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What Your Average Boston Financial Advisors Will Not Tell You
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The first thing that you’ll never hear from your average financial planner advisor, is how unregulated the industry is. Virtually anyone with a computer and high school diploma could claim to be an investment expert. The SEC (Security Exchange Commission) has over the years together with other regulatory bodies been working on regulating the sector but most clients are still not satisfied.
Qualifications and Experience
According to many insiders and experts who have worked in the industry for many years, the job not only requires a degree, but also some experience. An MBA is better than an accounting qualification, as it gives a better and broader picture from different perspectives. A planner without the necessary qualification, working for an investment firm, is simply a sales rep who makes money by selling securities and annuities to the clients on behalf of the company.
Because of poor regulation of the industry, some advisors will not disclose all the fees. The law for a long time did not force the service providers to disclose all the hidden fees. Sometimes, they may favor wealthier clients and give them information on a more lucrative investment because of what they stand to gain from a small percentage of their investment. The SEC has tried to prevent this, for those with high as well as low financial advisor ratings, by requiring that all their fees be disclosed in a special document that can be found on the SEC website.
Most of them will not give you a very clear picture of what the prospects are. They may sound very optimistic about an investment, but some may not even have an idea of what will happen to certain stocks in the near future. The truth is that there is always some level of uncertainty. Any financial planner advisor, who claims he can guarantee results without any doubts or uncertainties whatsoever, is probably lying.
Sometimes the advisor may not disclose the actual picture of your financial status, either because they are incapable of doing so, or because it is not beneficial to them. An unqualified person may not be in a position to tell with certainty when there is a problem.
The best thing to do is to establish their financial advisor ratings by researching online. However, they will also not disclose that they may begin to research you in return, once they realize you are researching them. Researching anonymously can help you avoid unsolicited calls and emails from them.
Paladin Research & Registry is an experienced Content writer and publisher for Business Development. Visit at http://www.paladinregistry.com/ to know more about Best Financial Advisors and Top Financial Advisors
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