Financial Advisors Behaving Badly


There are plenty of  fish in the sea for financial advisors to catch.  Yet it seems some need a reminder of competitive etiquette. Beware of Danger #4 

Danger #4 of the Ten Dangers of Investing is:

  • DANGER #4 – Many Competing Financial Advisors Will Tell You That the Other Group is Either Wrong, Misguided or Scammers…Even If They are Not and Their Investment Products are Better.

I’d like to share with you the story of three types of financial advisor groups I have  come across that fit this danger.

THE FIRST GROUP is a well known financial group that operates across the United States and Canada. They informed me that they understood the Infinite Banking Concept developed by R. Nelson Nash. However they clearly did not understand it after I asked them some basic questions. They even had the wrong investment product with the wrong concept. What makes matters worse is that they were telling a potential client they had it all worked out. Then they suggested to the same potential client that the advisor they chose (instead of them) to implement this Infinite Banking Concept may not have honorable intentions.

We won’t burn bridges and mention who they are. Just be careful you choose a financial advisor that really understands  the strategies they claim.  In this case we are talking about the Infinite Banking Concept as written by R. Nelson Nash in the book Becoming Your Own Banker… or Bank on Yourself written by Pamela Yellen.

Speaking of burning bridges, THE SECOND GROUP is a financial group that somehow thinks that they are the only experts in their geographic area of Becoming Your Own Banker and everyone else has it all wrong. They claim that no one except for them is actually teaching people in their area how they can truly take part in this process. Basically they’ve made themselves appear they have a monopoly on the knowledge of the Infinite Banking Concept in their area and as a result they are squeezing other legit financial advisors out.

THE THRID GROUP is also a well known financial group that operates across the United States and Canada. x They like to talk about a certain insurance product that is primary for Becoming Your Own Banker as being a terrible product. They’ll bash it and the advisors who recommend it to potential clients.   There are several groups just like them. They refuse to do a proper investigation into the matter and see what other advisors have figured out.  Even though many famous and rich people use it successfully for centuries they can’t seem to understand why.  Is it willful blindness?

Whatever it is and whatever you are asking a financial advisor to do just remember one thing.  A finnacial advisor should humble as well as confident.  Humility and confidence also means being confident enough to admit being wrong and adapting toward be better each day.


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About Author

Leslie Michael Jr. was born and raised on the Westcoast of British Columbia, Canada. He is a lecturer of Money Uncensored, a series of presentations designed for North Americans and people from around the globe to better understand the financial direction this world is headed and what they can do to protect themselves financially.

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