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  1. #1
    Join Date
    Dec 2009
    Location
    Cali.
    Posts
    2

    Default Misleading Advisor

    My question involves personal finance in the State of: CA

    I signed a contract with a financial planner who advertises being "real estate savvy".

    I mentioned upfront that I didn't want another glorified investment peddler (advisor) and was assured that this would be a different experience.

    The understanding was that I would receive advise on my rental property business and potential ideas for leveraging or expanding my hard assets.

    Weeks into the relationship and now I am being peddled private REITs and this appears to be what they're in the business for. Massive upfront commissions and fixed terms on the use of the clients money.

    In a nutshell I feel mislead. The "advise" is anything but non-biased. The vehicles being suggested allow anything but leverage (and liquidity).

    The "plan" (hard sale) comes on the last meeting. I'm weeks away but feel I should terminate now. There's a lump sum due at the end. Any ramifications if I should consider if I back out now?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,844

    Default Re: Misleading Advisor

    If you don't like your advisor, fire your advisor.

    If you have signed some sort of contract and don't know if you can escape, read your contract or have it reviewed by a lawyer.

  3. #3
    Join Date
    Dec 2009
    Location
    Cali.
    Posts
    2

    Default Re: Misleading Advisor

    I will. Had hoped to hear from a lawyer who might review or ask about our contract but I'll look one up.

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,844

    Default Re: Misleading Advisor

    If you opt not to share the relevant details, such as relevant language from the contract, you shouldn't count on others to try to pry them out of you.

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