Live in the studio with us today is Preet Banerjee, renowned speaker, personal finance expert, consultant and author of Stop Overthinking Your Money. He is also the founder of MoneyGaps, a hybrid-advisor platform designed to help financial advisors make financial planning accessible to more Canadians. Having done a reality TV show and with a popular YouTube channel, Preet is on the forefront of the finance world, and he is here to talk to us about the findings that his DBA research has produced. He discusses his endeavour of seeking empirical evidence for the actual contribution that advisors are making to the financial lives of people, and we talk about the crucial difference between robo and human advisors and how people’s diverse needs demand diverse solutions. This is a really insightful conversation with someone who knows what he’s talking about, so be sure to listen in on this one!

 

Key Points from This Episode:

• What is the value of financial advice? Preet shares about his DBA research. [0:02:33.0]
• Preet’s history in finance and how he gained a more objective perspective. [0:05:13.0]
• Speculating around the findings and more about his research design. [0:06:41.0]
• The relationship between wealth and financial advice: correlation or causation? [0:11:11.0]
• Measuring the performance of someone who uses no advisor. [0:14:17.0]
• How the financial security of the home you grew up in affects your finances. [0:16:26.0]
• Building the model to score financial wellbeing and the challenges that surfaced. [0:20:20.0]
• Paying more attention to aspects outside of portfolio management. [0:25:09.0]
• MoneyGaps as a platform for affordable financial planning. [0:29:04.0]
• How the value of human advisors depends on each individual consumer. [0:33:34.0]
• The core benefits of human advisors. [0:34:44.0]
• And much more!