Statement of No Advice

We have been amazed at the number of people who are being asked to sign a “Statement of No Advice” by their financial Advisors.
Why would the advisors ask you to do that?
  1. They don’t have to take responsibility for their advice.  If they don’t want to take responsibility why would you trust them?
  2. They don’t have to disclose how much they are being paid by the product manager.
  3. They don’t do the normal required information gathering.  So how do theyknow your specific requirements?
  4. they don’t do the normal statement of advice.
So how do you know what the expected results are and where is your plan?
They often tell the client  “…we don’t have to charge you if you sign this form…”

What?  So you’re advisor loves you and doesn’t want to charge you?

No Way!!! He is being paid directly by the product provider.

If you have signed one of these forms you may still have remedies if the advisor gave you “advice”.

We would love to hear your story. Leave a comment below or email us.

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