We continue our exploration of the inherent conflicts of interest in the business of financial advice in this next 90 Second Finance video depicting the Economic Bias of Fee-Only Financial Advisors.
YES, in doing so, I’m turning the sword on myself—I am, indeed, a fee-only financial advisor. Having spent time as a commission-only, fee-based and now fee-only advisor, I don’t shrink from my belief that the fee-only model is the best…but that doesn’t mean it’s perfect. And as I mentioned in the introduction to this series, EVERYONE is biased; it’s a fact of money and life! The goal should be to acknowledge biases where they exist and reduce them to the greatest degree possible.