Lies Your Financial Advisors Tells You | Phil Town financial advice

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A big misconception people have about investing is that they think they have to work with a financial advisor to be successful. But oftentimes, they don’t have …

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Lies Your Financial Advisors Tells You | Phil Town

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Lies Your Financial Advisors Tells You | Phil Town
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45 comments

Phil Town's Rule #1 Investing 28/09/2021 - 3:02 Chiều

Have you ever worked with a financial advisor? If so, does any of this advice sound familiar? Leave a comment below!

Learn how to find quality companies and successfully invest on your own! Download my 5-Step Checklist for picking stocks: https://bit.ly/3kZUTNE

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Bradley Harris 28/09/2021 - 3:02 Chiều

I had financial advisor twenty years ago. Haven't had one since. It was one of my biggest mistakes in my life.

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Icynox46 28/09/2021 - 3:02 Chiều

What the fuck? Waiting for something to go on sale is literally “timing the market.”

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柠檬 28/09/2021 - 3:02 Chiều

I think your suggestion is right, but my financial advisor also suggest they have information, like “insider information”, they have big machines, AI technology, analytical tools that individual investors like me probably don’t. Don’t you think that’s also worth considering about?

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AFKON LV 28/09/2021 - 3:02 Chiều

Yea but how do i invest i dont se option to send money xD

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Boris Gligorijević 28/09/2021 - 3:02 Chiều

You are our financial advisor, even though you cannot say, we consider you one indirectly. You, Buffet, Peter Lynch, Sven Carlin, Howard Marks, Charlie Munger and many other reputable names on you tube.

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Tony Bao 28/09/2021 - 3:02 Chiều

Thank you, Phil.

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MUSK pool 28/09/2021 - 3:02 Chiều

Financial advisors, I respect them but I would not use their services, I'm pretty good by myself.

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Savorn Miggy 28/09/2021 - 3:02 Chiều

Every body is lying in America.

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Kevin Chaplin 28/09/2021 - 3:02 Chiều

I had inherited my mother's stock portfolio. Right away I noticed there was way too many stocks the broker would only by 52 a hundred shares. It seemed very self-serving. I cashed in the portfolio when the pandemic hit and everything was shot down I invested the money right back in the market. I like your strategy investing in a down Market. Your information is very helpful

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Ikaika Arnado 28/09/2021 - 3:02 Chiều

You camera is back focused…

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ron whiteleo 28/09/2021 - 3:02 Chiều

Bad VID!!! just invest in Fidelity Zero Total Market Fund, set and forget.. keep it simple stupid, do not invest in individual stocks..

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We Buy Real Estate! 28/09/2021 - 3:02 Chiều

Truth buddy. Love it Phil. I’m outside of the financial industry. How about a small allocation in bitcoin if you’re young? Disruptive, against grain technology money.

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Miguel Salazar 28/09/2021 - 3:02 Chiều

Wow! Very good thoughts! This is good stuff. You have your feet on the ground!

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C. Kevni 28/09/2021 - 3:02 Chiều

Hi Phil , would love to hear what you think about robo advisers, like the ones offered by the big funds with lower fees.

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Paul Moses 28/09/2021 - 3:02 Chiều

You can't believe how I love your honesty

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matthew Keeney 28/09/2021 - 3:02 Chiều

I have worked with a finacial advisor and last rport to me was he did 12% on my money I had with him . I have done some of my own trading folowing Phils rules . I have made beginner mistakes . But still I have been able to grow an investment by 30-35% as of this writing . I have also done option trading using phils strategies and I have done about 40% in 2020 . I have been trading now only around 2.5 years . Have gone and take phils courses and that is all the training I have done . Yes you to can do this . It isnt rocket science . Listen to phil and do what he says and you too can have some realy great returns

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olivia lozoya 28/09/2021 - 3:02 Chiều

Thanks for this video, it’s very detailed 💥 Having got involved in the stock market and made much profits, I still greatly believe in it mostly as the market is very bullish this December. I strongly advice us to get involved in DAY TRADING properly guided by a pro trader with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Hayford Kurt whose strategy/daily signals has proven to be so accurate and well analysed. Trading and growing my portfolio from 0.9btc to 5.8btc within 6 weeks is so awesome and credible. Hayford can be reach via Whatsapp_: (+447862067036) and _Telegram @ hayford_ksignals for inquiries into profitable trading systems 💯

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Bruno ferrum 28/09/2021 - 3:02 Chiều

It's takes a lot to become a profitable trader but another alternative is to see the assistance and guidance of an expert to avoid loose of funds, then you will see how happy you will be.

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d3ly51d 28/09/2021 - 3:02 Chiều

Phil: Financial advisors are scammers.
Scammers in the comment section: you should let this guy manage your money, here's their whatsapp number.

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Stock Compounder - Brad Kaellner 28/09/2021 - 3:02 Chiều

I was hoping there was a clip from Danielle's podcast today. Michael Burry is indeed buying in South Korea and Japan! The Investment Adviser Public Disclosure site is a great resource 🙂

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Ani Popescu 28/09/2021 - 3:02 Chiều

❤️

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Darrell Copeland 28/09/2021 - 3:02 Chiều

Yes, when I was 20 (which was 38 years ago) I had worked my a** off and had saved $10k. There was a locally well known broker who worked for EF Hutton ( young folks will need to Google that). I thought since he worked in this beautiful building, wore nice suits and talked the part that I’d finally saved enough money to be “worthy” of approaching him and got up the courage to ask him if he’d “be willing “ to take me on as a client? Of course he was and within a year he’d turned my $10k into about $5k! Every time I tried to contact him to ask why my account was dropping so rapidly, he of course was not available and never returned my calls (no cell phones or internet back then). So he continued dodging me and ultimately I became so frustrated that I withdrew my remaining funds. In retrospect, it may have been the best thing that happened to me. That “tuition” to the school of hard knocks sent me on a life long journey that I walk to this day. After that experience, I promised myself that I’d educate myself on investing and all things related to it. From that time, I’ve been a voracious sponge on all things investing related and have taken the nuggets of wisdom that make sense and discarded those that don’t. Fortunately, I learned of Warren Buffet a long time ago and became BKB shareholder long ago. One of the reasons I’m such a fan of you Phil, is your philosophical connection to Mr Buffet, Munger, et al. To those who have read this far, the best advice I can give is what Phil teaches too, invest in your knowledge and be patient! I have yet to meet a patient investor who is sorry they were patient. The “race” is long and part of the fun IS the journey and in building your knowledge base as building your confidence and seeing that translate to larger retirement balances over time. Thank you for your podcasts Phil!

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Cassandra Tânia 28/09/2021 - 3:02 Chiều

The best investing strategy is to engage in an investment which gives you time to go about your other plans, of which we can term that an advanced investment. I am currently involved in one where I earn 4 figures every 7 days.

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OFFICIAL MILITARY SKATE 28/09/2021 - 3:02 Chiều

Can you please do a video on investing a 401k

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Art BW 28/09/2021 - 3:02 Chiều

My last FA to took 2% of my AUM in addition to choosing higher expense funds and significantly underperformed the broader market in many years. I fired him, go self direct and didn't look back.

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Make Money Online With Stacy La 28/09/2021 - 3:02 Chiều

Cool insight, I appreciate an opportunity to get such knowledge…Financial advisor lied to us not to invest in bitcoin, Now I look forward to trading bitcoin and making it an alternative source of income.

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O. Shawabkeh 28/09/2021 - 3:02 Chiều

That was a very good and true advice for the average person who can do his own dd
My rule is to diversify only in three stocks for now, while keeping an eye on their news and the globally as well.

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Roky Erickson rocks 28/09/2021 - 3:02 Chiều

All the discount brokerages went to free trading back in 2019. How are they making money if you’re not paying a fee for your trades?

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O. Shawabkeh 28/09/2021 - 3:02 Chiều

PLTR 🚀🚀🚀

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Krishna's Dog 28/09/2021 - 3:02 Chiều

What's with all the random comments about Vectracoin?

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Maksim Karpuk 28/09/2021 - 3:02 Chiều

Sorry, but video about nothing. I can find this information In any article about investing (not even a book) in very first page. Especially points 2 and 3 have no sense. Ofcourse nobody can guarantee you beating a market (except of swindlers ofcourse), but you also can't guarantee it for yourself, for sure professionals have slightly bigger chances to do that, then yourself being just common person. JUST slightly bigger

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Christina 28/09/2021 - 3:02 Chiều

This is all true! I’m a new investor and bought in March when the market crashed when there were tons of discounted stock prices. One of my stocks made a 120% return in just 7 months! Yes, this actually happened and was a WAY bigger return than the market overall would have given. My only regret is not having had more cash on hand to invest. (I’m still working on that as we speak!) I learned all of this from Phil’s videos and books. It can be done! 😀😀

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Sean Yee 28/09/2021 - 3:02 Chiều

I work in the financial advisory industry. While I totally get where Phil is coming from, I feel like your idea of a financial advisor is misconstrued. A survey by vanguard shows that only 20% of financial advisory clients look for advisors for investment/outperformance advice. 80% look for lifestyle advice and the ongoing service an advisor can provide. Ie. Setting up an SMSF, a debt recycling strategy, choosing the right super, budgeting, projections, social security, debt advice, aged care etc. Also, not everyone has the time/financial literacy to beat the market or even wants to take the risk in beating the market (for example a 50 year old teacher), rather than putting funds in a FD, an advisor can point them to a well diversified portfolio with consistent returns. To your point about diversification, a vanguard index fund which is strategically asset allocated, is the top 5 performing fund (even compared to managed funds) with only a MER of 0.05%. This means your statement that you need to be rich to have a diversified asset allocation is incorrect. Also, the financial advisor has no commisions to put that client in the fund. I love your videos Phil and have been a subscriber for a long time but this is just my two cents.

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Strong Man Personal Finance 28/09/2021 - 3:02 Chiều

Or blow off everyone, including Phil, and just buy a Target Retirement Fund, or VT and BND depending on your age/time horizon. All advisors/salesmen extract wealth with false promises of outperforming the market.

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Krishna's Dog 28/09/2021 - 3:02 Chiều

5:40 So maybe it's a good idea to let the best fund managers in the world manage our money.

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M Zeeshan 28/09/2021 - 3:02 Chiều

@phil I am your virtual student and made 135% in this bumpy year using Rule#1 and few other common sense rules….thanks a lot for changing my life

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Frederick Davidson 28/09/2021 - 3:02 Chiều

I started dollar cost average when I joined the Army in 1983. I increased the amount and bought more stocks as I advanced through the ranks. I NEVER used a financial advisor. I did my own research and became a multimillionaire.

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White Kita 28/09/2021 - 3:02 Chiều

I have to admit this is one of my favorite channels to watch 👍 while curled up on my super cozy lazy chair with my cat on top of me giving me kisses all over my face! 🤑💥😄

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Shae Reub 28/09/2021 - 3:02 Chiều

Is this similar advice like the advice found in "Coffee House Investor"?

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Caleb 28/09/2021 - 3:02 Chiều

Its almost as if they go to fancy colleges so they can press 2 buttons and put your money in an etf or whatever index fund

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Joe zhou 28/09/2021 - 3:02 Chiều

agree, agree

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Ms. F. 28/09/2021 - 3:02 Chiều

Not all financial advisors are devils and some investors do need their help. Phil is describing non- fiduciary/ commission based financial advisors. Those are the ones that may say and do some of the things he is describing (not saying they do as a common practice, but they could). Fiduciary/ fee based financial advisors are not even allowed to do or say these things. Fiduciaries cannot promise you anything. Nor can they advise you in any way that is not suitable for you (for some people, asset allocation is most suitable). I respect Phil and his years of experience, that’s why I watch, I don’t respect this attack on financial advisors.

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Michael Baluyos 28/09/2021 - 3:02 Chiều

"Property ALWAYS goes up"

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Anomander Rake 28/09/2021 - 3:02 Chiều

Dear Phil, I have been watching your videos, and also investing on my own after dumping my financial advisor, for about 1.5 year now and Im finally just starting to comprehend what you are talking about. So many times in the past did I think you might be incorrect in your message (mainly because I had in kind the trend of these days that super diversification and ETFs rules)… but really I see you have been right from the beginning. Thanks a lot for your videos and contribution to the world of investing on YouTube. You and very, very few others actually give real value to us newbie investors out there. God bless.

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