Episode Details

Our focus for this episode is the real utility of financial advisors, and Ben shares a host of research and findings about the supposed and actual value that advisors can offer investors. This segment continues our exploration of investment basics, a fundamental theme for this show and our work at PWL Capital. One of the biggest and clearest lessons that becomes apparent through this discussion is the need for financial literacy independent of advice and so-called expertise from the outside. With that said, we do find time to share some of the positives investors can accrue from dealing with a trustworthy advisor and the conditions necessary for this. Later in the episode, our colleague Lukas Fleck joins us to share his review of The Obstacle Is the Way by Ryan Holiday and some of his own reading habits and tips. We finish the episode with lighter content about hot sauces, TV shows, and Ben's latest home improvement.

Key Points From This Episode:

• Introducing today's question about the usefulness of financial advisors. (0:03:35)

• Common financial mistakes made by households. (0:11:13)

• Some of the research and findings grounding today's discussion. (0:18:13)

• Investing and self-control; what we can learn from data about smokers. (0:22:49)

• Looking at some of the potential benefits of hiring an advisor for investors. (0:28:40)

• A quick review of Episode 43 with Dave Butler from 2019. (0:34:07)

• Today's book review of The Obstacle Is the Way, with Lukas Fleck, and some of the biggest takeaways. (0:36:43)

• A look at Lukas' reading habits, favourite recent books, and his increased focus on getting through books. (0:44:59)

• Advice for starting a book club and Lukas' reading hacks. (0:50:49)

• The after-show; Ben tells us about his basketball hoop, last week's episode of Succession, and the hot sauce debate. (0:54:44)

• Upcoming events, audience reviews, and future guests on the podcast. (0:58:31)

Ad mentioned by Ben:

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Participate in our Community Discussion about this Episode:

https://community.rationalreminder.ca/t/episode-249-what-are-financial-advisors-measurably-useful-for-discussion-thread/23120

Books From Today's Episode:

The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph — https://amzn.to/3MXh1dl

The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money — https://amzn.to/3UM8KLb

Deep Work: Rules for Focused Success in a Distracted World —

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