To identify a genuine financial advisor, novices should look for someone subject to a fiduciary standard, indicating accountability for providing good advice. This usually means choosing an advisor who works solely at a registered investment advisor (RIA), as opposed to a dual registrant who may represent both an RIA and a brokerage firm. This distinction is crucial because brokerage firms focus on product sales rather than client interests. To verify if an advisor is an RIA, novices can check the firm’s website footer for references to the Form ADV, a regulatory document for RIAs. Additionally, it's important to confirm that the advisor is solely compensated by fees rather than commissions. This can be done by directly asking the advisor about their compensation structure, as they are legally required to provide truthful answers. The Form ADV also contains details about compensation and potential conflicts of interest, allowing clients to understand how their advisor is paid and revealing the advisor's commitment to transparency.
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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