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Financial Advisors Fail Again

Are financial advisors right about anything?

Maybe not…

In a 2014 survey of 600 financial advisors, they ranked the reasons why they had trouble getting clients.

Here is what they detailed as the reasons preventing them from getting more clients:

body-language-advice

1. Competition from other advisors …….. 64%
2. Financial misinformation, free advice, competing services, reviews etc ………16%
3. Interference by family and friends ……..13%
4.  Client’s own fears, past disappointments with advisors and distrust of them…….. 7%

In a comprehensive survey in the same year of 3000 unconverted client prospects who didn’t do business with financial advisors, here is how the clients themselves rated the above four obstacles:

  1. Competition from other advisors …….. 32%
  2. Financial misinformation, free advice, competing services, reviews etc ………9%
  3. Interference by family and friends ………. 15%
  4. Client’s own fears, past disappointments with advisors and distrust of them……….. 44%

Have a look at the advisors’ misperceptions:

  1. Competition from other advisors …… Financial advisors over-estimated by double (32 points)
  2. Financial misinformation, free advice, competing services, reviews etc …… Financial advisors over-estimated by nearly double (7 points)
  3. Interference by family and friends ……. Financial advisors under-estimated by 2 points
  4. Client’s own fears, past disappointments with advisors and distrust of them….. Financial advisors under-estimated by more than five times (37 points)

So what does this mean?

If you think your financial advisor understands your fears and desires – you’d be wrong.

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Dead wrong.

Surely it would be better to take your financial future into your own hands, and educate yourself to excel as a trader… rather than blindly trust the wild, random thoughts of your favourite financial planner.

So not only do financial analysts routinely under-perform the markets, they also have very little insight into what makes you tick.

Do not accept your financial advisor’s views without question.

Step up

Take responsibility for your own financial future.

Educate yourself and secure your legacy.

Chris Tate wrote a great article on Financial Advisors cheating in his recent blog article.

If you missed it, click here, and make sure you’re registered to receive his very next blog insight.



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About

Louise Bedford is a full-time private trader and author of several best-selling books. To pick up her ‘Trading Made Simple’ 5-part e-course, register on her website and she’ll send it to you straight away -
Visit http://tradinggame.com.au/


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