Elf Spotting, Financial Advisors & Fiduciaries

//Elf Spotting, Financial Advisors & Fiduciaries

It’s been just over 2 years since I made this post.  The sentiment of the video and my remarks are as true today.  It was circled back to me from a great friend and client today, so I thought I would re-share it with all of you….

 

Thank you John Oliver for explaining the problems in the financial advice industry in a way that I never could (with a lot of swears and humor).

That bowl of soup explains better than I ever could exactly why we act as fiduciaries for our clients.

Oliver outlines the reality of the impact of fees (most of which are hidden).  This is exactly why we have moved to a flat fee model for our Personal CFO relationships.  We want you to know what you pay (in dollars) for the advice/guidance we provide. 

He discussed the new Department of Labor ruling which I wrote about in a recent blog post.  Here are my ‘boring’ thoughts:

http://spcfo.com/single-point-of-view-blog/entry/singlepointofview/thoughts-on-the-recent-dol-ruling.html

When the lobbyist for the big financial institutions are fighting this hard against a change, you know it is for a reason (hint: it probably isn’t because they truly believe it is best for you).  The argument that the lower to middle income people will be hurt by this the most doesn’t resonate with me.  The industry will, and should adapt, to pricing structures that work for a business model that supports providing advice to people while being held to a simple standard of it being in their best interest. 

I love seeing these issues come to light.

 

By | 2018-08-01T01:06:54+00:00 July 31st, 2018|Categories: General Planning|Tags: |1 Comment

About the Author:

Shaun Erickson
My clients utilize me as a partner to help them feel confident in the decisions they make in life. An ideal client for me is someone who is looking for advice beyond the allocation and management of their liquid investment portfolio. As a finance major at Bentley College I began to build skills that allow me to help my clients understand the financial impact of their decisions. For 11 years at Baystate Financial, starting in 2001, I developed an understanding of the practice of financial planning. In 2012, I was driven to found Single Point to build a firm that was focused on the agenda of my clients. The name of our company was born from the idea of being a "single point of contact" for our clients. I recognize that I do not have all of the answers, therefore, we have built our business around a great network of experts and resources for our clients. We place an important focus on researching, vetting, and collaborating with various professionals and services for our clients. When I don't have the answer, I pride myself on knowing the right questions to ask, and who to ask them of. As an active member of Financial Planning Associations of MA, I am involved with their pro-bono programs with Dana Farber Cancer Institute and The Midas Collaborative. My clients are spread across the country, but I live in Boston with my wife Alicia and our three children.

One Comment

  1. Mark Bresnahan August 1, 2018 at 1:32 am - Reply

    Awesome reminder and John Oliver is funny. You have definitely taught us about the value of reducing fees. Thank you!!

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