Why Most Financial Advisors Are a Scam

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Is Your Stock Portfolio Really Beating the Market? ➡️ • Is Your Stock Portfoli...
If you have a financial advisor or are thinking about getting one, you must watch this video. There are a lot of issues with the financial advisory industry that don't get talked about enough.
Watch this video to understand all the issues with financial advisors and how they could be costing you millions in lost earning potential from bad investment strategies and fees.
Apologies to anyone who may be offended by anything I say in this video. However, I feel very strongly that we must start talking about and addressing these issues!
Video Contents
00:00 - Intro
01:33 - Financial Planning Advice
02:48 - My Personal Experience Working with a Financial Advisor
05:52 - 1. Only Manage Stocks and Bonds
07:57 - 2. Interests Aren't Aligned
10:23 - 3. One-Size-Fits-All Approach
12:07 - 4. Don't Beat the Market
13:13 - 5. Fees Significantly Impact Earning Potential
14:25 - 6. Conflicts of Interests
16:07 - 7. Need to Justify Fees
17:37 - 8. Don't Give Holistic Advice
18:52 - 9. Don't Make a Lot of Money
21:28 - 10. Not Paid Based on Performance
22:08 - 11. Unrealistic Estimates of Results
24:32 - 12. Betting Everything on One Person
25:21 - The Best Type of Financial Advisors to Use
💡 I do not work with clients or offer any consulting services. If you want to learn more about the best tax and investment strategies, subscribe to my channel and check out these courses ▶️ sharonwinsmith.com/courses/
The information provided in this video is owned by Winsmith Tax LLC and is solely for informational and educational purposes. It is not intended as investment, legal, or financial advice. Always consult with a professional familiar with your unique situation, or conduct your own research before making any decisions. We might receive commissions for recommending certain products or services.

Опубликовано:

9 июл 2024

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Комментарии : 35

@sharonwinsmith 8 месяцев назад

Is Your Stock Portfolio Really Beating the Market? ➡ ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-yFOL71x1kAM.html

@hiddenthreat5080 9 месяцев назад

I’m 17 and financial anxiety has been beating me. But since finding your channel you seem honest and very informative thank you very much and keep uploading and sharing knowledge please.

@sharonwinsmith 9 месяцев назад

Thank you so much! I can't tell you how much this made my morning 😀

@H.E.Pennypacker732 Месяц назад

This video needs more views. Financial advisors often face perverse incentives and don't have an alignment of interests with their clients (who are usually at a knowledge/information disadvantage). Live below your means and invest in low/no-fee stock or real estate investments for a long period of time, and you'll build meaningful wealth. I've seen lots of financial advisors who put their clients in high-fee investments and a "die with zero" plan.

@Davetradesoptions Месяц назад

I have not seen a better more informative RU-vidr. Thanks for making these priceless vids

@sharonwinsmith 20 дней назад

Thank you so much! :)

@jeremysensenig3990 Месяц назад

Just found you and enjoyed your video. I would have liked it if you addressed how to break up with an advisor. I am sure many people watched this and want to now move an account so that they have greater control, so a how to would be very helpful. How to transfer a Roth that may be with an advisor. How to get out of mutual funds, etc. maybe you covered it in another video - not just the why, but the how. Again, thanks for the great info.

@danawilson197 9 месяцев назад

Great video! So much helpful info that nobody else is talking about!

@sharonwinsmith 9 месяцев назад

Glad it was helpful! Thanks for watching!

@themedhunter 7 месяцев назад

Great video! Numbers don't lie. Index investing is essentially free and dividend reinvest is the process of doing well. When you pay an investment advisor 1% of your nest egg each year to put you in index funds you lose that compounding over time which is a massive loss and 100% unnecessary.

@sharonwinsmith 7 месяцев назад

100% agree!

@BenjaminCobb-kp7im Месяц назад

You're talking purely brokerage accounts. Trading in an IRA or Roth are not taxable events. Also, beating the market is not always the objective or value add. Tax planning, estate planning, and income planning are all a part of it. People will trash annuities, but are unaware annuities can give and guarantee a higher level of income than the standard 4% withdrawal rate. Bank notes, Cds, and some annuities have 0% fees. This includes leveraged notes that perform at multiples of the market. Many people just make it about fees and returns, but honestly, they don't see the bigger picture. Sometimes its protection, sometimes returns, sequence of returns, legacy planning, health cost planning etc. I can't tell you how many seniors were in bonds in 2020 and their "safe" portfolios got hit by 15%. A professional would have seen inflation coming and understood the need to get out of bonds. Point is, advisors aren't for everyone, but many people who think they are capable of handling their own assets are ok until they're not, but by then the damage has been done.

@ZiO10001 Месяц назад

Do you recommend purchasing annuities on your on?! I just called Nationwide to inquire about purchasing annuity on my own by passing the Financial rep for LPL! I would get almost $3000 more a year in comparison simply buying direct! And is an annuity that guarantees life time payout a good investment anyway?

@stephendove2850 Месяц назад

Thank you. I have been amazed by what I have run into in this industry, they seem to use fear as their motivation, and look to siphon off 2 percent of your account every year.

@kymandjamesshh 9 месяцев назад

Sharon thank you for your honesty and knowledge. I will be taking your course for sure

@sharonwinsmith 9 месяцев назад

Thank you so much! 😀

@eggfacepudding 2 месяца назад

this is great! I'm a new attending physician and i've met with numerous financial advisors over the past 3 months. I get the sense that no one has my best interest in mind and each advisor contradicts the previous. I'm looking at youtube channel for advice and I'm thinking of taking your online course - I wish there is an outline of topics discussed. Do you think your course deviates from the tradition "max out all your retirement accounts" and "save 50% of your income" ?

@jimd1617 Месяц назад

thank you!

@chayden1402 9 месяцев назад

You are absolutely 💯 correct👏🏾👏🏾

@sharonwinsmith 9 месяцев назад

Glad to know others agree! I feel like these issues aren't talked about enough

@rajarchanagarre7306 9 месяцев назад

Thanks for the advice.

@sharonwinsmith 9 месяцев назад

Glad it was helpful! Thanks for watching!

@StreetsAhead120 6 месяцев назад

You would hate The Financial EKG guy on RU-vid because he does all his scenarios with 6% rate of return. That is WAY too conservative in my opinion.

@sharonwinsmith 6 месяцев назад

Using models that don't take into account actual returns are useless. If someone is in fact only getting 6% returns - Yikes!

@StreetsAhead120 6 месяцев назад

He also does 4% return if you're a very conservative investor. Anyway, I love how blunt you are and it's refreshing to hear someone talk about stuff like this!

@glennwormald6486 9 месяцев назад

Concur with your remarks. I have had similar experience. Have you considered bitcoin? Best performing asset over last ten years

@sharonwinsmith 9 месяцев назад

I do own a little Bitcoin and am a crypto bull in the long term. 🐂

@idj6858 7 месяцев назад

Wow!!, you choose crypto over REITS? I absolutely love REITS, i guess its different stokes for different folks🤷🏾‍♂️

@sharonwinsmith 7 месяцев назад

I would never invest in REITs. There are far superior ways to invest in real estate.

@idj6858 7 месяцев назад

@@sharonwinsmith OK, can you name a few of those superior real estate investments that's better than REITS? I just don't see crypto being a better investment than REITS🤷🏾‍♂️