A Message From Phil Cannella: Phil Cannella on the tell-tale signs of a ‘toxic’ advisor
Another installment of our reporter’s extended interview with noted retirement specialist Phil Cannella, founder and CEO of First Senior Financial Group and host of The Crash Proof Retirement Show™.
Q: Is “advisor toxicity” really that much of a problem?
Phil Cannella: No question about it. Just read the headlines. And nowadays, the last thing you need is an unscrupulous financial advisor. With the twists and turns of today’s economy, a retiree needs an advocate, not a con artist.
Q: So what should people look out for?
Phil Cannella: Several red flags come to mind. First avoid stockbrokers who claim to have a “secret method” that yields good returns even in bear markets. Listen with your head, not your wallet.
Q: I like that line.
Phil Cannella: Also avoid advisors who use overly complex language or ask you to “just trust” them because their investing strategies are “over your head.” The less you understand their plans, the more they control your money. And don’t assume that just because an advisor is part of your social circle, he’s honest; many of Madoff’s clients came to him by referral.
Q: I didn’t know that.
Phil Cannella: It’s true, though, and it’s unfortunate. That happens all the time. Click the “broker check” tab on the Financial Industry Regulatory Authority website (www.finra.org). You’ll see if the advisor has complaints against him. In that same vein, do not write checks in the name of your advisor. Always write checks directly to the brokerage house.
Q: Anything else?
Phil Cannella: Finally, do not accept financial statements on the advisor’s stationary. Only accept stationary directly from the custodian, bank, or actual brokerage house. There are other, more technical things I could list, but these are the main ones, and they should get you started in safeguarding your nest egg. I’ve been doing this for 37 years, and it’s tragic how many advisors there are out there who see your money as their retirement plan.
Incoming search terms:
- i need an urgent loan today in Colombia with a very high value in 2012
- grant for single mother doing business in malaysia
- i need a loan in usa today very urgent 2012
- i need an urgent loan today in Australia with a very high value in 2012
- i need urgent loan today in u sa 2012
- I need urgent loan today in USA 2012
- shin ohtake con artist
- shin ohtake oats
