Show Me The Money, Marketplace on CBC TV
Using hidden cameras to document a project that put financial advisors to the test exposed colossal incompetence. Show Me The Money ran February 28, 2014, as part of the Marketplace broadcast. Marketplace is a consumer information show broadcast on CBC TV in Canada.
A fitness instructor representing a typical person without financial knowledge goes undercover seeking money advice. In the scenario, she has a $50,000 cash inheritance, family income of $102,000, mortgage of $74,000 and a $25,000 line of credit. She has no financial knowledge so seeks the advice of financial professionals.
The advice she records will appall anyone with financial knowledge. As now structured, the financial industry and financial advisors have big conflicts of interest. By exposing clients to more risk financial advisors can make more money. One advisor even suggested investing could be a free ride!
The awful financial advice experience of one investor tells how the man lost both his home and marriage. He sees himself financially ruined by outrageous financial advice.
CBC show is must see TV
This is must see TV for any investor or financial advisor. In the 22 minutes needed to watch this video segment, you learn of many risks and misses that wait for the uninformed. Click the link to watch outrageous promises, misinformation and financial advisors displaying appalling incompetence.
Quality financial advisors and planners
There are quality, competent financial advisors and financial planners that are well worth their fees. Unfortunately, there are far too many that are not. Some are outright rip off artists, others incompetent and some even dangerously ignorant. Too many do not know investing basics let alone what advice to give.
Inform yourself, watch the Show Me The Money video.
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Image and video courtesy CBC