e owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Goo

Not all advisors are sales hustlers. I also heard from someone who made a radical decision in response to his experience in the financial services industry. Let’s hope that other conscientious advisors don’t follow his example!

Last week I shared some real-life confessions of a typical financial advisor. This self-proclaimed “aggressive, 34-year old [sales] hustler” sells equity-indexed annuities almost exclusively. He can’t resist the easy money and, even though he knows the investment is better for him than his clients, he is unwilling to change his ways.

(Florida seniors watch out! This advisor might be the one trying to sell you that equity-indexed annuity! Seniors all across the country need to understand that advisors recommending these high-commission products are very likely cut from the same cloth.)

I recently received an email from someone I’ll call John. He was impressed by the information on my website and had to tell me his story. “Thank you for shedding light on the true conflicts involved in the sale of equity-indexed annuities. Hopefully, this will drive change in legislation.” Interestingly, I took part in a conference call with the Securities and Exchange Commission on that topic a week later!

John started his financial services career in a very unusual way--he actually got a college degree in finance! You might be shocked to know that few advisors have a formal education in finance, investments, or other money-related issues. Many don’t even have a college degree. Their firms focus on teaching them how to sell.

John started out with a ‘financial planning company’, desiring and expecting to help people manage their money and achieve their financial goals. He quickly learned that the firm’s focus was quite different. John says, “I found myself around people who were just trying to figure out how to make money on a presentation.”

And what well-thought-out investment strategy were his co-workers presenting? “Most were pushing variable annuities on every deal…and not just for a small portion of the client’s overall portfolio,” John says. “Needless to say, I did not feel comfortable and left the company.”

John then decided to work for a CPA firm that was starting to offer financial planning services to it’s client’s. He was confident his experience would be different. But once again, that wasn’t the case. “The owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Good

t! This advisor might be the one trying to sell you that equity-indexed annuity! Seniors all across the country need to understand that advisors recommending these high-commission products are very likely cut from the same cloth.)

I recently received an email from someone I’ll call John. He was impressed by the information on my website and had to tell me his story. “Thank you for shedding light on the true conflicts involved in the sale of equity-indexed annuities. Hopefully, this will drive change in legislation.” Interestingly, I took part in a conference call with the Securities and Exchange Commission on that topic a week later!

John started his financial services career in a very unusual way--he actually got a college degree in finance! You might be shocked to know that few advisors have a formal education in finance, investments, or other money-related issues. Many don’t even have a college degree. Their firms focus on teaching them how to sell.

John started out with a ‘financial planning company’, desiring and expecting to help people manage their money and achieve their financial goals. He quickly learned that the firm’s focus was quite different. John says, “I found myself around people who were just trying to figure out how to make money on a presentation.”

And what well-thought-out investment strategy were his co-workers presenting? “Most were pushing variable annuities on every deal…and not just for a small portion of the client’s overall portfolio,” John says. “Needless to say, I did not feel comfortable and left the company.”

John then decided to work for a CPA firm that was starting to offer financial planning services to it’s client’s. He was confident his experience would be different. But once again, that wasn’t the case. “The owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Goo

xchange Commission on that topic a week later!

John started his financial services career in a very unusual way--he actually got a college degree in finance! You might be shocked to know that few advisors have a formal education in finance, investments, or other money-related issues. Many don’t even have a college degree. Their firms focus on teaching them how to sell.

John started out with a ‘financial planning company’, desiring and expecting to help people manage their money and achieve their financial goals. He quickly learned that the firm’s focus was quite different. John says, “I found myself around people who were just trying to figure out how to make money on a presentation.”

And what well-thought-out investment strategy were his co-workers presenting? “Most were pushing variable annuities on every deal…and not just for a small portion of the client’s overall portfolio,” John says. “Needless to say, I did not feel comfortable and left the company.”

John then decided to work for a CPA firm that was starting to offer financial planning services to it’s client’s. He was confident his experience would be different. But once again, that wasn’t the case. “The owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Goo

“I found myself around people who were just trying to figure out how to make money on a presentation.”

And what well-thought-out investment strategy were his co-workers presenting? “Most were pushing variable annuities on every deal…and not just for a small portion of the client’s overall portfolio,” John says. “Needless to say, I did not feel comfortable and left the company.”

John then decided to work for a CPA firm that was starting to offer financial planning services to it’s client’s. He was confident his experience would be different. But once again, that wasn’t the case. “The owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Goo

e owner was introduced to equity-indexed annuities in San Diego from Allianz. Well, he saw the dollar signs [the potential he had to make money] and hit the senior market.”

The opportunity to make a lot of money was too good to pass up and the owner decided to push these products to seniors. Seniors who came to the CPA firm because they trusted the CPA subjected to advice that was colored by what was best for the firm. John recalls, “I looked, examined, and looked again at these contracts and said something is wrong. Who gets paid a 12% commission and the investor receives a benefit?” Good question.

“I was really interested in doing financial planning as a profession but just could not stomach these experiences.” Unfortunately, John left the financial services industry all together. There are many people graduating from college that have strong educational backgrounds in financial planning. All too often their experiences are similar to John’s and they leave the industry. That’s bad for all investors.

There are advisors that you can trust. These advisors have chosen to be paid by fees instead of commissions. As a result, it takes years for them to earn through annual fees what commission-based advisors make in one transaction. You only pay them for the period of time you use their services. They only continue to make money by keeping you happy—what a concept!

Typically, fee-based advisors don’t hold seminars or contact you by phone to pitch the latest hot product. Most of the time, you have to seek them out instead of the other way around. By the way, how often are you contacted by reputable, experienced accountants or doctors trying to sell their services? Why should it be different in the financial services industry?

Do your research anytime an advisor recommends an investment, especially if that advisor sought you out. Make an informed decision, not a quick one.