When someone asks “How does my financial advisor get paid” it should be a relatively easy question to answer and understand. Unfortunately, that’s not the case much of the time. Fortunately, this post will not only answer that, but provide you an awesome chart to see exactly where conflicts of interest exist in all of the most common financial advisory models!
Whenever I tell people outside of medicine how bad doctors are with money, they are always shocked. Almost universally they wonder why we don’t save enough money. They understand that – in order to become a doctor – you must be hard working, intelligent, and dedicated to the cause. These are the same attributes – when they are applied correctly – that result in financial success. How in the world can doctors be bad with money, then?
If you have ever wondered about how much you can take out in retirement or if you will be able to withstand a down market right when you retire, this post is for you. It is a case study with graphs and charts that will help you better understand the dilemma, and whether you have “enough” to be financially independent. It is a must read.
I was listening to one of the What’s Up Next podcasts (Episode 18). This particular episode featured four financial advisors. Interestingly, I know all four of them (and one of them is a recommended financial advisor on this site, with one of the other four soon to follow). The podcast was wide ranging, but one … Read more
In The Physician Philosopher’s Guide to Personal Finance, one of the chapters is on conflict of interest. Why? Because conflicted financial advice is one of the biggest reasons that physicians make financial mistakes. In the process of writing that chapter, I had the opportunity to hear a WCI podcast episode. In this episode, he interviews … Read more