Who are the Real Financial Experts?
Every financial advisor in America claims to be an investment expert. They do not provide any type of track record that documents this claim. In the absence of documentation, these advisors know you have no way to invalidate their claims so they are free to make sales claims that are designed to convince you they are real experts.
Less ethical advisors use sophisticated sales pitches to make unsubstantiated claims that are designed to win your trust and gain control of your assets. Many of their claims are misrepresentation which is prohibited by securities industry regulations. However, the regulatory agencies have no real power when the information is provided to you in sales pitches. Verbal information is easy for advisors to deny when it is your word against theirs.
Some of the more popular claims and sales tactics that are used by unscrupulous advisors include:
- I am a licensed investment expert
- You can trust me, I am a licensed professional
- I can deliver high returns for low risk
- Your goals always come first
- I can identify high performing investments before the performance occurs
- You can call my references. They will confirm I am an expert
You should disregard all of these sales claims including references who may be friends of the advisors and have been coached to make positive comments. Verbal sales claims are completely worthless. What you want is documentation that proves the advisors are real experts. This information includes:
- Years of financial experience
- College degrees
- Certifications & Designations
- Memberships in associations with substantial continuing education requirements
- Your access to other professionals at their firms
Trust what you see, not what you hear.