Financial Advice Needs to be Shaken and Stirred
These rules need to be broken
Financial advice.
It is everywhere.
A cottage industry of finfluencers.
A representative at Schwab or Fidelity.
Even life insurance companies with products to sell rebrand agents as advisors.1
The irony is that while financial advice is everywhere, it is challenging to distinguish between good and bad, expert and non-expert advice. Normally, credentials signal expertise. M.D. for instance. But, in financial advisory, there is a s**tload of noise. FINRA plays a regulatory role, and you will find more than 200 financial credentials catalogued by FINRA.
A Certified Financial Planner normally holds a client’s financial umbrella, helping to manage tax, investments, and insurance. However, educational quality varies. Incentive to sell products varies. Planner brain power varies.
Rules of thumb are often used.
How to Make Your Best Choice
How do you determine who to use for financial advice? What do you do if your paid advisor uses rules of thumb?
If you have 6 minutes, click-thru the video link and you will corral the key points from Chapter One of Economics-Based Personal Finance. The book is free with a paid subscription.
Bonus Content
If you are new to Personal Finance Economics, you may not know that I share stories to illustrate a point. The Tale of Monte Jackson, CFP, MBA, CPWA, CLU, ChFC, CIPM, CAA, FBS is on point about the credential maze consumers have to navigate.
See Northwestern Mutual and Prudential sites.