It’s not just Bob. If you go to the Toyota dealership and ask, “What’s the best car for me?” they will show you the top-of-the-line Toyota on the lot. Go to a Cadillac dealership, and they will recommend that you buy a Cadillac. Bob the butcher, the Cadillac dealer, and the Toyota dealer are businesspeople. They are not required to look out for your best interest.

Financial Planner Does Not Mean Financial Fiduciary

The problem is that 90 percent of Americans think that their financial planner is a fiduciary when they’re not. When you go into the bank and ask them what to invest in, they are likely going to sell you whatever investment products they have that make them the most money. That is their business model. They’re not necessarily going to do what’s in your best interest because they are not required to. That’s the case for any financial institution from banks to brokerage firms.

Find Trustworthy, Fiduciary Financial Experts to Manage Your Money

Ultimately, these biased products, solutions, and strategies are built to profit them and imprison your finances. That’s why you need a nutritionist, unlike Bob, who considers the importance of all food groups and a balanced approach; why you need an impartial car guru who knows the top cars across all brands that would best meet your specific needs. It’s why you need a fiduciary financial advisor who can help you invest like the wealthy and plan with the expertise you want and the industry objectivity you need.