- Never be afraid to ask: "So, if I go ahead with this, how much money would you earn with this?". An honest advisor will not be afraid to answer, nor dodge the question. If possible, also consider hiring an advisor that you pay by the hour, rather than somebody who earns a commission by selling specific products.
- No promise or assurance is worth anything, unless the advisor provides it in writing. Insist on adding a written sentence to the contract for anything that is vital to you. For example, "The parties agree that this insurance/home loan can be terminated by the customer after 5 years without any additional cost". After all, companies expect you to usually sign hundreds of legal clauses, so why should you not be allowed to insist on the things that are important to you? If an "advisor" refuses to accommodate your wishes, politely end the conversation and talk to somebody else.
- Take the time to read each clause in a contract. Cross out anything that you do not feel comfortable with.
- Always ask: "What is the full cost including all fees and levies?". Get it in writing.
- Avoid "advisors" that only sell products of one particular company. Contact at least 3 different advisors that each sell products of multiple companies. Openly communicate that you are "shopping around". For example, say "Thank you for your offer. I will think about it, compare it with other offers I received, and then select the one that suits me best." Thus, you can communicate in a polite way that you are not easily taken advantage of.
Overall, these tips might sound simple, but most people (including me at times) fail to do them in practice. It takes some time to get comfortable with using them. So, let's practice them as much as possible, so that we will not be the "sucker" again. :-)
