When you met your financial advisor, everything seemed great. They wore a suit, shook your hand, made small talk, put you at ease and demonstrated that they had the knowledge and experience you were looking for. You wanted to find someone who would help you get the most out of your money, especially as you get closer to retirement, and you thought you had found that person.
Now you’re starting to wonder, though. Maybe the returns do not look like what you expected. Maybe the fees are higher than you realized they would be. Do you wonder who your financial advisor is actually working for?
Unfortunately, though you feel like they’re working for you, that may not actually be the case. They could be working for themselves.
This is their career, after all. They may put their own success ahead of yours. They may make moves with your money that do not fully benefit you just because they are best for the advisor. Their goal may not be to get you the best return on your money or to set you up for retirement, but to earn as much as they can while working with you.
Do you think that this may have led to some serious issues, like excessive trading just to generate more fees? Do you think that your advisor took questionable steps with your money because they were thinking of their own interests before yours? Trust your gut. This is something that happens. When it negatively impacts you and your financial future, you may need to know what legal options you have.