One of the many financial advisors I have had the pleasure of working with (sarcastic tone = high) once bragged to me that he only took a month to study and pass his exams in order to become licensed as a financial advisor. I think about half way through explaining that to me he realized that this was not something to be proud of.

When one of my sons was 11 years old, I made him take that same course and gave him a month to study. He passed too. Consider yourselves forewarned. 90% of financial advisors are just salespeople, nothing more. If the majority are compensated on commissions, how can they be expected to be free of conflicts of interest? Oh, wait. They can’t.

Whoever decided advisors only need a four week, self-study course to be licensed to manage people’s financial futures gets 50 lashes with a steamed carrot. Boo on you. That was Superbad Advice.

Tags: commissions, conflicts of interest, financial advisors, salespeople, self study course