Best Financial Advisors For Retirement

Best Financial Advisors For RetirementIt is time to talk about who really are the best financial advisors for retirement.  What does a financial advisor really do, and more importantly, who are the best financial advisors that money can buy?  This may be a question that most people will never be able to answer unless you actually have been one.  The good news for you is that I fall into the category of an ex-financial planner and arguably one of the best financial advisors out there, at least in at least my own mind. :)  I worked for the largest brokerage firm in the United States and had the best training one could ask for.  What I am going to write about may just surprise some of you and change your thoughts about financial advisors in general. 

Before I can answer “who are the best financial advisors for retirement?”, you need to understand what they go through in order to become one.  For me, it was a crazy journey to becoming a financial planner.  I had been out of college for 1 year and decided that I wanted to pursue a career in the financial sector.  I had always dreamed of working the floor over on wall street.  Alas, that was not going to happen.  But, I was offered a job as a financial planner for American Express.  They have changed their name of that division to Ameriprise now, but I am guessing that the business is the same.  I can tell you that after 2 masters degrees in business, that attaining my federal and state licenses to become a broker/planner was much harder.  I am very proud to say that I passed every exam on the very first try, unlike all those that were training with me.  I went on to add on a variety of licenses that allowed me to sell insurance products as well.  This made me absolutely ready to help people in planning their financial lives.  What does a financial planner do?  He takes a ton of tests to make sure he is up to the challenge.  Who are the best financial advisors for retirement?  Continuing reading and you will see.Best Financial Advisors For Retirement

Now understand that I didn’t know what to expect when I entered the business.  To be one of the best financial advisors for retirement, you have to know what you are doing.  I thought that there would be a ton of workers willing to help out the new guy.  I had a boss that was also suppose to be lending me a hand in acquiring new accounts.  It all seemed very organized until I actually got there for my first day.  Basically, I was told to memorize a very long sales pitch that was written down for me.  So I spent the next few days doing exactly that.  Once I felt prepared, I told my boss that I was good to go.  I definitely did not feel like I was talking to the customer, but just being a parrot for the company.   I was told not to stray from the prepared document.  This really bothered me.  I truly felt that I could explain investing to the potential clients much better than just reiterating their prepared speech.  But I did what the company told me to do, which was to just say the speech.  Now at this point, my boss informed me to arrange some potential clients to come in and discuss their financial future with us.  For me, this was much easier said then done.  I grow up in a VERY poor neighborhood and my acquaintances were not fortunate enough to have saved any money at all.  That did not matter to my boss, he said to start calling every relative I had and then ask them for their friends phone numbers.  This job was starting to become very stressful in a hurry.  When I was interviewing, they told me that I was going to receive some of the walk in traffic as clients, which did not happen a single time.  Every new walk in was given to the old timers that were working there.  I was told to basically fend for myself.  I was given a few old phone numbers to call that had our credit cards, which never panned out.  What does a financial planner do?  At this time in the career, it was basically cold calling potential customers.  Is this what the best financial advisors for retirement do all day…cold call?

Now for a few months, I was able to get a few clients to invest their money through me.  So what did I actually have to do when they said yes?  I had to have them pay me about $350 just to sit down with me and go over their goals.  Was I one of the best financial advisors for retirement?  I thought I was and my work was proving me right.  After that, we transferred their investments into our managed funds.  A computer program basically figured out the best way to allocate their investment dollars.  There was never a time when I had to sit down and go through a ton of calculations in order to maximize their potential gains.  A few clicks of a button and BOOM, I was all done.  I actually felt bad about the cost they had to pay just for me to do these calculations.  Even after being in the business for many months, I was still not receiving any help from my boss or the other employees.  It was very cutthroat.  Every new client that walked through the door was a potential raise for who got them.  It was never me and my boss made sure of that.  He was the office manager and had direct say over who could land them.  I ended up working in two different cities in order to get the required amount of capital invested through me, which I did. :) What does a financial planner do? He tries to stop the competition from getting THEIR possible client.  I was getting closer to securing that title of one of the best financial advisors for retirement…in at least my bosses mind.

Fast forward to about a year into this journey.  I was finally tired of cold calling fruitless numbers only to be hung up on and I had no more family members or friends to call.  At this point, I decided to call it quits and head into a different direction.  But I now had a different perspective of what financial advisors actually do.  And since then, I have made it my mission to teach people how to manage their own investments.  In doing this, they will save tens if not hundreds of thousands of dollars in management fees.  You see, every dollar you invest in a managed fund is charged a fee.  This fee is how they pay the fund manager.  That is why you never see a poor fund manager my friends.  You can basically copy their trades and save a ton of money every year of these fees.  What does a financial planner do? He or she does everything possible to get your money invested into their funds.  They cold call people in order to get an interview with you.  They are glorified salesmen.  With a little reading and research, anyone can go out and manage their own investments.  You can use Google Finance to help explain some of the different kinds of investments and find one that is perfect for your situation.  At this point you need to know that when you are wondering what does a financial planner do, you can answer it this way…the same thing that you can do.  So who are the best financial advisors for retirement…you.

Take it from me, an ex-financial advisor, that if you really need help investing your money, you can just do what I told my wife to do if something happened to me.  That is to forget all of the so called “Best Financial Advisors” and invest her money in an EFT that matches the Dow.  These kind of funds are very inexpensive in terms of management fees and will do very well based on prior results.  Think about it, does the market end up down decade after decade?  The answer is no.  Even after the crash of 2007-2008, the market has risen back to and now above levels that were thought to be “way to high” in terms of value.  You can read my article here when it comes to my thoughts regarding today’s possibilities or you can look at the picture below. :)

Best Financial Advisors For RetirementI will end this article with the thought of paying someone six figures out of my pocket just to watch my money.  Thinking about it makes me laugh.  The problem is that many people don’t understand that new EFTs are able to outperform the majority of the so called “Best Financial Advisors” out there.  I use to be one the best financial advisors for retirement that money could buy and now I give away better advice for free.

 

Best Financial Advisors For Retirement

And as always, you could always take a look at this program and have them help you with that decision.  Penny stocks are a game of chance, but the rewards are HUGE!  See what you think.

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Notice: Any information that is written on this site is for educational purposes only. It should never be considered as financial or investing advice. Anything you read on this site is just informational and that is it. I am no longer a registered financial advisor and licensed by the SEC. I am now just a blogger who enjoys writing about stocks and making money online. You should always seek a professional financial advisor for advice on investing and any stock you are considering. Remember that investing is inherently risky and you could lose all of your money. I am also an affiliate of some of the items discussed on this site. In other words, I may be paid for people buying stuff off of this site and the links on here as well. This is how I am able to keep the site up and running.