It was clear at this point that the advisor would not allow me to review the product, and that any conversation between the two of us and the client would not be an educated discussion about financial planning and what was best for the client. I refused to continue the conversation and asked the advisor to leave my office, explaining that the client wanted my opinion on the annuity and that he should leave the contract with me so that I could inform the client of my thoughts and any questions that should be asked.Do you want to learn more? Visit Hawley Advisors
The advisor refused to let me look at the contract and refused to leave it with me once more. SIXTH STRIKE. The client eventually demanded that the advisor return to my office and drop off a copy of the materials he had brought to the meeting. After reviewing the contract for several hours, I discovered that the annuity had several major drawbacks that had not been clearly communicated to the client; as a result, I determined that it was not a particularly appealing investment. How can one be sure that their financial advisor is trustworthy and stay away from people like this? Regrettably, the term “financial advisor” has become overused and is frequently misleading. When was the last time an insurance salesman, annuity salesman, or a stock broker introduced themselves to you? All of these professions now refer to themselves as “financial advisors,” so those terms are no longer in use. These people may appear to be sheep, but they are actually wolves. If you meet with an annuity salesman who calls himself a “financial advisor,” he will almost always recommend an annuity, regardless of what is best for you. Finding a fee-only Certified Financial Planner® who acts as a fiduciary is the key. The term “fee-only” refers to a financial advisor who is paid solely by the client and does not receive any commissions from product sales.