Fisher Investments Lost me $XXX,XXX – Negligent and Unprofessional Advisors
Fisher Investments is the worst financial advisor you can hire. They don’t believe in benchmarks and tend to focus on their own benefit, rather than the client’s. My friend lost hundreds of thousands through the terrible investment advice they threw at him. His expectations were pretty high with them but after that horrible experience, he is never hiring them again. He keeps alerting his friends and family to beware of them too. However, I realized that other people should be aware of this shady advisory firm as well.
After seeing how much he went through because of those horrible advisors, I asked him if I could share his experience.
This article should help you understand why Fisher Investments is a terrible choice for any investor.
My Friend’s Experience with Fisher Investments
My friend hired Fisher Investments in 2018 for portfolio management. To be honest, there weren’t many complaints about Fisher Investments back then online.
Instead, there were only praises for these guys everywhere. So he was quite happy to hire them. I guess he just didn’t know that Fisher Investments is filled with buffoons. Those buffoons don’t like to study the market before recommending investments to their clients.
They were managing his account and even after a year, their performance was way below the market.
He told me that he enquired about it but the advisor responded by saying that they are “in it for the long haul”. Whenever my friend would ask his advisor to explain their investment strategy he would quote Warren Buffett and give a vague reply.
Still, my fiend believed his account was in better hands. Earlier this year, their returns were quite impressive as the market soared.
So the advisor requested my friend to invest more in his account. He baited him! This is the point when everything went downward.
My friend was so excited with their performance in early 2020 that he believed every word the advisor said, even though it was the first time they had shown any positive results.
To be honest, he didn’t want to miss out on any gains in the market as well. My friend had added around XXX,XXX dollars in his account and notified the advisor.
I believe If someone had told him that he could lose all that money within a few months, he wouldn’t have made that decision in the first place. But there was no one to alert him at that time. And he was so eager to capitalize on the market that he made haste decisions without much thinking.
How They Lost My Friend His Investments
Shockingly, he lost his investment within a few months. By May, his trading account had lost the entire XXXXXX he had added to it along with several percent of the principal amount. What happened was, the advisors from Fisher Investments pressured my friend into investing 40% of his portfolio in a single company.
They had made many big claims about that company and assured him that they had done extensive research on its leadership and past performance.
My friend claims that it was the biggest mistake he has made so far. I guess he should have known that he can’t trust an advisor blindly but the returns from early 2020 had fogged his judgement.
You should note that it is probably among the most expensive advisory firms in the US. They charge various kinds of fee., They tell you about some before, while they don’t inform you about some at all.
My friend told me that he didn’t mind paying those fees because he believed he always was in the right hands.
After losing him more than XX,XXX dollars, the advisors from the company had no excuses. They kept assuring my friend that they would recover the entire sum and he gave them a chance, but the results didn’t change.
Either the analysts at Fisher do a poor job at studying the market, or the advisors are too ignorant to do their jobs properly.
My friend fired them in July 2020 and since then, I haven’t searched for any financial advisor. They still call him and request me to reconsider. But after losing so much when everyone else was gaining heavily (some are still gaining from the market), I don’t think I would ever go back to these buffoons after what they did with my money.
Negligent Advisory Firm
What bothered my friend the most about them and their advisors was their terrible negligence. Whene market gained, these advisors focused on companies they knew nothing about. The result? Their clients lost a huge percent of their portfolios. What kind of a financial advisor recommends allocation of 40% funds in a single company? Fisher Investments.
I think there aren’t any others who do such lunacy.
After my friend’s horrible experience with those people, and the constant phone calls he received from them, I thought I should do a little research as well. I wanted to find out if there are others who have faced similar issues with Fisher Investments. To my surprise, I found many complaints.
It turns out, they are among the worst financial advisors in the market. Their only advantage is they are good at hiding these facts from the public. On their website, they have added numerous awards and accolades so no one would suspect a thing.
Fisher Investments: Background and Important Details
My article would be incomplete without specifying a few details about Fisher Investments (or Fisher Wealth Management). Ken Fisher started this company in 1979.
He is a prominent figure in the investment field. Also, he has earned a lot of recognition in the past few decades. However, he is also notorious for being a misogynist.
In 2019, his misogynistic comments had cost his company more than a billion dollars in investments. Ken has held the position of CEO at Fisher Investments for 37 years. Currently, Ken Fisher is the co-chief investment officer and the executive chairman of this firm.
Fisher Investments offers services to ultra high net worth people, companies, foundations, retirement plans, and many others.
The minimum threshold to become their client is $XXX,XXX in assets. It’s surprising how a company that focuses on high-net-worth individuals fails in providing proper services. Maybe they have become arrogant or lethargic in doing their duties.
Fisher Investments Reviews You Should Know About
Apart from my friend, there are many other people who have either lost a huge sum or have grown sick of their horrible customer support. I’ve shared as many customer reviews as I could so you can see just how bad Fisher Investments really is.
“Fisher Investments is Only Good at Marketing”
Here, OP claims that Fisher Investments is a trap which markets itself to be a great investment company. The reviewer had shifted his portfolio to Fisher Investments in 2007. They worked with Fisher for 6 years until 2013. Apparently, this person was frustrated with the terrible portfolio management of Fisher Investments just like my friend was.
The reviewer alleges that Fisher Investments follows a one size fits all policy. It wouldn’t surprise anyone if they did. There’s a lot of technical details the person has shared but the primary concern was that Fisher Investments offer poor returns and charge phenomenally high fees.
“Terrible Service in Their Billing Department”
In this review, the person has a similar complaint like the first one. Apparently, many people are irritated with the terrible returns Fisher Investments offer. This person had an account with them from January to November 2019 and a huge reason why they fired Fisher Investments was because the company never focused on providing detailed billing.
The people from Fisher Investments would give vague responses when the reviewer would ask for a proper invoice. Apart from that, it seems like Fisher Investments didn’t provide good returns to this person as well.
“Extremely Aggressive Sales Approach”
This person complains about the numerous times Fisher’s salespeople contact him. On top of that, the sales person started yelling at this person when they declined his offer. My friend had also complained about the numerous emails and calls he has been receiving since he got rid of their services. Fisher Investments tends to harass people into buying their services.
“Invested without Asking and Overextended an Account”
In this review, the person had hired Fisher Investments to manage their portfolio. They had informed their advisors about their particular interests. And had booked an appointment to discuss the same. However, the advisors invested the reviewer’s money and even overextended one of their accounts without asking them.
I have shared links of all these reviews below my article. You can check them out yourself. And see how terribly Fisher Investments treats its customers.
There’s no reason for you to risk financial loss by hiring the negligent advisors present in this firm.
Fisher Investments Review – Final Thoughts
After my friend shared his painful experiences with me, I wanted to do something about. That’s why I have shared this article here. I want others to know the truth behind the pomp and show of Fisher Investments. Those people seriously need a makeover and a change in leadership, otherwise, they would keep losing their clients’ money.
Fisher Investments is the worst financial advisor you can hire. They don’t believe in benchmarks and tend to focus on their own benefit, rather than the client’s. It's best to avoid them.