I was forwarded a copy of a presentation put together by a mainstream financial sales firm and co-sponsored by a national accounting firm that is being presented this week to target customers at client dinner event. I was not surprised to see that one of their main points of advice was “Don’t pay down that mortgage!!” Of course not, because paying down one’s debt means one has less money available to buy financial products from their “advisers”!! This is one of the most damaging concepts sold to the public today. The fact that so many people accept such blatantly self-serving “advice” is a tragedy.
It’s tax season, and Marketplace is putting financial advisors – the people you trust with your cash – to the test.
Marketplace talks to ordinary Canadians who’ve felt the bite of bad financial advice, and uses hidden cameras to catch outrageous promises from some big institutions. We’ll show you the tactics to watch out for and give you tips on figuring out who to trust with your money. Here is a direct video link.