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When you’re deciding whether to follow financial advice, consider the source.
People like to give us advice on everything from parenting to wellness to money. But you wouldn’t rely on medical advice from a friend, TV show or website, so why look to those sources for financial advice? When it comes to your finances, it’s important to seek advice from a bank you trust. Otherwise, no matter how well-meaning the advice might be, it may be misguided.
Some of Bell’s wealth management experts share the worst financial advice they’ve ever received or heard – and why it makes a difference to get advice from a bank you trust.
“One of my clients tried to convince me that market timing was the best way to invest your assets. The theory was that after a triggering event, you should sell all your investment assets and bring your portfolio to cash before a market downturn, then wait for another triggering event to buy back into the market at a market low – the old buy-low-sell-high theory. It is a great theory, but it doesn’t work.”
Why a Trusted Bank Matters
“You should seek financial advice from your bank because of the depth of experience and knowledge our bankers and wealth management employees have. You retire and have to make decisions that will affect the rest of your life. You have one chance to get it right. We work with this on a daily basis, and from our experiences, we know what works and what doesn’t, so we can guide you down the right path.
“Life-changing events can be emotional and burdensome. We can provide another set of eyes along with knowledge and experience that can get you through the event. When you work with us, you have a team behind you, helping you with the tough financial decisions!”
“The worst financial advice I ever received came from a college professor who said saving for retirement when you’re young should not be a priority. Working in the industry today, I know starting to save for retirement at a young age is more important now than ever before. Even small, regular contributions to a retirement savings plan can make a big difference over time. If your company offers a 401(k) plan, take advantage of it. Saving for retirement is very important, and contributing toward a 401(k) plan is a way for you to easily save for your future.”
“I think it’s important to go to a bank I trust for financial advice because they are the experts, so I trust they’ll lead me down the appropriate path that’s right for me.”
“One of the worst stories I have heard was of financial advice given to a retired clergyman.
“He was advised to take his pension as a lump sum and place it into a charitable remainder trust that would pay him income over the course of his life; at his death, the remaining assets would get paid to charity. This is a common charitable planning technique that works well when people have more than one income source.
“In his case, he did this in the fall of 2007, and when the market crashed in 2008, the investments in the trust were worth less than half of the contribution value. Since it was an irrevocable trust, he couldn’t take additional distributions of principal to make up the difference in income.
“You should not place all of your investible assets in an investment vehicle in which there is a restriction to withdraw assets, unless you have other resources.”
“It’s important to seek financial advice from a bank that puts its clients first.
“That means the bank and its advisors do not recommend proprietary products when there are better and less expensive products that are suitable for you. It means the advisor understands the investment and can explain it in a way you understand.
“It also means advisors would invest in the same investment if suitable for them. A trustworthy advisor considers the following: suitability, taxes, and fees.”
Looking for some financial advice? Contact us to get started.
Investing and wealth management products are not FDIC insured, have no bank guarantee, may lose value, are not a deposit and are not insured by any federal government agency.