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Jill on Money with Jill Schlesinger

Financial Planner or Fiduciary?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.61.8K Ratings

🗓️ 29 September 2020

⏱️ 8 minutes

🧾️ Download transcript

Summary

The financial services industry can be very hard to understand, especially when it's full of jargon, so if you ever need help making sense of what's what, I'm more than happy to help! Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Jill on Money Podcast. It is Tuesday, September 29th. The month of September

0:10.5

just blew by. Talk about a blur. Whoof. It's nuts. All right, so here we go. We're about to

0:17.4

embark on the end of the month ritual of everyone's going to get statements, month to date, you're going to get all nuts, don't worry about it, okay?

0:26.9

Everyone calm down.

0:27.9

Your long-term investors, your long-term about your life, let's get your financial life in order. Let's try to answer your

0:34.8

question so you don't drive yourselves crazy or maybe even your family members

0:38.3

crazy. All you need to do is to send us an email. Ask Jill on Money.com.

0:45.8

That's Ask Jill at Jill on Money.

0:50.5

Okay, this is from Heather who wants to know the difference between a financial planner and a fiduciary.

0:57.0

Now here's what she writes.

0:58.0

I understand that a financial planner receives kickbacks from funds or insurance products as well as a management fee.

1:06.4

While with a fiduciary we have to hire someone pay an upfront fee and then we get inside into additional fees. Okay, hold on. A financial

1:17.8

planner is somebody who is supposedly trying to do comprehensive financial planning for you.

1:25.8

All right? Now, financial planners can be fiduciaries. A fiduciary means that that person has to put your best interest before her own interest or her company's interest.

1:40.0

Okay? Now, what you're describing is kind of a difference of fee structures which doesn't

1:45.5

necessarily mean that somebody is a fiduciary or not so let me give an example

1:51.1

there are some fiduciaries that will not take commissions at all.

1:56.0

There are other fiduciaries who say, well, in certain cases, maybe paying a commission is actually a better thing for you.

2:03.4

So it's important to understand

2:05.4

that there's a distinction.

2:06.8

A financial planner big picture category

2:09.2

is, hey, we do like your macro stuff,

...

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