In our last blog, we discussed five myths about financial advisors, because we want you to be able to make the best choices when it comes to your investments. We have five more myths for you.
MYTH: Advisors are required to have a college degree.
- Reality: There is no minimum education requirement to become a financial advisor. You do not even need a high school diploma.
MYTH: An advisor must share his or her compliance history, business practices, and credentials.
- Reality: Finance companies hire lobbyists to ensure that financial advisors do not have mandatory disclosure requirements
MYTH: Commission sales reps must put your financial interests ahead of their own.
- Reality: Only financial fiduciaries must meet this ethical standard. Sales reps, on the other hand, are supposed to give ‘suitable’ advice. As we are sure you can see, this is a vague standard on which you cannot depend.
MYTH: Financial advisors are the same as financial planners and financial sales representatives.
- Reality: Unfortunately, it is not that simple. The financial sector has a massive range of criteria including education, experience, service, certifications, conflicts of interest, compliance records, and methods of compensation.
MYTH: Professional financial advisors must have a certain amount of experience before they give financial advice.
- Reality: There are no minimum experience requirements for financial advisors. They can give advice and sell products the day they get their licenses.
Advanced Wealth Advisors is a trustworthy financial partner for you. Every bit of advice we give will always be with your best interests in mind. Click here to contact us today to learn more about financial planning in Naples, Florida.