Break Up With Your Broker

Talking Real Money - Investing Talk

Don McDonald

Investing, Education, Business, How To

4.5 • 810 Ratings

🗓️ 27 October 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

"But, they're so nice," "She's my niece." He goes to our church, so he must be honest." We hear this stuff all the time about financial advisors. Of course they're nice. Most of them are salespeople. To sell products, you generally need to be nice. Should niceness be one of your top criteria for hiring someone to manage your future? Tom and Don discuss how you should be picking an investment advisor. Plus, a listener wonders which is best, Vanguard, Dimensional, or Avantis? Learn more about y...

Transcript

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0:00.0	Reality Radio for a really great future.
0:08.0	We're talking real money.
0:10.4	I've been with them for 20 years.
0:13.5	They're so nice.
0:16.3	They go to my church.
0:19.0	They're my brother-in-law.
0:21.9	They're a dog barking downstairs.
0:24.6	It's the golden doodle from yesterday's episode.
0:29.7	Wait, is that the Ed Jones guy at the door?
0:33.7	You might want to go answer.
0:35.9	Honey, is that our neighborhood, Ed Jones guy?
0:39.1	They live in my neighborhood.
0:41.3	Oh, yeah. They're just down the street. They knocked on my door.
0:45.9	They're my friend.
0:47.2	These are stories we hear all the time. These are things we hear. This is my best friend and I don't want to upset them.
0:55.1	Stories about what?
1:01.5	Stories about who? Stories about brokers. What used to be called stockbrokers. Yeah, not anymore. Registered representatives, now they call themselves financial advisors or wealth
1:06.1	planners or whatever the heck they are. Even if they're an insurance agent, now they're suddenly a
1:10.6	wealth planner because you don't have to be anything to use those terms.
1:14.5	Now, if you say, I'm a registered investment advisor and you're not, that's illegal.
1:19.9	That's exactly right.
1:21.3	Here's what I see on a very regular basis is I just talked to Robert a couple of days ago,
	...

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