The American proverb “you get what you pay for” is well understood but not commonly applied. Nowhere is this made more abundantly clear than in the food services industry, where people line up for cheap, borderline toxic calorie bombs to satiate their immediate cravings.
One should not ask why healthy food is so expensive but why fast food is so cheap. The idea that a drive thru diet is lower cost is an illusion once you factor in the long-term health consequences of indulgence.
This gets to the root of the question Ben and Brent discuss in today’s episode: where can we find the biggest rip offs in investing and how can we avoid them?
Everyone loves a deal almost as much as they love themselves. This makes us susceptible to overconfidence errors in economic assessment.
We find this to be especially true when it comes to purchasing financial advice. It’s also true that shopping for financial services is a highly variable experience with a non-zero chance of major trouble.
It’s difficult to price the value of an advisor but that doesn’t stop us from trying. The simplest interpretation is to think of a financial advisor as a stock picker - someone who can help you garner an edge.
False. In fact, if this is the pitch then that is the first sign that your non-zero chance of major trouble is now closer to 50/50. If you want an edge, run for congress. We hear they have a legal insider information scheme going on.
Pinpointing the value of an adviser is a nuanced subject that requires discussion. As Shrek would say, it has layers. If you're shopping for advice or just wondering what high-quality advice should look like, this episode is for you!
About your Hosts
Ben Jones, CFP®
Managing Director, National Wealth Management Group
Sign up for Ben’s newsletter at www.karastick.com
Follow him on X @thekaratstick
https://www.linkedin.com/in/ben-nwmg/
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Brent Gargano, CFP®
Founder & Advisor, Infinite Wealth Planning
www.infinitewealthplanning.com
Connect With Brent -> linkedin.com/in/brent-gargano-cfp®-2067b573
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Editor:
Trevor Gargano
Email: Trevor@trevorgargano.com
Linkedin: https://www.linkedin.com/in/trevor-gargano-72727b67/
Website: TheDigitalQuarterback.com
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Disclosure:
Investment advice offered through National Wealth Management Group, LLC.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The information presented is for educational and informational purposes only and is not intended as a recommendation or specific advice.
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