Comments on: Is Your Investment Advisor an Advisor or a Salesperson? http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/ Everything to do with thickening your wallet Wed, 01 Feb 2012 15:44:00 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Nancy (aka money coach) http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/comment-page-1/#comment-7266 Nancy (aka money coach) Wed, 20 Feb 2008 04:59:41 +0000 http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/#comment-7266 Thanks for this post. I think I've been overly cynical about the financial industry. In the past three years I have met a handful of committed, caring professionals who know their stuff and are in it for the right reasons. Sometimes what happens is the clients don't take ownership of educating themselves enough to have informed conversations with their advisors. Not sure where the onus lies - on advisors to learn to speak (non condescendingly) in layperson's terms, or on us average joes to read a few books/take a few basic courses. Thanks for this post. I think I’ve been overly cynical about the financial industry. In the past three years I have met a handful of committed, caring professionals who know their stuff and are in it for the right reasons. Sometimes what happens is the clients don’t take ownership of educating themselves enough to have informed conversations with their advisors. Not sure where the onus lies – on advisors to learn to speak (non condescendingly) in layperson’s terms, or on us average joes to read a few books/take a few basic courses.

]]> By: Riscario Insider http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/comment-page-1/#comment-7263 Riscario Insider Wed, 20 Feb 2008 04:27:39 +0000 http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/#comment-7263 The Pursuit of Happyness shows Will Smith being trained as a salesman to push investment products to meet quotas. "Advisor" seems passive. Once the advice is given, is not the work done? If the client does not act, <i>subtle</i> sales tactics might get employed. In contrast, "coach" suggests a responsibility to coax the client into acting in their own best interest. A higher level of performance. Tom points out that advice encompasses more than investments. Can one advisor or coach realistically have expertise in all the areas suggested? That role sounds like more of a quarterback for a support team. The Pursuit of Happyness shows Will Smith being trained as a salesman to push investment products to meet quotas.

“Advisor” seems passive. Once the advice is given, is not the work done? If the client does not act, subtle sales tactics might get employed. In contrast, “coach” suggests a responsibility to coax the client into acting in their own best interest. A higher level of performance.

Tom points out that advice encompasses more than investments. Can one advisor or coach realistically have expertise in all the areas suggested? That role sounds like more of a quarterback for a support team.

]]> By: tom venner http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/comment-page-1/#comment-7257 tom venner Wed, 20 Feb 2008 00:02:17 +0000 http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/#comment-7257 As an "advisor" I applaud the fact that you are pointing out the difference between advisor and salesperson. I would add that a true advisor will also offer tax advice, mortgage planning tips, make sure you have adequate life and health insurance, have a will and living trust etc. As an “advisor” I applaud the fact that you are pointing out the difference between advisor and salesperson. I would add that a true advisor will also offer tax advice, mortgage planning tips, make sure you have adequate life and health insurance, have a will and living trust etc.

]]> By: Cheap Canuck http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/comment-page-1/#comment-7222 Cheap Canuck Mon, 18 Feb 2008 18:13:31 +0000 http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/#comment-7222 We had our wake-up call a couple of years ago. Before that our RRSPs had been investing in a balanced fund with an MER in the neighborhood of 2.5%. We went into the bank to see our 'advisor' about switching the balanced fund into a portfolio of separate index funds. He not only strongly suggested this was a bad idea, but he managed to work in a sales pitch for a couple other high fee products at the same time. We ignored his advice, disregarded the sales pitch and have been happy with our portfolio ever since. We had our wake-up call a couple of years ago. Before that our RRSPs had been investing in a balanced fund with an MER in the neighborhood of 2.5%. We went into the bank to see our ‘advisor’ about switching the balanced fund into a portfolio of separate index funds. He not only strongly suggested this was a bad idea, but he managed to work in a sales pitch for a couple other high fee products at the same time. We ignored his advice, disregarded the sales pitch and have been happy with our portfolio ever since.

]]> By: squawkfox http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/comment-page-1/#comment-7216 squawkfox Mon, 18 Feb 2008 15:02:34 +0000 http://www.thickenmywallet.com/blog/wp/2008/02/18/is-your-investment-advisor-an-advisor-or-a-salesperson/#comment-7216 I am so happy I DIY these days. I definitely had a "salesperson" and not an advisor. My "salesperson" would only contact me by snail mail, with a reminder (and return envelope) to contribute to my RRSP. I get very annoyed just thinking about it. I am so happy I DIY these days. I definitely had a “salesperson” and not an advisor. My “salesperson” would only contact me by snail mail, with a reminder (and return envelope) to contribute to my RRSP. I get very annoyed just thinking about it.

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