Welcome back to the 216th episode of the Financial Advisor Success Podcast!
My guest on today’s podcast is Jason Zweig. Jason is a financial journalist who wrote one of the first books on behavioral finance and neuro-economics and writes the “Intelligent Investor” column for “The Wall Street Journal.” What’s unique about Jason, though, is his perspective on the financial services industry, having covered it for nearly 25 years, and why he sees the future value proposition of financial advice as being less of an ‘expert’ and more about the advisor as a ‘curator’ who identifies the best solutions and systems for clients to get the answers they need.
In this episode, we talk in-depth about the parallels between the fiduciary ethics of financial journalism and financial planning, the difficulties that consumers face in trying to determine who is a credible journalist or credible financial planning expert, and why being able to say, “I don’t know,” in response to a client’s question can actually be viewed as a litmus test for who is really a true expert in the needs of their clients.
We also talk about the evolving value proposition of financial advisors themselves, the behavioral value that advisors can add to their clients beyond just trying to get higher returns, why even the hand-holding value proposition of helping clients manage their behavior could eventually be replaced by technology, and Jason’s views on why the AUM model has been so stubbornly persistent, despite decades of naysayers calling for its demise.
And be certain to listen to the end where Jason shares why he doesn’t believe financial planning is yet a true profession and what it would take to get there, why he’s written a number of sharp, investigative articles about financial advisors and the CFP Board, in particular, over the past decade, and his guidance about where new financial advisors should focus if they want to be successful in the decades to come.
So whether you’re interested in learning more about how Jason views the “art” of giving financial advice, whether he sees advisory fee models changing, or his perspective on whether financial planning is a profession, then we hope you enjoy this episode of the Financial Advisor Success podcast.