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Rich Habits Podcast
60: What To Avoid When Picking a Financial Advisor in 2024
Apr 15, 2024
Financial advisor expert Robert Croak and art investment enthusiast Austin Hankwitz discuss key factors to avoid when selecting a financial advisor in 2024, such as high fees, bad financial products, and lack of guidance. They also highlight the benefits of tailored ETF investments, fee-only advisors, and investment opportunities in fine art. The podcast emphasizes the importance of active engagement in financial planning and choosing future-proof majors for successful wealth building.
32:43
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Quick takeaways
- Differentiate between fiduciary and non-fiduciary advisors to avoid high fee structures and underperforming financial products.
- Engage with advisors who offer personalized attention and frequent updates to optimize financial growth and align investments with goals.
Deep dives
Understanding Financial Advisor Fee Structures
Financial advisors commonly use a fee structure based on a percentage of assets under management, often around 1%. This fee is charged annually, irrespective of the investment performance. It is crucial to differentiate between fiduciary and non-fiduciary advisors. Fiduciary advisors are legally bound to recommend the best financial products based on clients' needs, do not charge commissions on trades, and generally have lower fees, starting at around 1%.
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