#200 – 200th episode special edition: my observations about the financial services industry

Special edition 200th episode where Andy shares some of his observations about the financial services industry from his time working in it:

• Creating good and consistent content is hard to do and do well ( 9:32 )
• A lot of content is just clickbait to get your views and/or advertise something to you, and not actually good content ( 13:15 )
• Personal finance is a lot more personal than it is finance ( 17:40 )
• The vast majority (all?) of long-term retirement planning is ultimately just a lot of educated guesses and there is no way to create a perfect or infallible retirement plan ( 21:46 )
• Roth conversions are given too much attention and emphasis ( 28:15 )
• There are a lot of reasons to not like the financial services industry, and most (all?) of the industry is ultimately out to get you to buy something from them ( 33:30 )
• Most of the people in the industry are really good people and do really good work, but they just might not be working in a company or structure that prioritizes the client ( 37:52 )
• There is continued growth and momentum in financial advisors providing planning-focused services at more logical fee structures and service offerings ( 42:17 )
• Tax planning is getting more attention and more advisors are learning about and offering tax planning ( 43:50 )
• The percent of assets under management model doesn't make sense. There are other fee structures that are less illogical, less unfair, less arbitrary in what they charge ( 46:46 )
• The financial services and advisory industry is unfortunately really fragmented between different "factions" of companies, services, products, etc., and it ends up being a disservice to consumers ( 53:12 )
• Tax return prep is a hard business. Please be kind and considerate in dealing with tax preparers, especially in February, March and April! :-) ( 1:00:36 )
  
  

Links in this episode:

• Episode 100 of the Retirement Planning Education podcast - #100 – 100th episode celebration!!! Andy's 100 words of retirement planning wisdom

To send Andy questions to be addressed on future Q&A episodes, email [e-mail]

• My company newsletter - Retirement Planning Insights
• Facebook group - Retirement Planning Education (formerly Taxes in Retirement)
• YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)
• Retirement Planning Education website - www.RetirementPlanningEducation.com