On the June 12th episode of Last Week Tonight, host John Oliver hilariously took on the many pitfalls of the retirement industry, pointing out the financial minefield it encompasses, the host of fees that are piled on top of one another and the lacking credentials of financial advisors.
The Financial Industry Regulatory Authority warns customers to be aware that financial analyst, financial advisor, financial consultant, financial planner, investment consultant and wealth manager are generic terms or job titles and may be used by investment professionals who may not hold any specific credential. So financial analyst is just a fancy term that doesn’t actually mean anything. Sort of like brand ambassador or the John Oliver effect – meaningless, completely meaningless. But even many well credentialed financial advisors are paid on commission, so if they recommend something for you it may be because they stand to make money. In fact sometimes they’re actively incentivized not to act in your best interest.