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22/365: Fifteen Years of Wall Street Wisdom in Ten Minutes
Hey everyone! In this podcast, I’m sharing what I’ve learned over my 15 years on Wall Street, all packed into just ten minutes. When I started, I was just trying to support my new family, but I quickly realized I didn’t know much about finance or investments, even though I had a sales background.
The financial industry can be super high-pressure. There’s a constant push to sell products that make a lot of money for the companies, which can be really tough for newcomers. It’s no surprise that many financial advisors don’t stick around for long because of this intense pressure.
One moment that changed everything for me was when a client asked, “How do I know this investment benefits me more than you?” That question stuck with me and almost made me quit. It pushed me to rethink how I worked and eventually adopt a fiduciary model, which means I have to put my clients’ interests first.
I’ve learned that while not many advisors are dishonest, the number can go up when the incentives are strong. This isn’t just true on Wall Street but in many industries. For instance, the Wells Fargo fake account scandal showed how bad incentives can lead to people acting against their morals.
Another big takeaway is that financial advice shouldn’t just focus on money. We need to consider other life issues like health and relationships. These can significantly affect a person’s financial success. Unfortunately, there’s often no incentive for advisors to discuss these non-financial issues, but it’s crucial for real financial planning.
I also noticed that when people are given powerful incentives, they can behave in unexpected ways, even if they’re good people. This can lead to poor decisions. It’s a reminder that we need to keep our values and ethics in check, especially when the world feels crazy.
In the end, I believe understanding these incentives and how they affect our behavior can help us make better choices, both in finance and in life. So, let’s stay aware and prioritize what truly matters!
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By Joe SotoHey everyone! In this podcast, I’m sharing what I’ve learned over my 15 years on Wall Street, all packed into just ten minutes. When I started, I was just trying to support my new family, but I quickly realized I didn’t know much about finance or investments, even though I had a sales background.
The financial industry can be super high-pressure. There’s a constant push to sell products that make a lot of money for the companies, which can be really tough for newcomers. It’s no surprise that many financial advisors don’t stick around for long because of this intense pressure.
One moment that changed everything for me was when a client asked, “How do I know this investment benefits me more than you?” That question stuck with me and almost made me quit. It pushed me to rethink how I worked and eventually adopt a fiduciary model, which means I have to put my clients’ interests first.
I’ve learned that while not many advisors are dishonest, the number can go up when the incentives are strong. This isn’t just true on Wall Street but in many industries. For instance, the Wells Fargo fake account scandal showed how bad incentives can lead to people acting against their morals.
Another big takeaway is that financial advice shouldn’t just focus on money. We need to consider other life issues like health and relationships. These can significantly affect a person’s financial success. Unfortunately, there’s often no incentive for advisors to discuss these non-financial issues, but it’s crucial for real financial planning.
I also noticed that when people are given powerful incentives, they can behave in unexpected ways, even if they’re good people. This can lead to poor decisions. It’s a reminder that we need to keep our values and ethics in check, especially when the world feels crazy.
In the end, I believe understanding these incentives and how they affect our behavior can help us make better choices, both in finance and in life. So, let’s stay aware and prioritize what truly matters!
Follow the podcast. I'm shooting these free episodes for a limited time only...