How Conflicts Of Interest Muddy the Financial Advice Waters with Donovan Sanchez

Physicians seeking independent financial planning advice at a fair price should find financial advisors who mitigate conflicts of interest that cause more harm than good.

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Donovan Sanchez, a Certified Financial Planner (CFP) and founder of Skyview Financial Planning. Donovan covers different conflicts of interest that most people are unaware of and the importance of disclosure requirements to find a quality financial advisor.

Topics Discussed:

Financial Advisor Types: Anybody working in the financial services industry
Compensation Models: Pay for services via commission, fee-only, or fee-based
Challenging Conflict: Provide advice in advisor’s and client’s best interest
Teaching/Training: How to make sales and do financial planning to offer advice
Major Manufacturers: Research proprietary products, means of distribution to sell
Learn Language: Talk like a financial advisor to focus on quality or make sales
Clients and Referrals: How many to make sales and create custom plan/advice
Disclosure: Put client’s interests first and disclose/manage conflicts of interest
Space and Stability: Become a good financial advisor before giving advice
Find Financial Advisor: Reach out to identify training, guidance, and get paid
Future of Financial Advice: Take step forward to regulate financial advisor title