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Retirement Planning Education, with Andy Panko

#073 - What does it actually mean to be a "fiduciary," and does it matter?

Retirement Planning Education, with Andy Panko

Andy Panko

Roth Conversion, Roth Ira, Education, Social Security, Ira, Taxes, Retirement Planning, Annuities, Pension, Financial Planning, Investing, 401k, Tax Planning

4.91.1K Ratings

🗓️ 4 May 2023

⏱️ 46 minutes

🧾️ Download transcript

Summary

Explanation of what it means to be a fiduciary and why that term has become a marketing buzzword Links in this episode: Boomer Benefits website - https://www.BoomerBenefits.com FINRA BrokerCheck - here Facebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Transcript

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0:00.0

fiduciary. What's it mean? Why does it matter? Why has it become such a buzzword? I'm about to explain it in this, the 73rd episode of the Retirement Planning Education Podcast. Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, social

0:22.9

security, Medicare, portfolio withdrawal strategies, annuities, estate planning, and much more.

0:28.9

And now here's your host, Andy Panko.

0:31.7

All right.

0:32.5

Hello, everybody.

0:33.2

Thank you, as always, for listening.

0:34.7

Today, you're going to hear me ramble about the F word.

0:38.3

Dun, dun, dun, don't, don't. No, come on, man. Get your mind out of the gutter. Not that F-W-D-F-U-S-D-U-C-I-A-R-Y, fiduciary. We're going to discuss what it is, why it matters, who is, who isn't a fiduciary, and why it's

0:56.6

become such a buzzword in the financial services industry over the last few years.

1:01.8

And what should you do with the F word?

1:04.0

And if you're looking for someone to help you in the financial services arena in some

1:09.0

form or fashion, it doesn't matter if they're a fiduciary.

1:11.8

What should you consider when trying to work with someone who may or may not be a fiduciary?

1:16.5

Quick side note.

1:17.9

I don't know if anyone cares, but I just, my computer, my basement here, I'm sitting here in my

1:22.7

basement, I was almost five years old and it had a spinning disc.

1:26.4

The hard disk was a spinning disk. And I had a problem with my Microsoft Out old and it had a spinning disc. The hard disk was a, you know, spinning

1:27.6

disk. And I had a problem with my Microsoft Outlook and I have a computer tech guy helped me who

1:33.8

basically said, yeah, he fixed the Outlook thing, but it's like, man, your computer's really slow.

1:37.4

And I didn't realize how bad it was because I just got used to it. But he swapped out the spinning

1:41.5

hard disk where it was called a solid state drive, but there's no moving parts.

1:44.8

So basically process is much faster.

...

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