So you go to a planning meeting and find out that the company is full of award-winning brokers selling 5-star funds. Well, you need to know what the awards are for. Today, Paul brings an article where a broker seems to be bragging about their award-winning strategies when, in reality, they are bragging about speculating and market timing and bringing in income for the company they work for. Listen along as Paul breaks down the argument that highly rated brokers and funds lead to better performance for investors.

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Paul got to talk with a bright young financial industry professional who wanted some advice on how to navigate the industry and find a job where he could use his skills and his interest in personal financial planning to help people. This leads to an important conversation about the biggest challenge that both advisors and their investors face in today’s planning landscape: Most education about investing comes to advisors and investors from companies trying to turn a profit selling financial products.

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Paul asks AI: “Why can’t people stand working with financial advisors?” Much to Paul’s surprise, AI hit the nail on the head with 10 reasons people don’t trust and won’t work with a financial advisor. Listen along as Paul walks through each reason and explains why people are disillusioned with the industry. Later in the episode, Paul brings up a WSJ article about retirees who keep moving to places that have a high risk of natural disasters.

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Finally, a state has required high school students to take a class on personal finance. Paul talks about the need for good education for all Americans around economics and personal finance and shares some common misconceptions the average American has because this kind of education wasn’t prioritized in the past. Listen along as Paul shares a few books you can read to catch up on basic personal finance and economics topics and why education keeps you from being manipulated by people who know a little bit more than you do. Later in the episode, Paul covers what happens when the FED drops interest rates more than we think. Is this a political move or is there something the FED knows that we don’t?

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A listener wants to know what they need to do with their 401(k) plan when their job changes. Paul walks through a few important steps to consider during this life change and how to look through the options at your new employer to find the most diversified investments. Later in the episode, Paul wants you to know that people who are really harping on the idea of having a “tax-free” retirement are likely just using these buzzwords as a marketing tool. Paul touches on where taxes fit into a retirement plan and a few of the traps you can fall into when you’re chasing the lowest possible taxes.

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Paul starts by sharing his excitement about a big client appreciation dinner coming up next month and shares the details on how to get involved. Then, Paul talks about some conversations he had this week with financial advisor coaches about how financial advisors can help people overcome the fears that make them park all their money in fixed-income assets and incur inflation risk. Paul talks about what you can do to pinpoint the fears you have about investing and how education can help you overcome them. Many people develop fears out of the misinformation from financial media or the risky financial practices of the industry, but there is another way forward.

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Paul talks about his transition from trying to learn about investment products and starting his own career to learning how to educate investors and understanding what it truly means to work for someone for their own best interests. Paul talks about the Prudent Investor Rule, which is a legal framework that is used when minors or others unable to manage their own assets need to trust someone to enact a financial plan on their behalf. He also tells the story of the first conversations he had with his dad about the proven academic research behind investing that the industry flat-out ignores and how these influenced him over the years.

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Today, Paul tells a story about his younger self, who heard a pitch about the benefits of annuities and was left with plenty of doubts. Paul talks about what stood out to him about the pitch and the moment Paul realized he needed to pursue more education instead of following an industry that seemed set on pitching high-commissioned products as intelligent investing strategies.

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