WCI #124: Financial Advisors: The Good, The Bad, and The Ugly with Michael Kitces | White Coat Investor Podcast

Michael Kitces is the brains behind Nerd's Eye View, link which I believe is the most widely read website aimed at educating financial advisors in the world. He blogs for advisors who are serious about their craft, the ones who actually view this profession as a calling and want to get better at it. He wants to teach them how to be a more successful advisors and how to serve their clients better with more expertise. He believes that most harm inflicted on clients by their advisors doesn't occur because of malice or greed but out of ignorance and he wants to help provide a higher standard for competency. We discuss financial advisors acting as fiduciaries and what training we should expect our advisors to receive and what services they can provide. We talk about assets under management fees and whether we will see the end to them in our lifetime or not. We discuss conflicts of interest and advisors trying to specialize in different types of clientele. But he really wanted you to take away from this discussion that you have to get pretty far down the line of investing portfolios before the growth rate of your portfolio is larger than the impact by just spending less than you make and figuring out how to grow your income. It always comes back to the basics. See the show notes at link 

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