Finally! Someone in the mainstream media caught up with the times and discussed some of the issues within the financial advisory world that we have been sharing with listeners for over a decade now. HBO’s John Oliver, host of Last Week Tonight, put the commission based financial advisory world on blast by sharing his experience of implementing a 401k plan for the Last Week Tonight staff.
Brian heard about this episode of Last Week Tonight and instantly knew that we needed to add our perspective to the topic. The episode went viral with nearly 3 million views in 4 days on YouTube. HBO seemed to have no worries about any reverberation from the financial industry because they called out the big insurance companies, specifically, by name. Enough with our summary, here is the video (parental guidance suggested for bad language):
In this week’s show we talk through the points that John Oliver brought to light in his 20 minute segment and relate his misfortunes to situations we have worked through with our clients.
We cover:
- How the commission industry gets paid
- The hidden fees insurance companies sneak into their products
- The power of indexing and keeping portfolio costs low
- Why it is important and necessary to have an advisor who is a fiduciary
- The 5 steps you need to take to have a better financial life
Tune In and Go Beyond Common Sense with the Money Guys
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