1734: 8 Secrets Your Broker Won't Tell You (and Why You Need to Know Them) by Jeff Rose of Good Financial Cents

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Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 8 December 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jeff Rose shares 8 need-to-know secrets that your broker won't tell you Episode 1734: 8 Secrets Your Broker Won't Tell You (and Why You Need to Know Them) by Jeff Rose of Good Financial Cents Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. The original post is located here: https://www.goodfinancialcents.com/what-your-broker-financial-advisor-wont-tell-you/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1734.
0:04.3	8 Secrets Your Broker Won't Tell You
0:07.1	And Why You Need To Know Them
0:09.2	by Jeff Rose of GoodFinancialSense.com
0:12.6	And I'm your host and personal finance enthusiast, Diana Mariam.
0:16.8	Now let's get right to it and continue optimizing your life.
0:24.4	8 Secrets Your Broker Won't Tell You
0:26.8	and Why You Need To Know Them
0:28.7	by Jeff Rose of GoodFinancialSense.com
0:33.1	I have a little secret for you. Your broker might not have your best interest in mine
0:38.3	when they make recommendations to you. In fact, brokers can legally put their interest
0:44.3	ahead of yours. Did you catch that? Translated, that means that your broker can get a speeding
0:50.7	ticket for going 75 miles per hour on the interstate, but won't get punished for selling you
0:56.8	investment that makes them a bunch of money. This is because most brokers operate under what's
1:02.6	called the suitability standard, which simply means the securities they recommend
1:07.7	must be appropriate for you given your financial profile. However, many of the securities that
1:13.7	can be considered suitable may be far from the best investment options available at a particular
1:19.8	time. How do you like them apples? You may be surprised to learn that brokers working under
1:25.6	the suitability standard are not legally obligated to find the best prices or the best investment
1:31.6	options available at a particular time. As a result, your broker may offer you securities that
1:37.3	provide lower returns and carry more significant risk than other alternatives, as this may be more
1:44.4	profitable for the broker. The suitability standard can apply to brokers that sell insurance,
	...

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