John Oliver knows that saving for retirement means navigating a potential minefield of high fees and bad advice, but even John didn’t realize just how bogus some of the ‘trusted advisers’ are until he attempted to set up a 401 (K) for staff employees. Likewise, some fees we’ve come to expect – which are often 1% or lower, are so numerous, that the company ‘advising’ you may make millions from your plan in 30 years, while you – don’t.
If discussions of these matters bore you into google searches containing pigs, top hats, beer and shopping carts, I think you’ll be pleasantly surprised. I was! Even if you’re not ready to think about saving for retirement, this is a fascinating glimpse at an industry which is murky for many of us, but needn’t be. Starting around the 18 minute mark, Billy Eichner and Kristin Chenowith present five simple rules to keep in mind, and make them highly memorable too.
As an added bonus, you can go to www.LastWeekTonight and print out your own certificate stating that you too are a ‘financial adviser or wealth investment professional – because it’s likely that you’re as qualified as they are. While you’re there, print out an official ‘Elf Spotter’ certificate. Don’t ask me what it means, it costs $4,000 and you’re getting it free!