At Advanced Wealth Advisors, we know that knowledge is power, and we want to give you what you need to navigate the world of finance safely. There are many misconceptions about financial advisors, and they make it difficult to make safe choices. In the following two blogs, we will explore ten myths about financial advisors and what is actually true!
MYTH: There are minimum requirements you must meet to become a financial advisor.
- Reality: Whether you have the needed knowledge or not, you can call yourself a financial advisor. That is why it is important to tread carefully.
MYTH: Advisors from large companies are safer choices than those from smaller companies.
- Reality: We know you have heard of huge companies that have had to paid billions of dollars in fines for cheating their investors. the bigger the company, the more numerous the conflicts of interest can be.
MYTH: Older advisors have better financial experience than young advisors.
- Reality: This is not necessarily true. Companies know that people assume older advisors are more experienced, and they will hire older advisors and charge for experience.
MYTH: Advisors are required to have good compliance records in order to sell financial services, products, and advice.
- Reality: Not true – many financial planners still hold a license even if they have multiple complaints on their records.
MYTH: Advisors who are paid by commissions offer “free” services and advice.
- Reality: There is no such thing as free advice or services. Advisors get commissions from selling you products. These products are often marked up by the companies that sell them because they want to recover the commissions they pay advisors.
Want to met with a financial advisor that actually has your best interest in mind? Click here to contact Advanced Wealth Advisors in Naples, Florida, today!