Thanks Bagel for increasing our financial literacy. I wouldn't trust banks for that.

This is my main problem as someone entering the field. Every interview has been for a SALES job first and foremost instead of helping people do the best they can with their wealth.

I work in a bank in Wealth Management and I agree. We're really just salesmen forced to shove crap products to clients just to hit financial targets

This has been my BIGGEST issue with doing the role. The banks keep telling me to do things best for my clients. But when I do that, and dissuade them from taking a product because it isn’t suitable for their situation, I get dragged into my manager’s office and grilled like I’m in front of the KGB because I didn’t make a sale….

I used to work at TD as an advisor. The sales pressure literally made me sick to my stomach sometimes. My manager don’t even pretend to give a damn about customers, and see people as prey to exploit. Handing in my resignation was one of the best days of my life

I went to my bank becasue I was looking to talk to someone regarding Planning/Advice. They straight up told me they wont/don't do that due to conflicts and then gave me a list of every CPA/etc. in a 50 mile radius. Glad to know my bank is based and not scummy.

Fiduciary Responsibility. In the US, insist that an advisor has fiduciary responsibility to you. If they are certified and affirm that, they are legally bound to act in your best interest. If they say no, be skeptical of everything else they say. If they don't have a fiduciary responsibility to you, they aren't working for you -- you are the cash cow being milked.

I'm a CPA and it's really surprising how many jobs in Finance are more about selling a product than selling skills. I wouldn't mind being a personal financial advisor, but I feel like most companies hiring for that role are more interested in quarterly sales targets than the client's well-being. The Finance space has gotten better over the last century, but we still need to work on ensuring clients aren't being abused.

I'll never forget a bank advisor telling me to use all my credit so I "can get a better credit score and higher credit line" i was 18 so he probably thought I had no idea he was wrong. But from that day I would never trust a bank advisor again.

It's all about the incentives: Look at that before anything else.

Thank you for all your advice. I went to Wells Fargo a few months ago, and they tried to sell me an anunity. I asked if they were a fiduciary. They said no. I said no thanks. They said , "we do have some fiduciary products", but at that point, i felt the relationship was already poisoned, and i would never trust or be confortable with anything they recommended.

Feels spooky seeing you post this since I’m interviewing for a position in Financial Advising today. The position is fiduciary, which was a non-negotiable for me. The position also isn’t entirely commission based, so I won’t have as much pressure to get as many clients as possible.

Oh fuck me. In Australia we had the highest-level investigation possible because every major bank was doing this, and had been since the '90s. They found KPI-focused advisors had systematically driven people to suicide and knowingly saddled them with debt they couldn't repay. There's an excellent book about it called Banking Bad.

Just seeing the title I am reminded of the Wells Fargo fiasco from years ago.

Bank advisors are most often there to move product, not to provide an investment relationship.

I always recommend The Money Guy Show, Ben Felix, and The Plain Bagel to people curious about finance and investing. I love when you cover similar topics because it's nice hearing multiple trusted sources confirm information, and each one of you provides a little bit of nuance or perspective that adds to the conversation or aids in understanding. Great video!

I wanted to be a financial advisor so bad, but when I looked into it, it just seemed like a sales job. Unfortunately so many occupations have this issue. Doctors have been incentivized to overprescribe medication, lawyers are incentivized to drag out legal proceedings so they get the most hours, and now financial advisors are incentivized to give people bad advice to keep their jobs. The sad part is if 90% of people don't fall pray to bad incentives, that still leave 10% that do, and that can cause a lot of damage.

I joined an insurance and investment company, Old Mutual, and during our training, we were told to have 20 appointments set up by the time training was finished (two weeks). This is a clear example of undereducated. Then I joined a bank in the same role. Direct unit trusts, which would have worked out much cheaper for clients, were discouraged, instead expensive products utilising these same unit trusts were pushed. I had to leave, the pressure to sell was too high, especially to people that actually couldn't afford it, and you knew were going to prioritise entertainment, smoking, cable TV and takeaways, resulting in cancelling their policies, and the resultant claw backs. The more senior advisors had the more lucrative clients.

It's videos like this that reinforce why I appreciate this channel. Putting the financial welfare of the viewer first, and being capable of pointing out the flaws in all sides of the financial world, not just memeing on meme stock and crypto scams but also highlighting the issues of "official" sources.

This is the exact reason why I work in a fee based firm without in house products and not in bank

My mom went into a big Canadian bank recently to talk to someone about moving her investments there. Once the guy realized she wasn't going to move her entire portfolio immediately to him he got super salty and ended the meeting. She was wanting to give him between 10-20k just to see how he performed before moving anything significant over or giving him a lot of capital. Never responded to any of her follow-up emails or calls lmao. Most don't care about making you money they only care about making their own bag.

When I was a 19 year old kid who had just lost my only parent, a financial advisor at a major bank gave me legitimately ruinous financial advice that I'm still feeling the consequences of to this day. I didn't realize what had happened until it was far too late to do anything about it.

Thanks for linking to the CBC story. Interesting viewing. In my experience, the people most in need of qualified financial advice are those least able to afford it. It's a brutal feedback loop. I was caught up in it until about a decade ago when a career shock made me pull my head out of my ass. Been on a new track since then, got smarter about money, paid off most of my debt, and even went back to school for an accounting degree. For those struggling, financial literacy is the way forward.

As someone who is trying to get into this field, this is very disheartening

You have to look at their pay, and figure what quality of employee it attracts. I think it is Chase that starts employees off at $48k-65k with experience....in 2024.... that's just pathetic.

Yeah, I've learned in my 20's is that sales people suck. Not all, but I've been told completely incorrect information. Recently I was lied to twice when buying a mattress and lied to when getting a phone plan. Honestly I just can't trust sales people in most situations anymore. I will need to have the information in writing. And I think this is the same as people selling financial products. If you are in sales, you have all the inventive to lie to people and get away with what you can.

2:34 It’s insane how that is legal. If I’m struggling financially or just need guidance on how to manage my money I don’t want to be sold shit. That’s not only a conflict of interest but that’s just straight up taking advantage of peoples situations to sell products they don’t need. It’s irresponsible! Like, how would I as a client be able to tell if my financial adviser is actually telling me the truth versus them just needing to sell me something to meet their sales goal. That’s terrible.

I have clients that work at banks as advisors, its clear that senior execs at Canadian banks have severely cut the ways that advisors can make their quarterly targets and being told to basically push more products on to customers. Its a symptom for sure

There's an opportunity for one of the Big Five banks to say, hey, we're becoming customer-focused instead of sales-oriented, and will build a fiduciary commitment into all we do for customers. That would be the best "sales pitch" any of the Five could make, and create trust for existing and future clients, while sparing that bank's employees from these terrible quotas and other deformations of their relationship with clients. After all, what is at stake is the financial security of millions of Canadians. The sales culture is ultimately counter-productive for the Five and their bottom lines, as more Canadians move to discount brokerages, robo-advisors, and fee-based advice. Imagine a bank thinking of its customers more than its shareholders, and that's a bank that will flourish, attract the best young talent as employees, and change the history of high fees and self-dealing in our financial sector in Canada. The other Four would surely follow. As ever, thanks Richard (and Ben), for your wisdom and generosity in sharing as you do with what is approaching one million subscribers. Well-deserved.

On the topic of GIC renewals, TD is the fucking worst. They renewed my GIC without my consent even though I explicitly called them and told them to deposit the funds into my account. I had to call again after they ignored my request and the GIC auto renewed. I've been moving away from TD since that issue and I'm now using one of the big online banks.

It drives me nuts when an advisor steers someone whos making very little money into an RRSP.

Being a fiduciary truly is the way to go. Like you I'm in the business and being a fiduciary has always served me well as I am not consumed with my success but the success of those I serve.

So true, thanks for acknowledging this issue. I had a very uncomfortable and heated meeting with my (very senior) parent's financial advisor, whom my parents think is their financial planner. Ugh. I called her out on some things, and the whole meeting felt like she had my parents money hostage, while talking down to me. I told my mother not to invest any more, but what can you do when she's charmed by the bank's sales agent and just won't listen to facts. That was Scotia. However, I've had a very genuine discussion with another FA at BMO, and to my surprise she was actually helpful, transparent, honest...and answered my questions respectfully. Long story short, be careful, don't fall for it, and keep an eye on senior members of the family as they are the most vulnerable to scams. And thanks for the vid!

I used to work for a Credit Union. I was customer service, so my sales numbers were very low pressure, but every annual review, there was a chart breaking down how much of a bonus I could have made if I'd sold more. I knew a few reps who would just recommend absolutely everything because of this, regardless of suitability; they wanted that bonus.

IMO no one should be investing if they don’t have the basics of financial stability established: budget, emergency fund(s), high yield savings, and a 401(k), IRA, or other retirement vehicles in index funds. Always silly when the “bros” with pennies to their name want to bet it all on some kind of wacky schemes. You don’t need an advisor until you get the basics down.

I’ve been following for so long now, that after hearing you say “As always”, I’m mouthing “Be safe out there”. 😂

I do manage my own portfolio but in discussions with bank employed (Canada as well) advisors, yeah, the costly mutual fund push is disappointing. Fees are so high and they seemed to lack nuance, largely sticking to a canned "low, medium, or high risk appetite" mapping to specific funds. I'd be less mad if those were low fee funds and you weren't losing much for the basic level of advice given but it's a bit offensive when a 1 or 2 step flow chart takes a couple percentage points off your returns

Bagel, I’m entering the financial advisor space and greatly appreciate this video! Keep up the great work

Thank you!👏

I watch you all the time, and I am one of these branch advisors ~7yrs experience. There are bad apples for sure, but most of the ~100 branch level advisors I have met are good natured. I can pick out a few that I can tell are way too focused on promotion, and the problem is it doesnt take that long to get good at one category (investments, lending, business, management) before those bad actors get promoted for their sales skills and any consequences of consistent bad advice are dust in the wind. I don’t think anyones ever going to get caught for this. Best advice I have is for every product, a disclosure signed by client that shows our A and B recommendations (product they asked for vs product we recommend), and the referenced sales points/dollars of compensation we receive for either, and a reasonability statement. That or all meetings recorded for potential coaching/compliance use. Nothing else is really going to get us where we need to go.

Worked for Wells around the 2008 timeline. We were pressured that EVERY customer that you talked to needed something. Thus, why there were so many lawsuits for crazy stuff. If you didn't sign them up or pressure them, you got fired. Banking is shady and these days I use a credit union and NEVER go into banks.

Love your insight, you just state facts and leave it to the viewer to make up their mind with the information given. You are one of the few that I believe genuinely have a KZfaq channel to better inform your audience. Thank you.

Short friday at work, pay day, and a plain bagel video its gonna be a good day 🎉

I was just trying to figure this out myself, perfect timing thank you.

we had a similar situation here in Australia. It got so bad that the government called a Royal Commission (RC) over it (search 2017 Australian banking royal commission if you're interested). This is *very very* bad for any industry or company that is the focus of the commission. The commissioner, often an extremely experienced judge, usually gets extremely broad powers to summon people to answer questions and that usually means they get absolutely raked over the coals over it. The RC is also open to the public and gets widely reported in the media. One of the biggest companies, AMP, got absolutely slaughtered by the commission. Many senior heads rolled and the share price dropped 20% after the release of the findings in 2018 and has since declined by 80% in value. The outcome of a RC is usually extensive findings and is also able to recommend legislation changes to prevent reoccurrence. Canada has RC's so something this entrenched should be investigated by one

Advisor and CFP here. Best thing I ever did was leave the bank world and go to the independent side. It wasn't just the best thing for my clients but also the best thing for my own sanity. Working in a bank is just miserable. Unless you've ever worked in one, you'll never understand. For example, in the bank, you're not allowed to discuss anything related to taxes. You'll be fired on the spot. Not joking. Wouldn't you think taxes are a big part of your finances? But anyway, been independent for six years now and I love my job now and love helping my clients. My practice is super transparent, nothing to hide and that's how I think it should be. Best decision I ever made was to quit the bank, drop my brokerage license and just work with clients under the Fiduciary model.

I fully agree with your video. I went to a large bank financial advisor after specifically stating we were interested in purchasing bonds, to lock in the higher yields of 2022, before the meeting so he could prepare. When we arrived all he presented was high dividend stock funds saying they were the same thing. I used to work in finance and they are not! When we stated we were only interested in bonds he still kept to his argument. Needless to say, he did not get our business.

The key is to ask your financial advisor to sign a contract saying that they will act as your fiduciary. If they won't sign it, they're not the person for you. This step is not needed if your FA is already a fiduciary (e.g., a CFP).

It's quite the same in India too. Banks RM always miss-sell life insurance products disguised as poor money back investment products with high commission.

Hey Richard, thanks for sharing your insight on the matter. I was recently approached and sold on the job of advisor, and felt like the focus emphasized the compensation of the advisor. I decided to register to get the licenses required to become an advisor, as I had a big switch in mentality recently and thought I'd try changing career (worked as a BI/quant for the past 8-9 years). I think I share your view that an advisor can help bring a lot of value, but rather than just when their strategy becomes more complicated, you can still add value so long as you're able to help your clients achieve their life goals (which would be very different from an absolute return goal). While some instruments may yield higher returns on average, that disregards the characteristic of non-normality exhibited by some instrument (although you could argue that risk-adjusted returns could be used to reflect that), and that's where I think an advisor could bring value. What is your take on this? P.S.: I have passed all CFA exams (recently), and hold the FRM title, but unlike you, I do not have practical experience when it comes to client advising.

As as canadian, I've witnessed some of this bad advice. For the last 20 years i only use only the no fee banks and do my own index investment. But sadly i have a friend who is financially illiterate and struggling financially and he's locked into some really bad investments from his bank advisor.( over a dozen high fee funds that largely all have the risk exposure and way too many bonds for his young age). He also pays high bank account fees (with dismal saving account interest rates) and doesn't trust the "free" banks because his advisor told him they are risky despite them all being fdic insured.

Nice video; thanks for bringing it up. I would only add that it is also up to the financial institutions internal audit departments to avoid this kind of situations. Supposedly, they are independent and, most of the time, report directly to the board and CEO; also, taking advantage of new technology, regulatory filings should be more extensive, and watchdogs should have better tools to analyze potential breaches of trust from financial institutions, as long as there is an incentive as strong as the current one, this will continue to be an issue and should be closely monitored, especially in today's world of highly advanced "financial gymnastics". However, I also think that few things beat responsible self-education, so thanks for helping with that.

I have been a financial planner of all ranks since 2014. You are 100% correct, the sales culture and pressure of the business is a massive conflict of interest that I have been voicing concern for, for a number of years. It actually handicaps newcomers, who are forced to learn and develop the incorrect client acquisition method. Also, banks and insurers make money off the high attrition rate for new financial advisors. They know that most products sold by newbies do not stay on the books, and so when those are cancelled, they force the ex-planner to pay those commissions back, WITH INTEREST. I call it the third revenue stream that the public isn't aware of.

Hey Richard, thank you SO MUCH for the resources. I've been really trying to get serious about my finances but trying to find reputable advice, even at my credit union (whose current president used to work for a bank that was partly responsible for the 2008 financial crash) I don't necessarily trust the options available. Genuinely appreciate the links! Have a good weekend.

Hmmm I wonder which of these REGISTERED PROFESSIONALS, who I specifically do business with the goal of making the most of my money, is less likely to outright scam me out of that same money. This is all fine, this is a very robust and honest financial system.

Thank you for shining the spotlight on Banksters committing offenses of the usuary

I had a savings account with a major bank. The rate was low, but they told me it was adjustable, so when interest rates went up it'd be good. Well rates went up but my account interest didn't. I didn't notice this for most of a year, and when I went to them they said "well its adjustable, but you have to come in to talk to us and adjust it." So like lol I have to follow every single rate change and go to the bank every time it ticks up. "Adjustable"

I remember CBC’s investigation on Canadian banks selling practices in 2017 and one bank employee said he thought “this was not a bank but a flea market” or something like that.

Sage advice. I'm one of the lucky ones with a financial planner who practices what he preaches, and always directs me to put funds into instruments with appropriate levels of risk that have minimal fee structures. A few years ago here in Australia, the big banks got scolded by the government due to complaints for acting in their own interests, and not their clients'. You're certainly right about the issue being worldwide.

It's great to hear you collaborate the story from Marketplace

We had a big scandal with this kind of stuff during the 2008 crisis in Spain. Because of the change in European regulations the banks had to capitalize big, but the Spanish regulation had particulars that very difficult. The result was unscrupulous sales people tricking the financially illiterate into putting ALL of their savings into the banks stock. When the music stopped playing it wasn’t unheard of to see people having lost 80-90% of their savings just before retirement.

Your channel is great Richard. Im a new entrant to the financial adviser role here in Australia and have witnessed this first hand. Finding a genuine adviser that will provide a quality aervice of good value is half the battle. A video on what areas of a clients situation a Financial Adviser could bring value to may be a good idea?

Thank you! So many Meet Kevin's out there... You've got to keep your head on a swivel.

I am so glad I don't have to do that. I work for a multinational insurance company in the policy department, not just sales. So I can honestly advise clients that a certain policy is not a good fit for them, and look for ways to make their policy cheaper. We do not work on commission, so that makes it easier too. On the other hand, I do see shady practices too. Premiums are jacked up for existing customers when their yearly contracts are renewed, it is cheaper to end the policy after a year and start a new one. I cannot tell clients that, but I can adjust their premium if they call to complain about the premium increase. I work in The Netherlands btw.

It’s so short sighted, too. If banks built up webs of trust with their clients, working to make them wealthier and more secure, those clients would be loyal to the death. Instead, they think like investment banks. Quarterly returns and no understanding of long term repercussions on their brand. Sad 😢 for everyone

Well done!!!

In Australia, we had a Royal Commission into the banking and financial services sector which highlighted these issues. we've since increased regulations and it is significantly harder to become a financial advisor now than it was 10 years ago. since the royal commission banks have pretty much fully left the financial advice industry because it is too costly due to regulation and licensing and there's not enough profit when they can't just sell their own products. it's not perfect, but now an advisor does have proper fiduciary requirements and all advice needs to be in the best interest of the clients. just like your video outlined, it used to be a sales role, now it's a proper profession, commissions are now illegal and only fully licensed fiduciary advisors are allowed to call themselves financial advisors, the label is very highly regulated. the issue is, it now costs on average 5-6k to produce a comprehensive SOA (Statement of Advice). for the average person, this is too expensive and so they're not getting advice or they're getting it from dodgy people online.

Great content as usual !

Studying for my CFP now, so glad to hear that there is a value. 🎉👌🏾

my grandma was a "victim" of financial advisor from her bank, they saw she had a decent amount of money in her account and called her repeatedly to sell her their banks own mutual fund with a 2% fee (which is ABSURD when the average mutual fund fee is around 0.5-0.6), the fund contained a bunch of small cap tech companies and we know these companies are doing now...

From the USA and about to be a fully registered financial advisor. totally agree that financial advisors in this country are undereducated and the “barn doors” are kept wide open. I personally work off a salary right now for a guy who works commissions etc so I am learning a ton and the right way. But so many of my peers just jumped into sales roles and are selling mismatched products for commissions bc their boss told them too. We need way more regulation: not in the suitability dept but how these companies run! You shouldn’t add more paperwork to discourage corruption for every product: that’s punishing the everyday advisor no matter how ethical they are. You should be cracking down on what B/D’s in America can incentivize and buy in bulk. They shouldn’t be a Costco storehouse needing to move product they should be an intermediary between advisors, custodians, and products. End bulk purchasing!

My dad was a victim of this. His bank had him buy an expensive and unnecessary life insurance by telling him this was by far the best available investment opportunity.

for 99.9% of people the best and smartest move is to dollar cost average on SNP and never use any of these "advisors", if any of them even blinks in a direction of them outperforming SNP they better have a huuuuuuuge solid track record to prove it which very very fucking few of them do

Common practice in any service based industry, at least in America. Auto repair is a prime example, there's a constant pressure on mechanics and service advisors to upsell as much as possible. I was just a low level mechanic at a few different dealerships, doing mostly tires, oil, and brakes, but I always told by service managers, service advisors, and other mechanics that I wasn't recommending enough additional stuff, even though I was working constantly with close to zero downtime. I only really recommended things that I found during my inspections, or services that were necessary based on a specific manufacturer determined service interval, but the guys who made the most money were the ones who had no qualms writing up thousands of dollars worth of completely unnecessary work on every single car that came into their bay. It's especially bad at large corporate dealership networks like Autonation, because if you don't want to be paid flat rate, AKA fully commission with no base pay, you CAN be paid hourly but you're looking at close to minimum wage. Every incentive is present for you to fully commit to being a scumbag, and that's the culture top to bottom. If you have your car serviced at an Autonation dealer, I recommend you look elsewhere.

Great Content! Keep it up

I was a private banker, and I will say the private banking/wealth management industry reward dishonesty as long as you are street smart about it. Wealth management is especially bad if you have compassion because you are taking money from moms and pops whose life can really be affected by it. In private banking at least you act like Robin Hood except you steal from the rich for the rich (bank shareholders). The quality of people they hire is sometimes mind boggling too, like 2.0 GPAs from a non-target, this I can see why some investment bankers feel a certain way towards their private banking/wealth management peers. With that said, I would still say this is probably the most “relaxed” “finance” job you can have while earning decent money IF you are not smart enough for asset management but have a network of high net worth investors that completely trust you.

Those Canadian mutual fund fees are insane. I work at a bank in the Netherlands and almost all mutual funds offered by us have an annual fee below 1% nowadays, with some large cap global equity funds having a fee structure as low as 0.15%

Thanks, Richard. I imagine it could be a bit uncomfortable to make this video, but we appreciate the pointers.

I left my job as a financial advisor for a bank because I felt it was deeply unethical that I was pressured to sell annuities to clients who were not suited for them, particularly when CDs offered a similar rate of return for shorter durations and smaller surrender penalties for early redemptions. I left the “sell side” of the industry and never looked back.

Babe, bake wake up the plain bagel just posted

Your poster reminds me of Ben Felix's video, but I know you have your own insights that are different with Ben, and that's why I watch this video. You both rock!

Speaking of conflicts of interests and banks, they now promote Donor Advised Funds (DAFs) to high wealth clients as a way to activate their philanthropy and giving. But banks don’t want to have these assets under management drawn down, which makes potential recipients (charities) suffer and the individual not achieve their giving goals. Great topic for a video btw. Love the channel and the decent info!

Nice piece.

That’s why I left that sort of thing. I’m a bad salesmen and it didn’t feel great. Instead I write stock options…… sh*t that’s not much better is it…..

There is a mountain of difference between "did not find widespread mis-selling" and "found that mis-selling was not widespread". The former applies if the investigator did not look.

IMO 95% of the people offering investment advice are scum. This includes FA who get paid on an AUM model. They hardly ever spend the time to teach people. But to be fair, most people I talk to don't even want to learn,.

There is a reason why after 2008 many banks in the US no longer calls their Financial Advisors bankers nor bankers Advisors. It is to make a differentiation between people that have fiduciary duty and don’t. Also there is a distinction between financial advisors at a retail bank branch, wealth management, private wealth management, and private bank. I see many banks that now bought self directed brokerage firms and have their salespeople in retail bank branches to get people to open an account and they are also called an “advisor” just because they got proper registration but they actually have no clue what they are talking about since their job is based on sales quota instead of an advisor at Wealth Management level or above where their compensation is based on long term relationship with their client and is able to manage all aspect of their client’s finances.

In my country, we have retirement schemes that we pay into that are locked into financial institutions until retirement. The default institutions are big banks and they offer terrible returns and sky high fees. But people never get around to changing to a proper financial institution (and banks do a majority of marketing). Over the long run, they will be stealing a huge chunk of people's retirement because they don't prioritise the customer. If you ever ask their advisers, they will say that their retirement scheme is superior, even though half of it is invested in depreciating cash.

I used to work for TD in the US, it was my first job after college and this was shortly after the Wellsfargo scandal. I had studied the Wells scandal for a project in school and had gotten very familiar with Wells and their culture. I went to training for TD and the similarities was so blatant that I started looking for a new job right away.

Former advisor and I've worked with hundreds or maybe thousands of them in roles I've had since then in the U.S. I personally did not experience any of the negative incentives that you speak of at my small broker dealer but I've seen that a lot with advisors I've worked with. It's probably the exception rather than the rule, and certainly not specific to bank advisors, but I think getting a second opinion is always a good idea. Here in the U.S. it's insurance, annuity, and REIT products that offer super high commissions and often create incentives to place people in them when they shouldn't be. There's also a very common sales pitch for fee-based advisors that their incentives are aligned with their clients because "I make money when you make money." True, but they still make money when you lose money so not exactly genuine.

This was part of the reason I left the industry. I was set up with my own advisory firm and as an RIA, acted as a fiduciary… although I was able to act totally ethically, I was competing for business with people who were not acting ethically.

This channel is an oasis of reliable information in the desert that is finance. And to think we have access to it entirely for free

Feel like I seen this exact video with millennial morning a few weeks ago.

As a former investment adviser, I've got to say, it often feels like you're at a crossroads: either meet the bank's goals or risk getting fired if you don't hit the monthly targets. It´s a global issue.

One thing that scared me away from financial advisors was my friend getting the advice to "invest at least 15% of your salary every month" while she was living paycheck to paycheck and in debt. His logic was that eventually what she earned in interest would be more than her monthly payment of debt and she'd be out in no time. She kept it up for 2 years before the pandemic hit, by which time the "stable" investments he insisted on devalued a lot, she had to cash out to make ends meet and is now in ever greater debt.

I was a FA at a private management place, the bank ofmy client offered him 9$ per month bank account for unlimited operations with an insurance.. the problem was he had the account for free for the same perks already. He had been a client since 1960 of the bank. That bank branch advisor wanted a sell at the cost of the client interest.

Well, this is depressing. I left the mortgage industry because I felt pressured to put clients into loans that they didn’t need, yet enjoyed the small bit of financial coaching I did. Currently halfway into my S65 course to be an IAR, and now I feel I’ll be doing the same thing. Almost seems worse than mortgage loans.

Great video, as per usual

I’m new to Canada and have already had an RBC advisor and a former RBC employee (elsewhere) each try to get me to commit fraud on apps since coming here.

As a fiduciary and CFP® practitioner, it baffles me that there isn't more stringent regulation on advisors being a fiduciary. There is no reason for an advisor to not be a fiduciary other than commissions and money for the institution.