Banks & Financial Advisors

Beware of Banks and their professional Financial Advisor's-----

First, remember that financial advisers are usually regulated by the Federal Government, in one form or another. The Government passes laws intended to protect the Financial Institutions, and other campaign fund giving institutions, they do not normally pass laws necessarily designed to protect private citizens using these institutions. Why, that’s easy, large financial institutions (Banks), insurance companies, brokerage firms, law firms, and pharmaceutical giants all contribute (heavily) to election campaigns. It’s sort of like the gift that keeps on giving.

However, the people that actually vote for the politicians, the unwashed public, can only do that if the politicians can get enough campaign money to out-campaign their opponents! In other words, we are now, and probably have always, been electing to best candidates based on their abilities to get funding! That’s why our elected officials must protect these entities, remember, they get more money from these companies than they do from private citizens.

Now, to the Financial Advisor's; these people will tell you that they are there to help you to make money and to not have to pay taxes. However, they (and their companies) get their fees/charges, etc., if you make money or lose money – great jobs!! They will also tell you that every recommendation they give you will make you money based on the tax loopholes, etc. However, when you go to do your taxes they (the expert advisor's) will not help you (especially when they have recommended something that makes you pay even more taxes than normal) and will tell you that they can’t legally help you because they are not licensed tax experts. Getting the picture, now?

I, myself, followed the recommendations of a Financial Adviser and ended up paying the Government my own Social Security payments for the next year and a half. How did this happen; I did not understand all the pencil-neck terminology he was throwing out and thought he was trying to help me. Then, when I confronted the Bank he worked for, about the excessive taxes I was forced to pay, they told me that “technically he was correct.”

Hmmm, back to those legal protections, again. They then told me that it was really okay, though, because I had never really paid taxes on the original money and that I would have to eventually pay taxes on that annuity investment, anyway. That’s like saying, “Go ahead and go shoot yourself in the head, because eventually you're going to die anyway!”

By the way, my expert, personal financial adviser has since left the Bank he worked at and the Bank has no apparent legal obligation towards me, at all; hence, thank God for Congress and Regulatory Agencies.

So, either get your own CPA credentials or get a second and maybe even a third opinion on everything your Financial Advisor’s recommend, and especially from a Tax Expert! The only difference between these legal/regulated financial institutions and organized crime is that they get the Government to “come break your legs” instead of a “gangland enforcer”! Being legal is so much easier!