How Do You Pay 'Em?
Talking Real Money - Investing Talk
Don McDonald
4.5 • 811 Ratings
🗓️ 31 October 2024
⏱️ 27 minutes
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| 0:00.0 | Reality Radio for a really great future. |
| 0:08.0 | We're talking real money. |
| 0:10.3 | If you go to a doctor, a physician, a medical practitioner, you know that you're getting |
| 0:18.3 | someone who has completed many years of education and is an expert in providing |
| 0:25.7 | health care. You know by their title, it's pretty clear. If you go to a lawyer, an attorney, a barrister, |
| 0:32.4 | a solicitor, you know you're going to someone who's had years of training in the law and that you're going to get advice by a well-trained professional. |
| 0:42.2 | By the way, in both cases, who are required to act as a fiduciary in both cases. |
| 0:49.2 | However, if you go to a financial advisor, a financial planner, a financial professional, |
| 0:59.0 | do you know what you're getting? |
| 1:01.6 | Not for the most part, no, unless you really know how to read the fine print when it comes to the |
| 1:07.1 | worldwide web, you know, to go to people up. |
| 1:10.4 | You mean the pages of fine print? Yeah, the pages and pages in some cases. Yeah. |
| 1:14.1 | And what about the difference between financial planners and financial advisors? Now, pretty |
| 1:22.7 | much better. Everybody in the industry holds themselves out as an advisor because a planner sounds boring. |
| 1:29.4 | Or planning. |
| 1:30.3 | Yeah, it's like, I don't want to go for a plan. |
| 1:32.2 | I want a financial advisor because I'm going to make money. |
| 1:35.5 | The thing about financial advisor is there is no definition of it. |
| 1:39.8 | It's not see-co-see. |
| 1:41.0 | I know. |
| 1:41.7 | Basically any, you don't even have to be registered. |
| 1:43.7 | I don't think to call yourself a financial advisor. You could be in the insurance business, which. Now, wait, though. There's one thing, though. There's one thing to take a fee for providing financial advice. That's correct. Even if you're like, you know, you're just some guy who thinks you're really smart and gal and you just say, I'm a financial advisor, give me $25 and I'll give you some advice. And that's actually violating the law. Yeah. And we knew a guy that did it in the great state of Arizona who got paid for taking for giving advice and then got in trouble actually remember he |
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