All we want for ourselves is financial security and one way in achieving that goal in life is to have a financial advisor who can help us manage our finances and investments the right way, however, we can’t ensure ourselves that we are hiring the right person for the job. You have to ask yourself first if your current financial advisor is really an investment expert because this may lead to mismanagement and risks your financial status at the same time.

Not everyone that tells you to trust them really treasures your trust that is why you should be intricate and meticulous in hiring the right financial advisor that is capable of doing their job. You should always practice the saying that you should put more trust in what you see than what you hear.

unreliable financial advisors

Now in this article written by Yorkville Advisors, we will show you the things an incompetent and unreliable financial advisor often tell you to lure you to hire them. Aside from saving you your funds from these kinds of people, you can also save a lot of money from giving them professional fees.

  • Sales tactics- Often times unreliable financial advisors smother you with their sales claims that are not even documented properly. These claims usually are just something they made it up out of their minds. This is one way to sell their service to you and convince you that they are the best in the field. They tell their clients and investors sugar-coated claims that they already helped tons of people who are financially stable and successful. That is why it is important to do a background check of the list of financial advisors that you want to hire.
  • Claiming that they are the game changer- Another boastful claim that incompetent and unreliable financial advisors tell their clients that they are the game changers in the world of finance. They will further convince you and manipulate you that you are in good hands.
  • They will say yes to everything you suggest- A reliable and honest financial advisor often times criticize you for your financial plans which for them are unrealistic. They will give you a broader explanation about your current financial status and be honest of the goals that are achievable and far-fetched, unlike scammers who convince you to invest on this, invest on that without even looking at the possibilities, risks, and options that you have. They don’t care in the first place as long as you give them their paycheck.
  • They will set goals that are unrealistic-Just like what we’ve mentioned above. In order to further convince you to their lies, these kinds of financial advisors give you unrealistic goals such as investments that they believe will grow tenfold in a short span of time, forcing you to buy properties and gives you false promises that your financial status will improve in no time. In reality, a reliable financial advisor will give you the best options out there that are suitable to your financial status. They won’t play games with you, instead, they’ll give you harsh opinions to wake you up and convince you to strive harder and let your assets grow further to achieve your financial goals.