Making Money
Is financial advice worth it?
Apr 29, 2024
Financial planner Tom Morgan, with 12 years of experience, discusses the flaws in the financial advice industry and the importance of transparency in fee structures. They explore the evolution of financial advice towards passive management and the value of client-centered financial well-being. The conversation delves into navigating wealth management firms and the importance of trust in financial planning relationships.
59:24
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Quick takeaways
- The shift towards passive management in the financial advice industry highlights the inefficiency and additional costs of traditional active management strategies.
- Distinguishing between financial planning and investment advice is crucial for clients to evaluate the value of their financial advisors and understand their investment philosophy.
Deep dives
Shift Towards Passive Management Over Active Management
The podcast discusses how the financial advice industry has seen a shift towards passive management over active management. The guest, Tom Morgan, shares insights about how active management often fails to consistently add value and can incur additional costs for clients. This shift has prompted a reevaluation of the traditional active management approach, with a focus on the efficiency and cost-effectiveness of passive management strategies.
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