Certain Bank "Specials" Can Damage Your Retirement Dreams


Banks are beginning to feel like used car dealerships.

If your bank is caught offering a "special," take caution before you trust the promotion to move you closer to retirement. A.K.A. RUN.

Trust me, I know and love bankers. But the reality is banks are not looking out for your best interest the way a financial planner is legally obligated to -- and therein lies the problem we're going to reveal in today's show.

(Plus, hear me share how I would avoid people seeing how UGLY my first car was.)


The banks up-sold her a product and her money was essentially doing nothing. 


A few weeks ago I met with a woman, Jamie, who became the latest victim of trusting the banks.

She was sold a product, at a promotional rate and in her excitement, she moved her extra available fund to a money market account. Jamie then proceeded to "save" and aggressively put money away for her future -- and her hard earned money was doing nothing for her. 

Her hard earned money was doing nothing for her.


Banks Are Built With Different DNA Than Financial Advisors



Bankers are encouraged to open new accounts and move products.

Bankers are not fiduciaries; They are working with the bank's best interest in mind.


Don't Be Another Jamie

Jamie and I met for coffee at a local spot that opened up recently in Peachtree Corners called the Black Walnut! So good. It was that morning she realized her mistake -- and it made me so mad when I learned about this.

Jamie, like so many, trusted a banker to advise her on how to invest for the future, and a perfect "product" happened to be available at a "SPECIAL RATE." 



It was a three-month promotional rate money market account! Then it dropped to point God knows what. 


Who reads the fine print anymore? She was consistently making contributions and assumed it was growing on its own, but in reality, it was not in the market for the past two years that has been growing at a record breaking pace.


Jamie's money sat on the sidelines while the market exploded with incredible growth. She could afford to be in the market, but instead, she was sold a product.




A financial planner thinks about your long-term stability. Legally, because of the fiduciary rule, a financial planner is obliged to act in your best interest, educate you and give you the best advice for your benefit.


Find a financial planner you can trust.

question any advice given to you by anyone, not just bankers, that isn't a fiduciary.


Free advice on your finances is a click away. Ask a question and I'll respond directly. 


Remember: Please don't take anything a bank advises at face value without seeking a second opinion. Your dreams matter and a strong plan will keep you on track.