One of the most annoying things in the world is complaining about a problem without offering a solution. Prepare yourself for a healthy dose of that. I generally make it a practice to not do that. Alas, I don’t have the intelligence, resources, or wherewithal to fix this problem, but it’s a HUGE problem nonetheless. The financial industry doesn’t understand the word “best.”
Let’s start here, if you were to call up any large financial planning company and speak the following phrase “I would like to speak with your absolute best financial planner please,” your call would be immediately transfered to the firm’s top producer. You asked for the best financial planner. And the company is likely to send you to the “best” financial planner by their measure, revenue. I’m not anti-capitalist, or anti-financial planner for that matter, but this is a problem.
Don’t get me wrong, I’m not blaming the advisor, in this instance. The industry, mainly companies, have the problem. If they are going to continue to recognize top revenue-earners, then they will continue to face scrutiny.
I explored this problem in detail on last week’s radio show. Give the segment a listen below. After listening, I’d love to hear your thoughts. Leave a comment, and let me know how you feel.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.