Should You Pay For Financial Advice?

Life Kit

NPR

Kids & Family, Self-improvement, Business, Health & Fitness, Education

4.5 • 4.9K Ratings

🗓️ 29 April 2019

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We help you understand whether you need an adviser, and if you do want one, how to find someone who will act in your best interest.

Here's what to remember:
- Many people don't need to pay for financial advice.
- Use a "fee-only" adviser, not a "fee-based" adviser.
- Consider low-cost options like robo-advisers or Vanguard.
- You might need to break up with your adviser — but you can still be friends.
- Two online resources can help you find an adviser: NAPFA and Kent on Money.

See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.

NPR Privacy Policy

Transcript

Click on a timestamp to play from that location

0:00.0	If your toilet breaks, you've got options.
0:02.8	Maybe it's not that bad.
0:04.0	Maybe it's just that little flapper thing in the back.
0:06.4	You know that thing.
0:07.5	You can learn how to fix that yourself.
0:09.2	But maybe it's a bigger mess than that.
0:11.5	And you're just not that much of a do it yourself.
0:13.9	Or anyway, it's just time to call a plumber.
0:16.3	And this is kind of a good way to think about financial advice.
0:20.5	I went to pay for it.
0:21.9	Except for one really big difference.
0:24.8	It's not like the way that you pay the plumber
0:28.2	is to hand over a huge bag of money.
0:30.3	Your entire life savings and just say, hey,
0:32.3	you know, take whatever you want.
0:33.6	Because I just don't get toilets.
0:36.3	You would never do that.
0:37.2	That's crazy.
0:38.0	But that is basically what millions of Americans do
0:41.2	with their financial advisors without even realizing it.
0:47.4	This is your NPR life kit for saving and investing.
0:50.4	And in this episode,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from NPR, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of NPR and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.