If a financial advisor breached their fiduciary duty, you can sue them for your losses. You have to actually be hurt by it and there has to be causation. Just like doctors carry malpractice insurance, real financial advisors carry insurance against claims such as this. A question about the Army's 401k: Can I contribute more than the annual effective deferral limit of $20,500 to 2022 or $21,500 to 2023 for the entirety of each year? And how do I convert my TSP C funds into W2s that are protected from tax while deployed?
In this episode Dr Dahle talks about fiduciaries and financial advisors. The best way to think of the word fiduciary is to think of it as a person that puts your needs ahead of their needs. There are some financial professionals that have a legal fiduciary duty to you but there are a lot of people out there who call themselves financial advisors who don't actually have a fiduciary duty to you. We discuss what you can do when someone does not act as a fiduciary. We also answer your questions about dollar cost averaging, state specific municipal bond funds, and TSPs. See full show notes here: https://www.whitecoatinvestor.com/classic-blog/
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
Main Website: https://www.whitecoatinvestor.com YouTube: https://www.whitecoatinvestor.com/youtube Student Loan Advice: https://studentloanadvice.com Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter
