By Brad Brain
Lately, I have seen some pretty disappointing financial advice.
Now if the source of this disappointing advice was just some random dude on Facebook, I would not think twice. That’s the reality of social media. Anybody can have an opinion on anything, even if what they are saying is utter nonsense.
But this was coming from people that should know better.
My first story begins innocently enough. I was at the Institute of Advanced Financial Planners annual conference in Nanaimo, enjoying lunch. I’d just started on dessert when an email from a good friend popped up.
Some random financial advisor was trying to talk my friend’s mom into an exotic investment scheme. Normally, when I am at a conference I will wait until after the sessions to handle emails, but this one caught my attention. I sneaked a peek.
The first thing I noticed was that the other advisor was a Certified Financial Planner. “Good,” I thought. “At least this person has some credentials.”
But then I opened the second attachment. And I put my fork down mid-bite. Sometimes things can wait, but not this. I called my buddy immediately, horrified at the “advice” his mother was being given.