Many financial advisors and planners have turned into ravenous wolves and decidedly become what can only be defined as con artists. They promote and offer products or services designed for one thing only, to rob you blind. A great number of them can do it without you ever even knowing it.

Don’t get these types confused with the usual suspects though. I want to make sure that it’s clear that these people or entities are exceptional at the smoke and mirrors game. Their smiles cannot conceal the fact that their products and services are like pouring gasoline on Joe Public’s finances and lighting a match.

These jokers may even wear the title of financial planner or advisor. However, make no mistake that they usually plan your financial demise and advise you into a financial sink hole whenever possible. They only learn enough about their products to be convincing to the unlearned Joe. Most of them do not even know the real pitfalls to their offerings. They choose to be blind in order to deny all responsibility later.

Shortfalls and setbacks is what Joe Public gets from the so-called free consultations doled out by inefficient financial advisors. How is something free if it cost you more in the long run due to lost income or minimum return?

The real target by the legal poverty brokers is to destroy the financial future of those they serve by robbing them of their retirement dollars.

The major trick to their deceptive presentation is to keep Joe Public ignorant to their slight of hand. One hand is taking the rabbit out of the hat, while the other hand is behind your back in your pocket and opening your wallet.

Their deceptions are very thorough and they hope you don’t notice the underlying shred job they are doing to your financial future. As a result of this, I have outlined 10 things you must understand when dealing with one of these jokers.

1. They do not care about your family or your financial future

2. They want your time so that they can get more of your money

3. They think you are ill informed or financially illiterate (the concepts they teach you will induce more financial ignorance)

4. They will offer the most expensive programs or strategies for your family and won’t take what’s in your best interest into consideration ever

5. They use by any means necessary processes to steal as much of your money as possible each and every month

6. They do not care how their inferior products will impact your life

7. They will lie, cheat and even forge your signature to get what they want from you

8. They are experts at reading your body language, facial expressions, and non-verbal cues

9. Their interest in your family is fake and superficial

10. They will pay you complements to soften you up so that they can sell you more of their products or services at higher amounts

After Mr. Advisor has left you, you may feel very much like you have been financially screwed. Your need to get out of the situation may wake you up early the next morning (buyer’s remorse). Their irresistible offer has left a bad taste in your mouth once you realized how much it’s really going to cost. Does this seem vaguely familiar?

Let’s face it their programs may be legit but when stacked up against genuine solutions they crash and burn. Their income limiting advice won’t land them behind bars (unless they are caught breaking the law) so you must be prepared to spot an undercover crook when you see one. Don’t let their nice car and trimmings fool you into believing you are dealing with Mr. Rogers. Their big toys do not prove that they offer their clients sound financial advice.

Your mission if you so choose to accept it, is to be less trusting of so-called financial advisors in the future. You must be prepared to look at things from a greater angle then the one they will show you.

Ask if the item or service is something that is recommended by the top financial advisors in the country. Then, wait for an answer. If they cannot demonstrate 10 benefits of the product or service beyond their memorized script then run. As we say in the industry, they are just trying to “close” you. At this point, I suggest you do more research before you spend a dime.

This entry was posted on Thursday, July 10th, 2008 at 8:02 am and is filed under advise, planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.