Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.
Topics Discussed:
- Financial Advisor Types: Anybody working in the financial services industry
- Compensation Models: Pay for services via commission, fee-only, or fee-based
- Challenging Conflict: Provide advice in advisor’s and client’s best interest
- Teaching/Training: How to make sales and do financial planning to offer advice
- Major Manufacturers: Research proprietary products, means of distribution to sell
- Learn Language: Talk like a financial advisor to focus on quality or make sales
- Clients and Referrals: How many to make sales and create custom plan/advice
- Disclosure: Put client’s interests first and disclose/manage conflicts of interest
- Space and Stability: Become a good financial advisor before giving advice
- Find Financial Advisor: Reach out to identify training, guidance, and get paid
- Future of Financial Advice: Take step forward to regulate financial advisor title
Links:
Daniel Wrenne’s Article on Transitioning Away from Northwestern Mutual
Northwestern Mutual CFP Disclosure
Dave Ramsey’s The Total Money Makeover
Donovan Sanchez’s Articles on Conflicts of Interest: