Executive Summary: I work out at a gym whose motto painted on the wall is “Stronger Than Yesterday.” This motto has nothing to do with anyone else. It’s solely about being better than you were the day before. It’s about constantly improving and doing the right things each day to continue moving in the right direction. Focus on the process. Enjoy the journey. It’s the same when it comes to your finances. Don’t worry about anyone else. What they are doing is irrelevant. Get your plan in place and then do the right things everyday to keep marching towards the goal of true financial independence…financial freedom…whatever that may mean for you. Continue reading ““Comparison is the thief of joy.””
I’ve often discussed the differences between the commissioned model embraced by brokers, banks, and insurance companies and the fee-only model of independent registered investment advisors (RIAs).
Besides obvious differences in compensation structure, independent, fee-only RIAs are also held to the fiduciary standard. If you want perhaps a more helpful and colorful explanation of the fiduciary standard, I suggest you check out entertainer John Oliver’s segment on the topic.