WCI #282: Fiduciary Financial Advisors
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 29 September 2022
⏱️ 45 minutes
🧾️ Download transcript
Summary
In this episode Dr Dahle talks about fiduciaries and financial advisors. The best way to think of the word fiduciary is to think of it as a person that puts your needs ahead of their needs. There are some financial professionals that have a legal fiduciary duty to you but there are a lot of people out there who call themselves financial advisors who don't actually have a fiduciary duty to you. We discuss what you can do when someone does not act as a fiduciary. We also answer your questions about dollar cost averaging, state specific municipal bond funds, and TSPs. See full show notes here: https://www.whitecoatinvestor.com/classic-blog/
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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Transcript
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| 0:00.0 | This is the White Code Investor Podcast, where we help those who wear the white coat get a fair shake on Wall Street. |
| 0:05.3 | We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011. |
| 0:14.9 | This White Code Investor Podcast number 282, Fiduciary Financial Advisors. |
| 0:20.3 | This podcast is sponsored by Bob Bionny, at drdisabilityquotes.com. |
| 0:25.0 | He's an independent provider of disability insurance planning solutions to the medical community in every state, |
| 0:30.0 | and a long-time White Code Investor sponsor. |
| 0:32.2 | He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. |
| 0:38.0 | If you need to review your disability insurance coverage or to get this critical insurance in place, |
| 0:42.4 | contact Bob at drdisabilityquotes.com today by email info at drdisabilityquotes.com or by calling 973-771-9100. |
| 0:54.0 | Our quote of the day comes from my friend Bill Bernstein, who said, |
| 0:57.9 | if the long-term returns of the asset classes in your portfolio are different enough, |
| 1:02.3 | the rebalancing bonus can be negative. |
| 1:04.8 | This nicely makes the point that the real purpose of rebalancing is to reduce risk. |
| 1:09.6 | In the very long run, this will obviously reduce return. |
| 1:14.4 | Important point for those of you considering rebalancing your portfolios. |
| 1:19.4 | Thanks for what you do out there. |
| 1:21.7 | You might be on your way to work. You're home from work, working out, |
| 1:24.9 | doing chores around the house. I don't know what it is that you do while listening to the podcast. |
| 1:28.5 | Hopefully not operating, but everything else goes. |
| 1:32.4 | The reason you are a high-income professional, |
| 1:36.7 | and I assume you are if you're listening to this podcast, |
| 1:39.3 | is because you do something difficult, something that required a lot of training, |
... |
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