S2EP24 The Evolution Of Financial Advisors: Age of Change - a podcast by LBW Wealth Management

This topic fires us up quite a lot because we LOVE and are PASSIONATE about our job, yet our industry overall is not up to our standards.  We kicked off the episode with the brief history of “financial advisors”: from being the platform (back then, individuals couldn't trade stocks without a broker), to selling products (that’s what the majority of today’s brokers and dealers are selling: insurance, annuities, funds, etc.), to selling performance and service (RIAs charge you a percentage of assets under management), and to what LBW is doing and what the industry is slowly turning towards: selling advice and knowledge.  We broke down what different types of “advisors” are available today, what roles they each follow, and how they are incentivized differently and charge you differently.  It’s crucial to understand the difference between the suitability rule (followed by brokers and dealers) and the fiduciary rule (followed by RIAs) and how they will affect you.  Tim passionately explained why he has a problem with our industry and where he sees the future unfolding.  As Dan said, the change is coming, regardless if you want it to or not.  You can either lead the change, follow the crowd, or be left behind.  We, at LBW, choose to lead the change, push the change, and be a part of the change!

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