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While a gym workout can be a lot of fun, the cliche “no pain, no gain” is also true. The same goes with finances. Savers and investors who want secure financial futures tomorrow often have to face painful financial facts today — and it can fall to financial advisors to point them out.
In fact, that’s their job. From cutting back expenses to cutting loose bad actors, financial health sometimes requires a little prudent pruning, with professional help.
We asked eight members of the CNBC Digital Financial Advisors Council, along with Helen Modly of Buckingham Strategic Wealth, what was the worst thing they ever had to tell a client.
Louis Barajas, founder and CEO of Wealth Management LAB, Tustin, California: “We do a thorough review of a new client’s financial statements. When we pulled a credit report from a client and found credit accounts opened at their bank that they were not aware of, we did an audit of their bank statements and saw a lot of…