The Danger of the Financial Industry – Jerry Fetta

In this Show

Advice. Advice simply means opinion. If you ask for an opinion, you will get one. Period. It does not mean that the opinion giver is qualified in any way. You just have to believe for a split moment that they are credible and listen. In my 7 years in the financial services industry, I can count on one hand the amount of people who are qualified to be sharing their opinions about money with others. The funny part? Every single one of the unqualified persons have a financial license and some even a CFP. It does not mean they are qualified. Here is a piece of wisdom to live by: Competence is only represented by results. Do you know how many broke financial advisors there are who, just like their clients, are only trying to make it to their next paycheck? Imagine the damage that can be done by taking advice from someone like this. 2. Products and services. The services sold by most of these firms are what I consider to be “retail” financial products. Essentially that means it is a product that was plotted out and determined to be profitable for the firm selling it, promoted with advertising dollars, and marketed to the middle class, the largest and mostly unsuspecting market available. Many of these products have steep fees on the front end, the back end, or annually and sometimes all 3! In fact, studies show that just the annual fees on your 401k, eat up over 28% of your overall balance! Just think about the scam that this is: you give your money to a stranger, who works for some of the historically most dishonest groups in our country; this group of strangers charges YOU 1-2% per year for the privilege of borrowing YOUR money, and they are going to speculate with it. And if you don’t make anything, you still pay them 1-2% per year. Want proof that the products suck? Go into a bank and ask for a loan so that you can open an IRA with it and buy their mutual funds. They will say “no”. Go into a bank and ask for a loan so you can buy income real estate. If you’ve got money and good credit, they will say yes. Even the firms creating retail financial products know their products aren’t valuable. Here is how to win: https://www.wealthdynamx.com/wealth-d… Jerry Fetta is a husband, son of Yahweh, Entrepreneur and owner of 5 privately held businesses. Jerry lives in Alaska with his wife and 2 dogs. His no-nonsense approach to business, finances, and life speaks truth and provides clarity to his clients and followers. His personal mission in life is to empower millions of leaders to own their God-given, ultimate potential https://www.wealthdynamx.com/ https://www.facebook.com/WealthXPro/ https://www.linkedin.com/in/jerry-fet… https://www.instagram.com/jerryfetta/ https://plus.google.com/u/0/105293536… https://medium.com/@wealthx https://steemit.com/@jerryfetta https://www.youtube.com/channel/UCsGC…