Are You Being Held Hostage by Bad Advice?

Calgary Retirement Planning

On August 23rd, 1973 two machine-gun carrying criminals entered a bank in Stockholm, Sweden. Blasting their guns, one prison escapee named Jan-Erik Olsson announced to the terrified bank employees “The party has just begun!” The two bank robbers held four hostages, three women, and one man, for the next 131 hours. The hostages were strapped with dynamite and held in a bank vault until finally rescued on August 28th. 

After their rescue, the hostages exhibited a shocking attitude considering they had been threatened, abused, and even feared for their lives for over five days. In their media interviews, it was clear that they supported their captors and actually feared law enforcement personnel who came to their rescue. The hostages had begun to feel the captors were actually protecting them from the police. One woman later became engaged to one of the criminals and another developed a legal defence fund to aid in their criminal defence fees. Clearly, the hostages had “bonded” emotionally with their captors.

Are you emotionally and psychologically attached to an awful advisor? We see it all of the time. Clients come to us and pay us an hourly rate to go over their finances and to get some direction on their retirement planning. We show them that they are already paying between $10,000 - $20,000 each year for investment advice with their current advisor, yet they don't know how to leave. Are you getting ongoing investment advice? How about tax and estate planning? Are you getting help on what to do to prepare for taking retirement income from your portfolio? And, how about a return on your investments? Last year the TSX was up 20% and many people still lost money in their accounts. Did you? How could that happen? 

Your advisor is asleep at the wheel. He never looks at your accounts. Has no clue what to invest in or what asset mix you should be in now due to changing global economic conditions. He just puts your money in the "flavour of the week" fund that was being promoted the week you happened to first meet with him. It doesn't matter to him. He made all the commission upfront. This is why he never calls you or even returns your calls. But you can't leave. You won't leave. It'll kill him if we leave. He's a friend of the family. We have been there so long. He's a nice guy. It will be too uncomfortable. I think he is retiring soon, we'll just leave when the next person takes over. HELLO? What!? This is YOUR retirement nest egg you're talking about remember!

It's very sad and lately, we see it every week. We also wanted to be nice and never say anything negative about other advisors but we're seeing such atrocities that we just can't stay silent anymore. It's worse than we thought. This is an epidemic! There are so many bad advisors out there yet people stay with them. It's shocking to us. Your retirement security lies in their hands and you are allowing yourself to be victimized with your commitment to a barely-existent relationship. Instead of doing what is best for you and your future, you allow yourself to be held hostage to what is best for your advisor, or is it really due to your Canadian niceness? After all, you feel sorry for him. He has a medical condition and if you leave him, well, it may kill him. (He hasn't talked to you in 6 years so I doubt it.)

You know you need out. You know you're not getting the advice you need. We know it too. We see it. As you sit across the table from us at our office writing a cheque for the time you just spent with us. You feel like a two-timing cheating lover who has found comfort in the arms of another advisor. We both make sure no one knows about our meeting. It's our little secret. 

How do we feel? Like your mistress. But, we wait for you to see the light of day and fire his ass. We wait for the email or call from you declaring that you are leaving your elusive advisor and taking control of your retirement. 

Stop torturing yourself! It's time to do what's right for you and your future.


Our business is all about helping clients declutter their lives by first getting their total financial house in order and providing the clarity and confidence to start enjoying their retirement lifestyle.

You can learn more about our flat-fee planning process by clicking here.


Fee-only Retirement Income, Investment, & Tax Planning

Willis J Langford BA, MA, CFP

Nancy Langford CRS


Share This Post:

Related Posts

Latest Testimonial

I contacted Langford Financial to see if they could help me with specific questions on retirement & estate planning, efficient tax strategies, CPP and OAS benefits, and income drawdown strategies. I was very nervous at first about whether they would be a good fit for my needs, but my concerns were quickly put to rest and Willis and his team made me feel at ease right from the very first meeting.

They are very easy to work with, are very knowledgeable and resourceful, are able to break down complex matters into an easy-to-understand manner, and are always quick to respond to any questions. They reviewed my situation and were able to tailor a plan to fit my specific needs, to my complete satisfaction.

The plan included amongst other things, the best way to utilize efficient income tax strategies. helped me to understand the correct drawdown of assets which would result in larger savings, and provided guidance on insurance products and efficient estate planning.

As a result, I have a much clearer picture of my financial situation now and feel very confident and satisfied with the plan that they have proposed for me, going forward. What I appreciated the most about Willis and his team was that, in addition to their friendly, personable and professional approach, at no time was there ever any pressure to purchase any products.

I am very happy with the service I received from Willis and his team and would recommend Langford Financial to anyone looking for advice on their retirement planning needs. You will not be disappointed!

Naila Jinnah

Naila Jinnah
Fee-Only Planning Client

Contact Us

Questions? Comments? Call us today at 587-755-0159 or fill out the form below:

Have Questions? Call Us Today At

Call Us

Join Our Newsletter