Financial advisors: Hidden camera investigation (CBC Marketplace)
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- Опубликовано: 2 сен 2014
- Originally broadcast February 28, 2014
Marketplace is putting financial advisors -- the people you trust with your cash -- to the test. We talk to ordinary Canadians who've felt the bite of bad financial advice, and use hidden cameras to catch outrageous promises from some big institutions. We'll show you the tactics to watch out for and give you tips on figuring out who to trust with your money.
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I really appreciate this show.. its saving me from a lot of future headaches
Don't let your dad use your college tuition to invest on a bubble
Beliasa agreed😎
this show paints the picture how they want yo to see it, not the real truths all the time. For instance, the one abou lemon cars, the car they test drove for a owner, wasnt even her car in the test drive clips. Lots of editing going on here. I trust marketplace as much as i trust dealerships
@@acreageliving you must have gotten called out as a scammer in one of their videos to be talking like this.
@@willn8664 lol what? A scammer of what? No its CBC, its unfortunately true, CBC has a very biased viewpoint when running stories Hollanesian. I know a youtuber who has called out CBC, when CBC contacted them to do a story, and CBC wanted the guy to "set up" a scenario so the story would fit their view. The guy said no, and said, lets just see what the businesses do on their own, they will fail anyways, This guy is a computer tech, and specializes in Apple computers. CBCs story i believe is what a rip off Apple store is for repairs. Check it out! My youtube channel is small, be nice if I was called out by CBC, but unfortunately not lol. Not sure what would be a scam on my channel anyways lol.
"You are going to be in debt for the rest of your life, it's nothing to be afraid of"
Yes, it is!
When or why did carrying large debts for your entire life become accepted as normal or even encouraged??
We've been made into debt slaves, and... yes, it is something to be afraid of!
i used to live in Canada this situation is really sad for North Americans like there are so many millionaires in North America and million others are in debt with tens or hundreds of thousands of dollars
Likewise, when you're paid for your work, you're paid over and above the energy you consumed when performing that work. That's why there are obesity epidemics, even in poor countries.
In amercian the average college student has 37k debt OUT OF COLLEGE WITH NO JOB
this can be true for the savvy investor. debt=leverage.
Solar Gaze, it's really not all or nothing. I'm considered lower middle class here in the United States. Have been a investor for over 20 years using index funds. Have a nice six figure nest egg. It's all about education, and choices you make with what you have. Small amounts of money over time can grow to nice sums, the earlier the better. So start as soon as you can.
If your wife left you because you went bankrupt, then that Financial adviser did you a favor.
The Truth beat me to it haha. True dat
Driving a Prius is what cost him his marriage
@@Justin-yk3ox I was gonna say it was his earrings and soul patch that cost him his marriage lol
That proves that she never loved you.
Lol try and stay with somebody after they lost your house on the dumbest investments and lost their job making you responsible for the debt
The average Canadian has 50k to invest?!?! WHERE?
+StefanieTheMommy Average, meaning adding up all Canadian investments, including the wealthy 1% and dividing that by the population of Canada gives the average. The average is skewed big time by the wealthy 1%, but that is accurate. It doesn't represent the low and middle class average though.
+StefanieTheMommy ^^ agreed median saving is canada (50% have more and 50% have less) is barely 10k and less after the financial crash. The rich skew the average.
These advisors are terrible
I'm looking around my house for it now!
StefanieTheMommy I wish. 😅
This is why basic finance classes should be required to be taught in school. The guy who lost his house was clearly an idiot. You borrowed 106k and then invested it and when you lost money in the investments you didn't think it was possible? What do you think you can invest money and you always 100% gain money? Why wouldn't everyone do that then.....
+Adam Baker If you fully trust someone, and believe they are not leading you astray, it's very easy to fall for anything. Just look how many are suckered, wholeheartedly into believing in a particular ideology or religion without researching it themselves first. 99.99999% of the world's population are duped one way or another by perceived authority figures, not because they are stupid. They are just too trusting of said authority figures.
+Marty.R Woodcock (Marty's Megapixels) I agree. I just think people need more education about money. Instead our schools teach useless knowledge to most people, like calculus and algebra.
+Adam Baker I agree, not that the fa isn't corrupt that suggested this to him, but honestly unless your a senior citizen, or mentally incompetent, that was just an idiotic move- I don't care if Jesus suggested it- I'd tell him he was crazy and obviously a crook.
Adam Baker Math is very important for Some jobs
sadly, people think an "investment" will only go up not realizing that's just a best case scenario
The financial advisor That CBC hired for this episode is a savage I want him to be my advisor
You should NOT be in debt the rest of your life. Save money for big purchases. Live within a budget and if you buy a home pay extra on the principle every chance you get.
Depends on the interest. My student loans have like a 2.1% interest, I make well over 6 figures and I see no point in paying more than the minimum. Even leaving money in a high interest savings account with 2.5% rate, I'm better off than paying off that debt right away when I could.
awww man, Some Nigerian guy on my email said he could help turn my $100,000 into billions and I still haven't seen any of the money back. All blame goes to him, not me.
jason200912 BILLION LOL.😂 FUNNY
Actually the blame goes to you also because you believe him
Nirvana A. ELDidi ............
Nirvana A. ELDidi r/woosh
This comment is 🤣. He probably did make it into billions in Nigeria. To bad you didn’t read the contract. It didn’t state that it would be for you.
As soon as someone says "We don't want to sell you anything" .....you are being sold.
Cory did not READ and just signed documents with out knowing what he was doing because he did not CARE.
Dillon York or he didn’t KNOW
he didn't care to know...
I feel so bad can't believe he got screwed like that. If he had used that loaned money and just put a down payment on a house, renovated it, and sold it for more he would've been successful with his investments. This is what people dont understand save up more money and flip some properties.
Don't be like Cory
Salespeople always say "it's complicated" about things that aren't very complicated.
Every single consultation between a financial advisor and a client should be required to be taped and the tape given to the client by law.
Well said
Now that's a great idea
I wouldnt be against clients video taping consultations with me. I plan to offer skype consultations if they want, so for all I know they could very well be recording me.. I record my lawyer every time I talk to her... same thing.
I'm an advisor with Sun Life, ten years in and 1,000+ clients. I think it would be great to have all conversations recorded. We take notes of all interactions, keep meeting summaries and emails but the raw, unfiltered conversation logs would be best. Years pass and details get forgotten. There are also many questionable people in the industry (true in all industries), and this would help weed them out.
Im becoming an advisor soon and I plan to record all conversations with client permission, and provide them to them as well as use them to track myself. Accountability to yourself and your client prevents a lot of guilt, misery, mistakes and just headaches.
If academic institutions taught money sense at an early stage as a mandatory requirement, many people will not be a deer in headlights when starting to invest. Knowledge is key and investing within your limits is a must.
That's parents responsibility
Schools in Canada Don't teach how to make money,just the abcs,some history,science and now computer programs,or others,but they don't want people financially independent in a colonial system,that way your just paying taxes the rest of your life!
Wow, as an accounting student looking into majoring in finance this infuriates me. We talk about ethics and how many shady advisors there are out there but this blew my mind. Being told is one thing but seeing it really opens your eyes to the reality. I couldnt imagine someone duping a mother/father or elderly person out of their money just for the commission. Id rather not make a commission and know that I educated someone on how to secure their future or the future of their kids. And this is from my general area of Ontario. Shame on those people.
I mean, if they bought equities in 2014 by now they would be up a lot. So in some ways, the financial advisors were right. Of course, you need to properly explain the risks as well.
Probably the most important Marketplace report in the show's history. Has taken several decades to convince the majority not to trust the mutual fund industry and their 'Financial Planner' minions.
"Are your pants glowing?"
"How nice of you to notice, yes I am pregnant."
LOL
Finding a good financial advisor is crucial to one’s finance. I challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $20000. $10000 goes into dividends, and the other $10000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed fund manager who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
Sharing his details here on the comment
section might be a bit cringe but since you really want it, reach him *Alecpayden (a) g ma il. Com...* Came across him at an investment webinar. You can get all the information you need, just leave him a message.
Thanks for pointing this out. I usually skip past those since it’s rampant here. I also wrote him. How quickly does he respond? I will be patient though. Also, have you made any significant profit so far?
I have made over $25,000 from profits during the pandemic, more so because I was reinvesting every two weeks. His strategies cuts across major financial markets which cuts across major financial markets which I found generates more profit.
Wow that’s quite impressive!
I’m 33 and currently running multiple businesses. I’m still trying to get this together. I know it’ll be worth it in the end. Wish me luck everyone!
My cousin become a financial advisor a few years ago and he was like a dog in heat .. you wouldn’t want to be with him in the same room cause you would harass you and keep trying to sell you something ... I’m
So glad he is not doing anymore .. he sucked at it lol
I would just show him my bank account with $5 in it and keep asking him if he can lend me money 🤣
Rule of life, never invest money you can't afford to set on fire in your backyard.
Wise words I will always keep that in mind.
Absolutely not true. You have to invest to meet your retirement goals and if you could afford to set that money on fire then you would already be so rich you wouldn’t need to invest to meet your retirement goals… see the problem there?
Laws are changing in the United States. With new fiduciary laws, advisers have to prove the usefulness of their advice, and can be held accountable if they pressured people into products of no use.
I'm becoming an advisor and I love this law. Less scum in the industry means more room for honest men and women.
Yes it's more work but those are not the corners people should be cutting
There are 2 types of "advisors" in Canada.
I forgot the terminology between the two, but one has legal responsibilities while the other has none.
Generally the ones at the banks have no responsibilities.
Well that's the states. In Canada advisors have no responsibility whatsoever. They can pressure people into buying anything and everything they can sell.
Except trump rolled back that Obama era law.
@@ShadowLeague100
You are incorrect, 1 type of advisor has the legal obligation to indoor you of how they will profit from your decisions and if they have an association with a particular company.
The others are part of no order, have no liability insurance, and do not have to have your best interest in mind.
"Don't pay off debt, just invest" - Salesman
"Pay off debt then invest" - Financial Adviser
Not necessarily. My refinanced student loans have a 2.1% interest rate. I could pay it all off today, but I am better off investing it since I can most definitely make more than a 2.1% return. Even if I just open a high interest savings account and put money there, I can earn more than 2.1% interest. Don't always be in a hurry to pay of debt.
Common sense advice!
Great story.. The financial expert was spot on! Thumbs up!
I know awesome! :)
I am not from Canada but really loved topic this channel selects and works on it courageously .
The Prius is his fault tho, really
LOL
Lewis Johnson 45 mpg tho😏
Now, this is the comment I didn't know I was looking for.
Hilarious!
Oh, come on, can't they put some electrical tape over the lights on the box or something? Rookie mistake.
AbyssalReClass I was thinking the same thing.
This is why they changed the rules in the UK. Now advisors are fee only, meaning they're paid by the hour for the advice they give, not commission from products they sell you.
Well easy thing is dnt go to financial advisor and remember to just pay ur debt first and then look at other options
Nitin Sharma terrible advice.
Interest rates are so low, it actually makes sense to invest it rather than pay off low interest debt.
Think about it. Your mortgage is 4% and you can easily get 6% investing in safer assets.
You then net a benefit of 2%
Nitin Sharma m
K
Yeah...Depending on what your debt structure is, you’ll want to look into bonds. The spread on your bond return should be used to pay down the debt. So long as the spread is positive above 100 basis (favoring the bond) you’ll be fine.
Junk Bonds
Preferred stock
But if you are conservative, well...You’ll always lose to inflation and fees.
My rule of thumb is to start a client from
100%
Less current Inflation (1.5 - 2%)
Less AUM fee (2%)
So you’re really starting
from negative (-5%)
Any investment over that will keep you revenue positive before Local, State and Federal taxes.
Lol good luck peeps!
@@asukuluamnobe6933 h
Can you guys expand this type of excellent investigation to the united states?? I'm not from Canada, ey. But am hooked on your exposés.
Canadian broadcast corporation. Not usa bud
Eh* have some respect
People in Canada hate CBC is the irony, all complain about them; its sad.
Nah, I like the attempt at eh. Now we have to get him calling everyone bud and take him out for a rip
Push your government to create a government subsidized arms length media company. Take note of the arms length component.
CBC is publicly funded, with ad buys as supplement, but operates independently of the government. It has in fact been a source of some of the best investigative reporting into our government thanks to the lack of fear over repercussion and financial stability.
This is why financial skills, budgeting mainly, needs to be taught at schools.
Common sense
LMFAO great way to gain business as a financial advisor by telling someone that they will be in debt for the rest of their life during the first meeting.
atleast they were being honest.
I felt so depressed hearing that and I'm not even in debt
I'm young just looking into what I need in order to acquire my first mortgage/ real estate and that was scary for me to hear aswell. Like damn I thought if you were in debt you were always below 0 as in you can never get ahead
wow after watching this, as a person who is about to pass the CFP in a few months and start my own business... i feel much more confident in my abilities... i mean.. just damn.
i think ill call saul first ...
BRKRUP
You Better!
With Saul Goodman, everything's all good, man.
Better call Saul
Better call Saul🤣
Dude, you making a bad investment did not end your marriage. If that's all it took, it was already over. You seem to take no responsibility for your actions.
Normally I'd agree with you. That's usually the case in almost every situation...EXCEPT MONEY. Money issues are one of the leading causes of divorce. Many spouses leave their better halves if there is a sudden loss of wealth. Very few are willing to stick it out. That's not opinion, that's research done on what impacts divorce. Many couples are willing to stick it out over infidelity, even abuse and drug addiction, but if you go broke, bags are being packed.
tishtash321 Money Causes Pain and suffering and it's an Evil Necessity..It can ruin marriages and other Family Relationships
Anthony Sopran ... no - not money it’s lack of it - get it right
tishtash321 Exactly what I thought.
My wife and I have a great relationship. As to money, it is very simple: Her money is hers, and my money is hers. Simple.
wow since I've been in banking for almost 7 years now, I cannot believe the incompetence that's going on in Canada. I need to move back and start my own company... these financial advisors are absolutely incompetent liars.
LOL i wonder what Dave Ramsey would say about paying down debt
He is a troll.
Never ever let other people invest on your behalf. Do the research. It's your money. Put in the time and effort to educate yourself.
very hard to invest right now, a lot of scammers out there...even the Banks cannot help
Never did understand why people go to wall street in rolls royces to get advice from someone who takes the subway
Cause it’s more convenient to take the subway lol
Taking the subway costs pennies compared to the cost of ownership of a luxury vehicle. Owning premium products doesn’t mean you have money. It means you had money.
someone taking the subway is clearly using his/her money better. If you had to go to wall street in a big rolls royce, you obviously have way too much time on your hands because it'll take a long while
You guys are missing the point he is trying to make. The point is, he doesn't understand why people who have managed their money well and become wealthy and can afford cars like ross Royce go to wall street to get financial advice and trust their hard earn cash from people alot less richer than them and manage subway tranportion.
@@advancedassessment6974 Investment bankers that the wealthy use are pretty wealthy themselves. In London you could easily pull in £100k+ in three years.
most of them will just tell you to invest as much as you can, because if they lost it, it is your money anyway ...
I'm watching this in 2019. Disgusting still! Thanks for the investigation.
Do your research, there are good advisors out there. Dont pick anyone who pushes structured products sold by their firm. Dont pick anyone who gets a commission per financial transaction.
It's still happening. Especially in the big cities like Toronto and Vancouver. The business model for selling is still there from the big banks
Go to the financial advisors that are sworn fiduciaries (most financial advisors aren't but some are)
@@destroyer-tz2mk how do you know if one is?
Just a legal way to steal your money without being call a thief!!
Thanks CBC Marketplace for exposing these sneezy businesses out there. Keep up the good work!
I wish there was a Marketplace but for the US. I love watching and learning from this show.
Would be scary...
One bad financial advisor is not representative of the industry as a whole. Keep that in mind.
Yeah the start of this video was typical journalistic lying by omission to generate views.
Canada really doesn't have any regulation in this area then... also Canada doesn't have an agency similar to FDA to make sure food and medicine are safe..
I took the Alberta Financial Advisor course and exam. I did not feel it provided me with any knowledge about actual investing or finances. Just basic laws and left to learn to sell whatever product your company had to sell. I also took some stock/MF investing courses which provided me with more distrust in financial "sales persons" attempting to advise. As for Primerica, it was one that only sold a product.
Real eye opening thank god bless the CBC Marketplace and their incredible investigations and that financial advisor they had had some priceless reactions😂😂 to these thieves
5:40 ish... NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE. That's rule one shit head!
Next time you talk to a financial advisor ask him or her if they have a fiduciary responsibly to do what is in the best intrest of the client. Most the financial advisor are actually registered as a dealing representative, or in other words a salesman that does not need to do what is in the best intrest of the client. The banks are misleading clients by having them believe they are talking to a Financial Adviser (ER). Financial Advisers have a fiduciary responsibility.
Every TD Trust financial advisor has always asked about my risk tolerance and respected my tolerance level. Though low income generating, this keeps my mind at ease.
16:00 company “accept” responsibility and blames employee. This is the very definition of not accepting responsibility.
I only understand one thing...nobody would work hard on your own $$ other than yourself. All these financial advisors only want to make the commisions $$ on your $$, either your portfolio make $$ or lose $$, they still get paid. They are definitely not your "Warren Buffett" !!
Luckily the business is changing. Brokerage and commissions are going out, and percentage fees are in. If an advisor loses client money, he gets his pay cut and vice versa. MUCH BETTER MODEL
@@CHURCHISAWESUM Not really. If an advisor sells 50K worth of investments from the bank and the investment tanks their sale value is still worth 50k. It's the poor customer that bought the investment that has to deal with the aftermath. Advisors in Canadian banks DO NOT have any responsibility towards your money.
@@ShadowLeague100 I should've also mentioned, product sales advisors are also on their way out. I don't work as one and I never would. Fee based advice & clearing only is a much more honest model. No incentives to push particular investments, no incentives to sell products when the client doesn't need them, and fee based means that if the client loses money, so does the advisor.
You guys never disappoint the consumers 💪🏼
By hearing about the Canadian Regulatory board that handles insurance and financial advising companies and business establishing an undercover shopping program, these financial advisors will start to become more cautious and afraid to make more mistakes. Sales doesn’t have to be that sales-y, it has to be well-informed and well-communicated to the client/prospect. And by me being a beginner in this world, and by being aware of these things, these mistakes won’t happen under my watch and my information will always remain in favor of the client not myself or my pocket. Thank you for doing this investigation!
The Wealthy Barber=the only financial advice you'll ever need.
Never borrow money to invest never never never even for rrsps
Dextamartijn . Why? If I get a tax deduction of 30% and I use the tax refund to pay off my RRSP loan. Seems to make sense to me. Instead I should get 0 deduction, and not try to force save. Your response seems a bit over simplified to me.
Borrow to invest in Real Estate(Rental Real Estate) I turned $19k into $1.2 million in 7 years. Couldn't of done this without borrowed money.
Did you take a LOC?
Dextamartijn sometimes leveraged investing is worth it.
i agree
Marketplace - thanks for this story. It is much needed advice for the consumer.
Hollis Wealth (@~12:27) reminded me of Rachel Hollis, writer, media company owner, and author of the Girl, Wash Your Face and Girl, Stop Apologizing books! Fun detail.
" $50,000.00 , that's what the average Canadian has to invest. "
BULLLLLLLSHHHIIITTTTTT !!!!!
Sounds like propaganda
***** average = all investments divided by number ppl. skewed by very rich people. but ya, plz go back to school
DREXL SPIVEY
That's not what they said fucknuts, nice try idiot fuck, get a hearing aid and take some comprehension lessons.
Get a brain transplant, too.
***** LOL. you okay man? genuinely concerned
I was gonna say, like wtf? I have $600 lmao
None of those con artists sound half way convincing. "Yeah I can get you say, 5,000 or 10,000 dollars". Yeah
of course they can get that type of return if they dont have a time horizon lol
A fidelity ad just played over a marketplace investigation of financial advisors. My life is complete
I started RESP's for my kids over 10 yrs ago...was asked about risk..said I didn't want risk as it was for my kids...the adviser at Scotia Bank put me into an account that was safe. 10 yrs later...I am in opening an acct and that person asks me why my resps we sitting in a cash account. I didn't know what she meant. Well apparently it was just in a non functioning account. NOT EVEN BASIC INTEREST!! 10 yrs wasted!! And I was always told to not be fixated on watching the ups and downs so I didnt!! My own fault!!
I hate to see a guy just blame the failure of his marriage on OTHER people but himself.
how do you know the FA didn't run off with his wife? :)
Savage!
I don't trust anyone with my money.
Sue Petersen and Yee Feng from Pathstone financial in Bellevue WA are outstanding financial advisors. Honest and trustworthy people
Thanks for uploading. Really informative ❤🎉
Are your pants glowing?
YO Q or are you just glad to see me?
they're getting double rate.
Of course they are
That’s what she said...
Ahhhh hahahahahahaha
Important to find a fee-only financial planner, they don't make commission off sales and are legally obligated to do what's in the best interest for their client.
So they're actually getting paid to be honest. All financial advisors should just do this.
@@willn8664 honesty is the best policy, but often honesty doesn't pay the best.
Also, gotta love how they stick s Manulife Financial ad right in the middle of this segment.
My financial advisor (not like the traditional industry and certainly NOT a bank!) turned my life around and gave me hope. I wanted to help others so became a financial advisor 6 years ago. But here's my difference - I teach people how money works and full financial literacy education so they have the knowledge and resources to make good decisions. I have many product partners and do not have "my own" products. It is not a one size fits all situation. I listen to my clients and what they need. We work as a team. I have never had that kind of service and education from the banks (and I worked in a bank many years ago!) or with one of the financial advising companies mentioned in this video. "You are going to be in debt for the rest of your life. It's nothing to be afraid of." Had I followed that advice, I would never have been debt and mortgage free 7 years ahead of the traditional plan.
a 74k mortgage? must be in nunavut.
I've lived there no such thing as 74k mortgage.
@@Flourish_today Is that high or low for Nunavut? I know the cost of living there is insane because of the lack of an economy of scale and the lack of accessibility to the rest of the country. But is real estate also super expensive there compared to the a similar sized towns in the provinces?
If you don't have a good financial knowledge, your money is better off underneath your mattress.
SpiderBurger, no educate your self. Read some books, take a investment class like I did. Easy.
You should never be a financial advisor, even someone with high school knowledge know that saving in a big bank is a better way to go. Putting it under your mattress would just let inflation rot your cash
than you will be losing your money slowly
So would putting it in a bank account though. Even at 2%, which is rare and high, at least in the US.
joesr31 saving in a big bank? Getting less than 1% in a savings account... That's your solution? That won't keep up with inflation... I've been pulling 12% easy the last 20 years.... You need over 10 dude
Thanks
It's an eye opener
Not all financial advisers are bad! My parents were in good financial shape now than before.
The answer: Don't use an advisor. Get an online account and handle everything yourself. Pay yourself first!
Generalized advice for something like this is not accurate. You shouldn't get a financial advisor, you shouldn't invest yourself and you shouldn't abstain from investing.
You should know yourself, your skills and your psychology, and decide whether you have the info and instinct to invest well, or if you're better off hiring a professional.
If you hire an advisor, be very careful with overly aggressive or optimistic types. Pick the prudent guy.
Only invest in what you know and thoroughly understand.
The best advice an advisor could tell you is don’t trust salesman for investment products that call themselves advisors
love this show !
I never used any advisers in whole life, always trusted my own knowledge and it was the best option which always paid up
I’m getting my undergrad in Personal Financial Panning, this makes me sick to my stomach. The reason I’m going in to this profession is because my dad, a hard working contractor almost lost ever thing because of a scum bag advisor, these people should have massive fines and possible jail time for not immediately looking to make the client’s financial stability and welling being their top priority.
I remember getting job offer from Primerica few years back. They were not able to explain to me properly what they actually did. Later they asked me if I can bring people from my community to them. I told them bringing people to something i myself do not understand properly, would be cheating and misguiding people. What they explained me in summary what they did after that, felt pretty much like manipulating people, for which i said no.
How a company recruits has no relevance to the service its providing. In my experience Primerica has managed my funds very ethically and generated me better returns than the banks, but the business opportunity is not for me .
I was told the same 10/12 percent return on investments 6 years later receiving receiving 3/5 percent but still charging 1.75 percent money management fees should only be 1/4 percent Money management fees and the big bank making record profits
Who needs a financial advisor? Just live within your means and save your money! What a concept!
I'm a business banker with M&T Bank. Seeing such bad financial advice from bankers/financial advisors makes me sick. Not everyone is financially savvy and understands the market hence why they seek professional advice. Taking advantage of someone financially due to their lack of understanding is so wrong. I deal with businesses, not retail but still the advice I give is always for the benefit of the customer, not myself. Some of these guys need to be punched in the face.
can someone help me recover my money from scammers?
More red flags:
1. The financial advisor is being charged by their firm to be an agent.
2. They ask you for friends and family referrals in the first few meetings.
Most financial advisers aren't fiduciaries. Meaning they don't have to give advice based on their clients interests and on their own.
I used to think Canada was this lovely, respectable and trustworthy place but now CBC is crushing my dŕeamź.
"Investments aren't projected to go very quick right now" - 2014. Hahaha, we've had a bullish market 5 consecutive years since then.
Justin Danger well, it looks like we’re about to go into a recession sooo... it’s time to buckle up gang
When my business teacher said that we've probably learned more financial and investment knowledge than an actual banker, he wasn't joking.
yep I discovered this when I shopped around. So I decided to read up on it, since I am good at math, and decided to open up direct investing accounts, and just do all the investing myself, saving myself on tons of fees. Simplest solution is just to put your money in an end dated Vanguard ETF that does all the bond/stock balancing for you. If you want less fees then just do VOO and TLT which covers the S&P 500 and the 20 yr US bond market, and rebalance your money between them every year, starting with higher percentage VOO and lower TLT, and increasing the TLT percentage as you approach retirement. Simple. For higher risk simply put everything in VOO and ride the S&P 500 avg 11% return per year over the past 100 years. Past results don't equal future returns, but it is basically that easy. No need to buy/sell/watch stocks this way. However if you have debt pay all that down until your interest rates are under 6%, if you are risk adverse down to perhaps 3% before considering investing.
Where did CBC get those beautiful brown props from. I remember listening to Carl Icahn being interviewed and the topic of stock brokers came up. He said “you know why they call them stock brokers? Because you become a lot broker listing to them”. That always made me realize the best person to make financial decisions for your future is you. And that’s the truth! Learn and take an interest in how the market responds to different market conditions and what sectors are bullish vs bearish. Invest accordingly.
I love watching these Marketplace videos. And I'm from the US! I have to say that Canadian money looks better than ours.
Daniel A. Maybe so but yours is worth more. 😶
So tell me is the government going to regulate these crooks or we just gonna have a second episode of this. . Especially the big 5 gangsters
6:57 I like how he laughed and then talk about it
I love this show, but the line "chosen randomly... and through our research" had me cracking up at 1:53
Unpopular Opinion: Financial advisors shouldn’t be advising anyone about paying down debt or retirement. They know nothing about achieving true wealth.
if I have 99 broke people and 1 guy with $1,000,000 then the "average amount" each of those people in that group has to invest is $10k. Is that a good representation of the average person?
That's how averages work, dude.
This is why we use medians in the educated world.
The vast, vast majority of financial advisors (with reputable companies) have their clients’ best interest in mind, or they would not last in the industry- they won’t retain clients, won’t get referrals, and companies won’t hire an advisor who can’t bring in money. This video paints a completely skewed perspective of FAs. I agree, there are some bad apples...and it pays to research who you’re entrusting your life savings to. Don’t just trust everyone, but also understand that the only people who last as an FA are those who can be trusted and treat their clients right.
Erica Johnson's bright pink/watermelon-coloured blazer/jacket looks great against the bright, medium-green background! (@~13:55). Maybelline Great Lash Mascara classic prep colours!
The takeaway tips mentioned in this video:
- Talk about debt with your financial advisor. Check if they recommend paying it down.
- Be firm about your risk tolerance. Check the paperwork to make sure they understand the amount of risk you are willing to take on.
- Don't show your money if the adviser promises big returns on your investments.
- Hold onto your cash until you understand the fees that you are paying.
At CHASE, the financial adviser told me if I invest 13K in the mutual fund account I will get 1M at 65y.o
😡
No financial advisor can guarantee any amount they can make an assumption, ask him how u gonna make 1 M, if he can explain, it seems like pretty unrealistic value.
Exactly what the guy below said; some of the brightest minds in the financial world CANNOT predict what the market will do and anyone that doesn't is selling you an load of crap. They can try to make predictions but all they are is educated guesses. Take heed! Don't exceed your comfort level on risk but once you make a decision stick with it. Most people that try to time the market will lose.
They're all CROOKS, especially the ones that work for the large financial institutions. They'll STEAL ALL OF YOUR MONEY!
joshspiker: Either you've personally and unfortunately had a bad experience or you've watched TV too much. Sorry that either might be the case for you, but the majority of legitimate financial advisors understand this is a business of building long term relationships of trust with their clients and not a business of transactions. Just like any other industry, and I suspect yours is no exception whatever it is that you do, there will always be a few crooks. (Not all doctors are quacks, not all priests are pedophiles and not all attorneys chase ambulances,)
Regina Gina LOL.😂 FUNNY
The best way is to use broadly diversified index funds. It a matter of using bonds and stocks depending on risk tolerance.
If you are not comfortable managing your investments use a Fee only firm that uses low cost mutual funds.
This is why we need financial education. If these people had the slightest understanding of personal finance they would understand how bad of an idea these transactions are, such as taking a loan to make an investment. The mindset also, he says "money is hard to come by". That is a scarcity mindset that will keep him in fear of using his money. Its just a tool.