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Episode 2655:
Erik Carter of FinancialFinesse.com illuminates the often-overlooked conflicts of interest in the financial planning industry, drawing from his extensive career to explore how financial incentives can shape advice. He advocates for unbiased financial guidance, suggesting options like employer-provided financial education or independent advisors who charge flat or hourly fees, to ensure that financial advice serves the client's best interests, not the advisor's financial gain.
Read along with the original article(s) here: https://www.financialfinesse.com/2012/01/19/3317/
Quotes to ponder:
"It is difficult to get a man to understand something when his salary depends upon his not understanding it."
"Unfortunately, they have a conflict of interest. This is the main issue that I have with most of the 700,000 people who call themselves financial advisors."
"The way they are compensated means that most of us will never have access to unconflicted financial advice."
Episode references:
Let's Make a Plan: https://www.letsmakeaplan.org/
EconoMe Conference YouTube Channel: https://www.youtube.com/channel/UCaZHcGgBO42McWZPaSIJhYw
Hello Nectarine: https://hellonectarine.com/
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