Book Review; Bad Advisors by Roccy DeFrancesco, JD August 20, 2013Posted by shaferfinancial in Uncategorized.
Tags: Bad Advisors;How to identify them and how to avoid them, EIUL, FIA, Roccy DeFrancesco
I first discovered Roccy DeFrancesco early in my EIUL education process. I read his book The Home Equity Management Guidebook which he wrote to clarify/correct the issues in the hugely popular Missed Fortune. Two things stood out from that book, one that Mr. DeFrancesco’s writing style was caustic, and secondly he really knew what he was talking about. As I read his book I found myself nodding my head in agreement with him more often than not. Since then I would occasionally see him posting on various social media sites, always with the same caustic style.
I am happy to see that in his new book, Mr. Defrancesco has diminished that acerbic style at the same time written a book full of good advice in clear non-technical language. This book is aimed squarely at the financial services industry as it commonly functions. It lays bare the reality of folks who give advice to others on their finances. And he does it not by getting into the math and outcomes of their advice, but in illuminating their biases.
He tells you why most financial planners can’t advise clients to purchase EIULs and FIAs even if it is the best product for their clients. He demonstrates why “fee only” advisors don’t understand how some products work, why they don’t take the time to understand the products in the marketplace, and where their biases lie.
He takes on Insurance Marketing Organizations [IMOs], typical insurance agents, CPAs and Attorneys who dabble in the financial services field, and many of the sales concepts floating around the industry.
Best of all he has a list of questions for all these folks for the consumer to ask to determine if their advisor is a bad advisor. In writing this book he has exposed the underbelly of the industry and we should all thank him for that.