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February 19, 2015 - Blog

Could not knowing this cost you $40,000?

More than Money with Gene Dickison Answers:

“Could not knowing this cost you $40,000?”

It depends . . . are you trusting your retirement to a salesman?

Many of the folks we meet who are approaching retirement have a nest egg of about $500,000.  Where I come from this is a seriously large sum of money. Literally, this is their life savings.

Financial advisors (real ones) start with, continue with, and will end with a focus completely on only one agenda – what is best for their client?  They are generally paid by either a small annual percentage of the funds they manage or at an hourly rate.

Salesmen start with and end with only one agenda – how can I sell my product to the most number of people and make the most money.

Two completely opposite agendas.  One where you are first and one where your checkbook is the focus.  Or should I say emptying your checkbook.

Financial salesmen are everywhere these days - pitching their wares on TV, radio, and at fancy eateries with high priced food to draw you in. 

There are ‘investments’ being pushed by financial salesmen paying them commissions of eight per cent (8%) – in some cases much more – the minute the ink is dry on your check.  If you entrusted (silly word) them with your life savings of $500,000 they are staring at a commission of $40,000.  What do you think they would say or do to cash that $40,000 check? 

An honorable financial advisor who cares first about you and your financial welfare would likely work for you for eight (8) years before earning – in this case really earning – the same compensation.

What are you looking for – a long term financial relationship with a trusted advisor or helping a salesman cash a $40,000 check?

 

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