Planning for retirement can be a daunting task, which is why millions of Americans use a financial advisor. But there’s a whole world of financial advising that many people don’t know about.
Robert “Bob” Powell sits down with Michael Kitces, Buckingham Wealth Partners head of planning strategy, and wealth management student Reeya Patel at the 2024 Schwab Impact event to discuss everything you need to know about financial advising. Reeya and Michael each offer unique insights into the world of financial advising and how changing technology, culture shifts with younger generations, and more impact retirement planning in this week’s episode of Decoding Retirement.
How tech impacts financial advisors and their clients (:45)
Many assume that technology is displacing professionals, but in the advisor space, so far, that hasn’t been the case.
“We get to spend more time actually helping clients to the full breadth of their financial needs.”
Financial advisor fee models (8:20)
There are many different ways to get financial advice. Which method is right for your needs?
“Not everybody actually has a want or need to hand over their portfolio and say manage all the money things.”
Understanding behavioral biases in the younger generation (20:40)
There are many different biases that people have that impact their investment strategies. But what particular biases do the younger generation experience?
“Overconfidence is a big one. I know a lot of us, when they see a stock go up they say ‘oh let’s invest in it.'”
Video highlights:
:45 – How tech impacts financial advisors and their clients
4:30 – The importance of personally catered advice
6:00 – Understanding the crisis of differentiation in the financial advisor space
8:40 – Decoding financial advisor fees
13:50 – Lessons from the CFP program
15:50 – Entering the workforce as a financial advisor
10:35 – Understanding behavioral biases
Retirement planning doesn’t mean locking up your money for a rainy day and forgetting about it. Planning your future means reacting to events today. Decoding Retirement gives you the tools to navigate the years ahead, and take action now!
Yahoo Finance’s Decoding Retirement is hosted by Robert Powell, and produced by Austin Rivera.
Find more episodes of Decoding Retirement at https://finance.yahoo.com/videos/series/decoding-retirement.
Thoughts? Questions? Fan mail? Email us at [email protected].
Editor’s note: This post was written by Austin Rivera.
