In the financial services industry, a critical distinction exists between financial salespeople and legitimate financial advisors. The confusion stems from a historical shift, where salespeople began branding themselves as financial advisors, leading to a misappropriation of the title that has persisted for decades. This issue mirrors the medical field's past, where unqualified individuals claimed medical titles, misleading the public. The absence of regulation in the financial advisory profession allows salespeople to misrepresent their roles akin to pharmaceutical reps posing as doctors. This situation highlights the necessity for clarity and regulation to help consumers distinguish between genuine financial advisors and those primarily motivated by sales. Recognizing the difference is essential for individuals seeking professional advice to navigate their financial decisions effectively.
Today Dr. Dahle talks with Michael Kitces, creator of the popular blog Nerds Eye View. He is a CFP (along with many other designations) who has a passion for educating. His platform is huge and he knows more about financial planning and the financial planning industry than just about anyone out there. Today they tackle a range of topics with the higher level focus on the state of the financial planning industry. Michael shares valuable insight on how to find a trust worthy advisor, why he thinks there are so many fewer women working in the financial advising industry, if therapy training should be required for financial advisors and if the good guys in the industry are winning in the court of public opinion. We know you will love those topics and so many others from todays conversation.
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