The theme this week on the One Minute Retirement Tip podcast is: the problem with financial experts.

Today, I’m talking about the problem with taking advice from big financial institution bigwigs. These experts are often showcased on national TV programs and they carry titles like chief investment officer. They’re bright and articulate, but the problem with this type of advice from people who work at large financial institutions is that it is often so generic and so watered down that it ceases to have any value. 

Big financial companies tend to have very grumpy compliance officers and attorneys who are waiting to pounce as soon as the bigwig in question slips up and says something off the cuff. 

I used to work for these big financial institutions. For the first decade of my career I had to get compliance approval every time I sneezed. These companies need to keep their name in front of you, so they are eager to weigh in on CNBC or be quoted in the Wall Street Journal, and they are usually worth listening to...if they would only share their ACTUAL opinion on something, not parrot the talking points that their compliance department told them to say. 

So I think if you can’t pin these bigwigs down on anything and they stay in the middle lane, saying things like “Well on the one hand, you could...and on the other hand you could…”, then I don’t think it’s worth it to take their advice. 

That’s it for today, but before you go I need your help. I’m planning an upcoming weekly theme on the podcast of “ask me anything”! What’s weighing most heavily on your mind right now as you approach retirement? Submit your question to me, I’ll pick 5 of my favorites, and answer them on the podcast. Just send me an email to [email protected]. That’s [email protected], and even if I don’t pick your question to answer on the podcast, I’ll do my best to reply and send you an answer.

Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance