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.
I had the opportunity recently to work with some great folks at the Journal of Medical Practice Management. They had been exposed to The Financial Crossroads and asked if I would write an article to be published in their offering to doctors and medical practice managers. The topic? How to choose the right financial planner. Which, incidentally, became the title of the article.
As I reviewed the article prior to publication, I realized that although the article was initially geared towards those in the medical realm, the education is indeed quite universal. Furthermore, there has never been a time at which so many people have been asking the questions in my lifetime: “How do I know how to choose the right financial advisor? Who can I trust? How can I verify?”
So I was very pleased when I found out that the Journal of Medical Practice Management had licensed an online outfit to reproduce some of its articles, allowing me to share it with you and anyone you know who might be asking the question, “How do I choose the right financial planner?”
Read the entire article now by clicking HERE!