I asked a question and a black financial advisor went off on me…

[NatiboyB]

The video in question


What did I say wrong Brehs

So the purpose of what they are doing is to get their credit report to show multiple paid off loans that were paid in full and on time. The secondary thing is they want to show on their credit report that they owe less than 10% on a loan. With NFCU you can pay almost the entire amount on the pledge loan and leave a balance and get the rest back into your account within the day. It’s a way to manipulate your credit report especially when you are trying to freshen up your credit report to go after different cards.

Some people call it a hack. I used to do them with various amounts a few years ago usually anything from $500-$3500. I would have loans of different amounts at the same time to fatten up my report.

 

[BrothaZay]

Depends. You have commission based insurance agents claiming to be “financial advisors” but to get the best advice, you def want to go with a “fee based” financial planner or an advisor who is a fiduciary. Meaning everything he tells you has to be in YOUR best interest or he could get sued. Most charge 1% of what ever assets you have with them. I know a few if you have questions about where to start

Yea can you inbox me

 

[NatiboyB]

Take out a loan while only having 1000 dollars in your bank account brehs . Watched the first 15 mins, can tell she's geared moreso towards people with little to no financial literacy.

It’s a pledge loan you use your own money to pay it. You can literally put the entire $1,000 into it create a loan and pay it off that day and owe $40 over the course of however long you want I believe it’s 12 months for $1,000. Basically you don’t lose the money.

 

[invalid]

Before you call people financial advisors, you need to check their credentials.

I went to her linkedin, she doesn't have a CPA, nor a CFP, nor a MST.

She has an MBA from Devry which means she didn't have the proper finances to get into a MBA program at a legitimate university. Nor the proper academic credentials.

You have to take people like her with a grain of salt.

 

[Dreamchaser]

Before you call people financial advisors, you need to check their credentials.

I went to her linkedin, she doesn't have a CPA, nor a CFP, nor a MST.

She has an MBA from Devry which means she didn't have the proper finances to get into a MBA program at a legitimate university. Nor the proper academic credentials.

You have to take people like her with a grain of salt.

It's a CFA that she would want to have.

 

[invalid]

It's a CFA that she would want to have.

CFA is commonly held by those that manage investment portfolios. It's not a requirement though and a lot of portfolio managers may opt for an elite MBA. The lady in the OP is not in portfolio management so it would not be applicable to her. And based off of her academic background, I'm not convinced she would pass any of the three levels.

A financial advisor would most likely have a CFP which is the Certified Financial Planning designation. It's the most common credential for wealth advisors who work within the wealth management industry. Second most common credential would probably be a CPA.

 

[Gordon Sparks]

I did this years ago but it was purely to increase my credit. Yeah my savings were mid at the time and my credit was worse. I wanted to use my savings to buy new camera equipment. I’d saved up enough to cop, but instead took out a secured loan for the amount, and let the equipment pay for itself….got my secured money back plus interest and my credit score went up.

 

[sayyestothis]

Don't know her name but is someone do look her up on brokercheck to see if she is even a financial advisor. She don't talk like one lol

Finra.org

 

[sayyestothis]

I should be more knowledgeable about this, but I don't pay him. I think he's not even allowed to get too big of a gift from his clients. I think he gets paid for managing accounts within his company.

He wasn't too honest with u then bc every advisor gets paid either off commission, hourly rates or AUM fees.

Usually the shady less capable ones are commission based which allows them to hide the fee more and isn't as transparent.

U should ask him hows he's compensated and if it's not a FEE ONLY advisor I would roll out assuming he didn't lock u into a long term variable annuity with a boat load of surrender charges.