Two very dear friend's of mine just did. The last 2 years they lost a lot!!! of money.
Suppose to be able to do the right thing, lock them into something for the long run, after 2yrs
well life is not looking too good.
They have pulled the rest of their money out, minus a wack missing.
Not all FA know what will do well, and this was the case.
No I would not trust one, I would invest myself.Maybe into real estate.
No idea 'why' they are called a broker, but my friends are for sure broker!
We did lose some money through a financial advisor. You have to trust that the funds they invest your money in will actually make money. That is never 100%. I didn't really like him anyway. They are so slick and really talk the talk. Then, we got another one who was recommended by parents in law. He has since retired last year (he was in his 70s). He was very good. Now, we have another one, who works for the same company, and was recommended by the one who retired. I'm sure he will be just fine.
It depends on the qulifications and reputation. My main concern is that so few of them are truly independant byt rather choose from a range of products for which they earn commissions and this is hardly actingint he best interests of their client.
Ivea good financial advisor but what annoys me is the annual fees they charge to handle your affairs. Multiply the fees by the number of clients on their books and figure out how much they must make themselves.
Our financial advisors only deal in environmentally friendly firms. My sisters are with the same firm, & they recommended them to their friends. Of cause we'll loose a lot of money to make money, but as the stock market is always up & down, I don't think it's AWAYS the advisors fault! I guess it's one of life's risks!