Should You Hate Your Financial Advisor?

We all want to be around people we like. Many of us will only spend money at a restaurant or business because we know the owners or employees.

But it may be best if you really don’t like your Financial Advisor.

Let's assume you and your Advisor become close friends outside of a typical business arrangement. He sends you birthday cards, takes you to play golf, out to lunch etc. Maybe you belong to some of the same civic organizations or go to the same church. Or your kids go to same school and they are also friends. Heck maybe you were "BFF’s" back in college.

It may not be such a good idea to develop such a close personal relationship with your Financial Advisor. 

Here’s why… If you and your Advisor are big bud’s, what happens if you find out that he or she hasn't been giving you the best advice? 

What if you decide to get a review of your current plan from a Certified Financial Planner, and you learn that your plan has a lot holes in it? Your "friend" the Financial Advisor has sold you an insurance policy or an annuity you didn’t need. And maybe some crappy mutual funds that are way too expensive. Basically you learn that your "BFF" the Financial Advisor has made many bad recomendations.

What are you gonna do? Can you imagine how difficult your next conversation will be? Do you think you will still be "BFF's" after you FIRE him or her?

That’s why you should hate your Financial Advisor OR at least work with an Advisor who doesn't get paid to sell you and must act in your best interest at all times.

For more about my commission free, objective financial planning process, go to www.JasonQuallsCFP.com or call 615-878-2134.