The Mind Money Spectrum Podcast

#76. Not all financial advice is created equal. Here's why.

May 25, 2021 Aaron Agte and Trishul Patel Season 2 Episode 24
The Mind Money Spectrum Podcast
#76. Not all financial advice is created equal. Here's why.
Chapters
The Mind Money Spectrum Podcast
#76. Not all financial advice is created equal. Here's why.
May 25, 2021 Season 2 Episode 24
Aaron Agte and Trishul Patel

All the different flavors of financial advice.

In this episode, Trishul and Aaron discuss the value of financial planning beyond just investments, such as taxes saved, utilizing retirement plans, and insurance analysis. They go over the pros and cons of working with an advisor who also sells the recommended insurance and investment products. This brings up the history of financial advice and the difference between fee-only, fee-based, and commission-only. No compensation structure is free of conflict or misaligned incentives. Even so, understanding the nuances involved can help you find an advisor that will put your interests first.

Episode References

MMS #75. How credible are the purported benefits of financial advice?
Investing Forever - Fiduciary Oath
Investing Forever - Where should you turn to for advice?
RIA
Broker-Dealer
Agent
FINRA Qualification Exams

Podcast Description


Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.

Show Notes

All the different flavors of financial advice.

In this episode, Trishul and Aaron discuss the value of financial planning beyond just investments, such as taxes saved, utilizing retirement plans, and insurance analysis. They go over the pros and cons of working with an advisor who also sells the recommended insurance and investment products. This brings up the history of financial advice and the difference between fee-only, fee-based, and commission-only. No compensation structure is free of conflict or misaligned incentives. Even so, understanding the nuances involved can help you find an advisor that will put your interests first.

Episode References

MMS #75. How credible are the purported benefits of financial advice?
Investing Forever - Fiduciary Oath
Investing Forever - Where should you turn to for advice?
RIA
Broker-Dealer
Agent
FINRA Qualification Exams

Podcast Description


Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.