I agree with you.
The only point I want to add is that I think you are using the term "financial advisor" to mean product salesperson.
There are other models. For example, Dan Hallet is a licensed Investment Counsel in Ontario, but manages no money for clients. Instead, he will do retirement or other financial planning, including retirement income stream planning, as well as IPS and investment benchmarking and oversight with no hands-on money management - instead, clients implement his advice (to whatever degree they choose) on their own.
Warren MacKenzie and his team at Second Opinion Investor Services are another, similar model.
What I would say is you should never depend on a product salesperson, compensated by way of product sales, to do comprehensive financial planning. However, you *can* outsource comprehensive financial planning - not relying on an advisor doesn't necessarily mean you need to do it on your own.
The only point I want to add is that I think you are using the term "financial advisor" to mean product salesperson.
There are other models. For example, Dan Hallet is a licensed Investment Counsel in Ontario, but manages no money for clients. Instead, he will do retirement or other financial planning, including retirement income stream planning, as well as IPS and investment benchmarking and oversight with no hands-on money management - instead, clients implement his advice (to whatever degree they choose) on their own.
Warren MacKenzie and his team at Second Opinion Investor Services are another, similar model.
What I would say is you should never depend on a product salesperson, compensated by way of product sales, to do comprehensive financial planning. However, you *can* outsource comprehensive financial planning - not relying on an advisor doesn't necessarily mean you need to do it on your own.