On This Episode
As a financial professional, there are things that Mark wishes everyone knew and understood about the financial industry. Today he’s going to share some of the tricks that sometimes get played and how to spot them.
On today’s Saving With Silverman podcast, Mark Silverman CFP® shares some of the financial tricks you need to look out for and what he wishes you knew about financial professionals.
Tricks in financial marketing
We wish everyone knew how to recognize the tricks that sometimes get played in financial marketing. Some people are not financial advisors, they’re financial salespeople.
Even here, there’s a firm that’s on the radio talking about being fiduciaries when all they’re really doing is selling annuities. There’s an estate-planning firm that’s also on the radio. They’re not even attorneys. They’re just trying to sell annuities.
You really want to be with a fiduciary. We only get paid by our clients.
We wish everyone knew what they’re truly paying for their investments. It’s amazing, people try to save money at the grocery store, but they don’t know anything about their investments and fees.
We wish everyone knew what their real risk potential was in their portfolio. Risk is not always a bad word. You've got to take risks to get a return. You need to understand the risk you’re taking and what you’re comfortable with.
Everybody should have some amount of risk in their portfolio. It’s the only way that you’re going to keep pace with inflation.
Thanks for listening! We’ll be back for another show every other Thursday.
Some people are not really financial advisors, they’re more financial salespeople.
- Mark Silverman, CFP®
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
0:56 – Tricks
3:06 – Fees
3:50 – Risk potential
5:13 – Credentials
7:02 – Taxes
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