I work in the field and way too many people can call themselves financial advisors without having the necessary expertise or competence that one would normally associate with the title.
Ditto. A lot of the guys at the big brokerage firms/banks are really salesmen who studied really hard, passed a securities exam, and then start acting like they are the best in the business. In reality they know as much as your crazy uncle.
Working at one of those firms(not very long) years ago I heard the craziest things. One guy said CFP(certified financial planner) stood for "can't f&^%ing produce" implying real planners were bad at sales. Everyone told stories about their bonuses and sales. No one ever told a story about how great they felt after helping someone. I once watched a presentation on selling life insurance. They replaced 100% of the guys income if he died, paid off the house, car, kids educations, put away money for the wife's retirement, etc, etc.... 3.5 million dollar policy. I raised my hand and asked, "If all the debts are paid including the house, kids education is paid for, her retirement is taken care of, and he isn't eating or driving anymore why does the wife need 100% of his income for life?" The answer, "Bigger policy means bigger commission." Right.... I was also amazed by the amount of times people would make crazy market predictions.... be wrong, and then keep making more predictions with the same conviction. I should actually reach out to all those guys who in 2009 predicted hyperinflation and see what they think now.
If you ever do meet with a financial advisor step one should be checking their business card for CFP, CFA, or a Masters in financial planning. If you don't see any of those walk away. Step two ask if they are a fiduciary. If they say no walk away. Then ask if they are fee only or paid through commissions. If they are paid through commissions walk away. You get the idea...