the advisors they got paid a big fat
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upfront Commission for that sale so why
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would they want to volunteer that
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information that hey mr. mrs. client I'm
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gonna get paid a lot of money but if you
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need your money back you're actually
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have to pay a large surrender to get
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your money back so I'm just not gonna
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share that with you
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you know it's okay all right beef amount
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advisor number three is the telling the
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truth is optional advisor so this
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advisor just doesn't feel the need to
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tell the truth they may not tell the
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truth about the surrender charge they
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might not tell the truth of how much you
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are paying in your fees to work with
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them they just don't feel the need to
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tell the truth about anything and it
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just doesn't really make sense to me
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now typically these type of advisors
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you're gonna find them on a fin rub
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broker check like there is going to be a
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complaint filed against them and a lot
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of the advisors that I came across where
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it was blatant that they were not
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telling the truth on the investments
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that they were managing or their
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investment style or how often they were
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checking those investments it was pretty
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typical that you could find that advisor
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the telling the truth is optional
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advisor on FINRA's broker check because
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there was a complaint filed against them
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which is just a solid reminder if you're
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going to work with a financial advisor
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do a background check go online do a
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google search of that person to see if
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you find out anything about them go to
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FINRA's website do their broker check
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search deceive are there any complaints
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like are they legit if they're a CFP you
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can also go to CFP net and also find out
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if there's anything that's been filed
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against them do your homework do your
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research before you hire anybody to
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manage your money advisor number four is
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I like to turn advisor now the good
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thing is that this type of adviser is
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dying like this is a dinosaur they don't
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exist as much but there are still
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advisers that their prime way of making
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money is selling mutual funds is selling
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stocks is selling ETFs and earning a
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commission in the past I had a client
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that was working with this broker he was
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they were out of New York they sold him
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a mutual fund which the adviser got paid
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an upfront Commission and then within
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like six to nine months they resold them
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another mutual fund that was a different
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share class but the reason they did that
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was because the client didn't see the
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upfront cost
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there wasn't a back-end surrender charge
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on the investment that they sold them so
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they got paid an upfront Commission had
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the client sell where they claimed
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didn't see anything coming out on the
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back end and then resold them basically
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the exact same thing getting Payton up
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front Commission and the client not
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seeing that like that's what you call
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churn now turne is basically when an
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advisor is just buying and selling not
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to your benefit but just to make extra
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commissions to get paid more money and I
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promise you that is not in your best
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interest it's only the advisor and
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that's why this type of advisor deserves
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another punch in the face
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advisor number five is the I can use any
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investment that I want I just happen to
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use my own company's investment advisor
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oh this one this one I love it this is
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the one that it was it's it's fine to me
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because it was so easy to point out like
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how wrong this was so what do I mean by
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this one so let's say that you are
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working for an insurance company and the
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insurance company has their own mutual
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fund products that you can sell and you
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could also use other investments just to
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say like Vanguard or fidelity or tiro
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price but you are selling your own
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companies neutral funds because you
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think that is better for your clients so
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if you had these two mutual funds
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side-by-side you see that your company's
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mutual funds like your feet are twice as
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high
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everybody else and even better your
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return is like 20% lower than everybody
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else then why in the world are you going
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to sell them your crappy mutual funds
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when you can sell them everything else
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hmm is it because you're getting paid
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more to sell your company's mutual funds
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as opposed to somebody else's I maybe
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I'm just taking a wild guess here and
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not to pick on any one company but
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that's why I wasn't shocked to see that
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State Farm was getting rid of their
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investment component like their
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brokerage component they didn't want to
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mess with mutual funds anymore because
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of how the regs have changed and they
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are one of the ones if you looked at
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their mutual funds compared to everybody
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else you just kind of asked the question
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like why do you even have mutual funds
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like your mutual funds they just suck
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like they're they don't do good compared
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to everybody else like you have no
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business doing that like stick to
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insurance stick to your your jingle stay
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farm is there aren't the six advisor
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that deserves a punch in the face is the
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I know that you're 80 and you should
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probably be in a CD but I'm going to
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sell you an investment product that you
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don't need anyway that is a mouthful so
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what is this o typically once again
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we're looking at annuities now annuities
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on their own are not a bad investment
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but by far they are one of the most
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missile and misrepresented investments
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that exist and one of the easiest people
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that you can take advantage of is the
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elderly they want to be safe with their
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money they don't want to lose their
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money he wants to protect what they have
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what they preserve and pass that on to
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their family and there are some shady
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financial advisors that will just eat
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this up and sell them this guaranteed
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investment product now annuities do
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offer guarantees but do you remember
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that whole surrender charge is optional
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conversation we had earlier that simply
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is the case with a lot of these
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annuities now I came across a very
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specific situation where an elderly
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client this person was in their mid 70s
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mid to late 70s and an advisor came in
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sold them
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now they bought because he wanted to
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have their money say they want to pass
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that on but the advisor didn't need
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didn't feel the need to share that this
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investment product this annuity product
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had a 15 year surrender charge 15 years
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like this person was gonna be like 90
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before they could actually touch their
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money in the case they needed it now the
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clients think that they were going to
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need the money I don't know all that but
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I do know that they had zero clue that
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this thing had a surrender charge and I
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also know when I looked at their
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situation there was no reason there was
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no economic benefit for them to purchase
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this annuity the only economic benefit
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was the commission that the advisor made
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on selling this annuity to this person
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like that's what I do know and that's
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why this person deserved a punch in the
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face
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the last advisor that deserves a punch
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in the face is the my products don't
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have any visa divider oh this one's a
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good one now I remember I was working
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with a prospective client like I was
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trying to get them to become a client of
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my firm and there was another advisor
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that was also trying to court them
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trying to win them as a client and I
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remember that client after he had met
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with this other person's other advisor
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and he mentioned to them that he was
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also talking to me this advisors
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response was now you know they have fees
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and our firm our company doesn't just
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give me just give me a minute
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just give me man so mr. advisor
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basically what you're telling me is that
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your company your investment firm is a
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charity that you're doing this out of
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the kindness of your heart and my big
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bad firm like we charge fee so why would
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you want to work with us like we weren't
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a business like we charge for what we do
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but you're a charity you do it just
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because you like people and you just
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want to do it for fun you're kidding me
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right like no you're not a charity like
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you might not have fees that the clients
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can't see but you're a business you are
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in the business of making money
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otherwise you wouldn't be
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business and you shouldn't be in
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business so if you're working with an
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advisor and this person claims that they
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don't have any fees you might not see
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any fees in the investments that you're
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buying but I promise you I promise you
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they are there and that's why this
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advisor just like the rest deserves a
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punch in the face
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so are there advisors like this that you
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have come across that you were just you
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just can't believe the words that are
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coming out of their mouth and that if
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you had some training some boxing
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training that you felt confident that
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you are going to punch this person in
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the face I'll want to know in the
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comments below and I also want to know
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is there an another type of adviser that
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you've came across that I didn't share
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because these advisors need to be called
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out because there are some shady you
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know what's out there
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and they deserve a punch in the face and
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they deserve the recognition so that
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others don't get burned by their
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shadiness
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all right I hope you enjoyed this video
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if you did be sure to LIKE subscribe all
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that fun stuff until next time this is
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Jeff rose reminding you that is your
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money it's your life and know that you
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can make it awesome
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now go punch somebody in the face
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[Music]
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