It kills me when people are conned into an “investment” that just doesn’t make sense for them. It actually happens more than you might think. Give me a minute to tell you a little – but true – story.
One day a lady stepped into my office and was interested in working with me. She was working with a big brokerage firm and didn’t feel like her advisor was being honest with her.
She said she had a variable annuity and that she thought she was paying around $50 per year for it. I ran the numbers. Guess what?
She was paying $3,600 per year for the life of the contract!
She was more than just a little surprised (and horrified).
Sometimes it doesn’t even take a stock market crash to eat away at your portfolio. Sometimes, bad investments destroy your portfolio in the form of outrageous fees.
Listen. When you sit down with your financial advisor, ask them to explain exactly how everything works.
Ask them why they’re recommending a particular set of investments.
Ask them how they get paid.
Ask them how they can protect your portfolio from getting gobbled up by taxes, fees, and market crashes.
If they don’t want to answer these questions, it’s time to find someone who will be your financial advocate and act in your best interests and not theirs. I'm talking about a true fiduciary.
Don’t make the mistake of putting yourself in a position where you don’t know what’s going on with your money.
I’m hosting a live webinar designed to help you understand how to protect your investments from a stock market crash. It’ll be on Tuesday, February 19th at 11 am CST.
If you hurry, you can still get in on the free webinar:
NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.
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