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Rethink: The Financial Advisor Podcast episode 21 with Tom Hegna

Episode 21: Are you a Fake Fiduciary? A Rethink Podcast featuring Tom Hegna

 

If you’re a fiduciary, are you honestly on the lookout for your client’s best interests?

What does it really mean to be a fiduciary? Let’s start there. The most common definition here is that a fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties. Typically, a fiduciary prudently takes care of money or other assets for another person.

You can find out more in this episode, as Adam Holt and I are joined by one of the most prolific industry speakers, Tom Hegna is considered by many an expert in Retirement Income and Security common sense! He comes to Rethink Tank to shed some light on the irony of the current attitudes towards “fiduciary” and sees a huge hole in most professionals’ stories. He also provides some insight into the ins and outs of today’s financial advice market and what consumers are really looking for from their professionals.

In this interview with Tom Hegna, we asked him our core questions about what he sees happening in this space, and he was the one who brought up the idea of a ‘fake’ fiduciary.

You should know that we started strong with our first question to Tom: What’s your perspective on the financial advice market? Then, of course, the conversation unpacked vital advice that today’s financial advisor needs to hear.

To summarize, we discuss:

  • Where the financial service market is currently at
  • Why fake fiduciaries don’t look out for their client’s best interest
  • Why advisors survive less than five years in the insurance industry
  • The importance of knowing the product you’re promoting at the right time
  • And more.  

Resources

Connect With Derek Notman:

Connect With Adam Holt:

Connect With Tom Hegna:

About Tom Hegna:

Tom Hegna is an economist, author, and retirement expert. He has been an incredibly popular industry speaker for many years and is considered by many to be THE Retirement Income Expert!

As a former First Vice President at New York Life, retired Lieutenant Colonel, and economist, Tom has delivered over 5,000 seminars on his signature “Paychecks and Playchecks” retirement approach, helping Baby Boomers and seniors retire the “optimal” way. He has condensed a large chunk of his considerable knowledge into five books.

You can watch the podcast below.