Episode #2

The Dose Episode 2 – Undressing Financial Services

October 18, 2018

Welcome to the first full episode of The Dose! For the first episode, the timing of when this was recorded coincided to an article that came out in the New York Times about a situation where a financial service “professional” had taken advantage of unsuspecting clients. Another article by Yahoo! Finance talked about how a couple of former Wells Fargo Advisors had “lifted the veil” on compensation practices in play at the firm and
how it created a significant conflict of interest for the advisors and their clients, even as the advisor was legally supposed to be serving the client as their fiduciary (serving them in their best interest and putting the clients’ needs ahead of their own).

These two situations inspired me to host a show where I try and be as transparent and explanatory as possible in helping you understand the various different “hats” that financial service professionals can wear and how, unfortunately, it’s still “buyer beware” in certain advisor-client relationships.

In this episode, I share the following:

  • Why, as a white coat professional, you have to be extra-aware about your relationship with a financial professional.
  • An analogy to renting a tux for a wedding to help you understand the suitability vs fiduciary standard of care in client relationships.
  • How to verify the business model(s) of financial service professionals.
  • The various compensation models that exist in different business models.
  • The difference between a registered representative and an investment advisor…and how you can tell the difference.
  • How working with a CFP® Professional can bring clarity to the type of planner you work with and the level of education and experience they’ve satisfied.
Episode Transcript

No transcript available yet.

Share

Enjoy our content? Subscribe for regular updates!

Related Podcasts

  • Financial Organization
20/20 Money Episode #218 – 3 financial lessons learned from my grandpa and grandma that can shape your relationship with money

On this episode, I wanted to share a bit of a personal story about 3 lessons that I learned from…

  • Financial Organization
20/20 Money Episode #217 – Making sense of your practice financials (profit/loss, balance sheet, and cash flow statement) with Nathan Hayes of IDOC

Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me…

  • Financial Organization
20/20 Money Episode # 201 – Putting practice financials through a personal finance filter

Welcome this episode of 20/20 Money! Practice financials can sometimes seem complicated and overwhelming, especially if you haven’t had any…

  • Financial Organization
20/20 Money Episode # 125 – Don’t forget about the little guy!…a review of asset allocation and the importance of small caps

On this episode of 20/20 Money, I share one example of why it’s important to ensure that your portfolio has…

  • Financial Organization
The Dose Episode 17 – Health Insurance: COBRA vs Healthcare.gov

Today’s show is another solo episode that takes you on my personal journey as I evaluate healthcare options that my…

  • Financial Organization, Financial Planning
The Dose Episode 2 – Undressing Financial Services

Welcome to the first full episode of The Dose! For the first episode, the timing of when this was recorded…