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Retirement Planning Education, with Andy Panko

#093 – Advisory fees...the good, the bad, the ugly

Retirement Planning Education, with Andy Panko

Andy Panko

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

4.91.1K Ratings

🗓️ 4 April 2024

⏱️ 92 minutes

🧾️ Download transcript

Summary

Discussion of the different ways in which advisory firms charge fees, why the percentage of assets under management fee is illogical and unfair, and what alternate fee structures may be less illogical and less unfair Links in this episode: FINRA's BrokerCheck - hereMy article about trying to quantify the "value" of advisory services - hereTenon Financial monthly e-newsletter - Retirement Planning InsightsFacebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube cha...

Transcript

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0:00.0

Let's talk about advisory fees. This is the one you've been waiting for. And this is the 93rd episode of the Retirement Planning Education Podcast.

0:12.0

Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, social security, Medicare, portfolio

0:22.8

withdrawal strategies, annuities, estate planning, and much more. And now here's your host, Andy Panko.

0:29.8

Welcome back, everybody. Today is my talk about fees, fees in the advisory industry.

0:39.8

I can already feel the weight of lots of other advisors rolling their eyes at me from their headphones, behind their headphones.

0:45.5

This will be an informative one. I think it's an important one to know about and to discuss,

0:52.6

to think about. it's a somewhat

0:54.8

controversial one it's definitely a hot topic it very much divides a lot of the

1:00.2

industry for better or worse but I think I mean I can say firsthand that the

1:05.9

industry is trending towards some changes in the advisory fee structures offered. There's lots of momentum

1:14.7

that I've witnessed in my few years since starting my business and that momentum seems to be

1:19.3

growing. So I'm not saying in my lifetime, the fee environment will be completely overhauled

1:25.6

throughout the advisory industry, but there will be

1:27.7

nonetheless substantial changes to it and many more advisors offering varied fee structures,

1:35.0

service offerings, et cetera, over the next 10, 20 years or whatever. So I'm excited to see where

1:41.1

it goes. So this will be a good one, but before we get into it, I just wanted to let you know that I've started a boat building business in my attic.

1:49.8

Man, sales are going through the roof.

1:52.8

Do you get it?

1:54.2

Okay, cool.

1:55.0

Moving on.

1:55.7

I don't have my sound machine here because I'm recording from home again today.

2:00.0

My fancy little soundboards at the office.

...

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