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Mike Palmer in CBS MarketWatch: How to Spot Financial Advisor Warning Signs

When Should You Change Financial Advisors?

Unfortunately, there are some bad and even unscrupulous financial advisors out there. What are some ways to help ensure the advisor you choose merits your trust?CBS MarketWatch spoke with Ark Royal Wealth Management’s Managing Principal Mike Palmer about how consumers can more effectively vet advisors. Mike shared how he helped one client avoid nearly $200,000 of surrender fees from the sale of an inappropriate index annuity. “Earlier this year, someone contacted me about an indexed security that another adviser sold them, a $1.8 million dollar transaction. It was fairly evident to me that it was an unsuitable investment recommendation and the account application which the client said had been completed by the broker had inaccurate information. Even though it was well beyond the look-back period, I wrote a letter on behalf of the client to both the broker and the issuing insurer and the broker said no way, but the insurance company agreed to give the client their money back if they signed a NDA and full release against them and the broker. No formal complaint will be recorded or reported,” says certified financial planner Mike Palmer at Ark Royal Wealth Management. Click here to read the entire article.

Where Can I Find a Good Financial Advisor Near Me?

If you want  professional advice, you’ll eventually have to take a leap of faith. You can start by asking one or two advisers if they’d be open to a courtesy one-hour consultation just to help you get some perspective on your situation.To find a more trustworthy adviser who is a fee-only adviser, meaning they’re only paid by the client and don’t receive compensation for selling or recommending products, search the National Association of Personal Financial Advisors (NAPFA). All NAPFA advisers are fee-only and my experience of my NAPFA peers suggests they are generally experienced, ethical and well-credentialed.  

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