#007: Is Your Advisor a Fiduciary or Salesperson, with Michael Kitces
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 13 February 2017
⏱️ 45 minutes
🧾️ Download transcript
Summary
Michael Kitces joins us to discuss the difference between Fiduciary and Suitability Standards and what is happening to the Department of Labor's Fiduciary Rule.
Is your Financial Advisor a salesperson or fiduciary looking out for your best interest?
For more information, visit http://www.bigpictureretirement.net
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.0 | This episode of Big Picture Retirement brought to you by AgingInSight.com, a website devoted to the health, housing, financial, and legal needs of seniors. |
| 0:20.3 | Visit Agingins insight.com. |
| 0:28.2 | Hey everyone and welcome to the Big Picture Retirement Show where we deliver insight on what you need to know |
| 0:34.2 | for meaningful retirement. |
| 0:36.0 | If you are planning for or living in retirement, this is the show for you. I'm Devin Carroll, and joined today with John Ross. Hey, John. Howdy. All right. So, John, let's imagine for a minute that I'm sick. Okay. That I need to go to the doctor. So I go to our local clinic. Sure. |
| 0:54.5 | And I'm outside of the clinic. |
| 0:56.1 | I'm looking at the sign that lists, let's say, 10 doctors. So it lists all of these people and it all says such and such MD, such and such MD. I don't have a doctor. So I'm trying to decide who do I use as a doctor? While I'm looking at the list, I'm making the assumption that because it says |
| 1:11.5 | their name and it says MD, that they're probably all equally qualified and a fair assumption, |
| 1:17.0 | given that they've all passed some sort of certification or something to that effect to obtain |
| 1:22.5 | the title of physician. But what I don't know and what's lurking behind the scenes in this clinic is that |
| 1:29.3 | some of these physicians, some of these physicians simply have a charge to not kill me. |
| 1:36.2 | Now, they have to do what's good for me, what's not going to hurt me too bad, and then the other |
| 1:41.9 | group of physicians, they actually have to try to heal me |
| 1:45.1 | to do what's really in my best interest. But I'm a consumer, right? I'm choosing a doctor, |
| 1:53.0 | and I don't know that that exists. Now, that sounds silly. Sounds laughable, right? It does. You would |
| 1:59.2 | always assume that if you're going to the doctor, |
| 2:01.5 | that they're there to help make you better and to do everything in their absolute possible |
| 2:08.1 | repertoire of services that they have at their disposal to do the best they possibly can for you. |
| 2:15.9 | That would be the assumption somebody walking into that clinic. |
| 2:19.7 | Yeah. It would be the same assumption that somebody would get walking into my office as an attorney. |
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