AIE 157: Regulating Personal Finance Influencers

Note: Tom had some internet issues early on in the interview, sorry about that!

Lauren kicks off by asking what the difference is between a financial advisor and a financial planner. Interestingly, they can be very different or very similar. Tom thinks anyone who panicked during the toilet paper shortage should have a financial planner (those that panic!). Also, he thinks people with complicated portfolios, like maybe doctors, as well as second generation wealth. Of course, given Tom’s licenses and certifications, Lauren had to ask about them, like the FINRA ones or the CFP. Tom believes the barriers to entry are important in this space. What about personal finance influencers? Lauren wants to know! Turns out, like almost everything, social media has positives and negatives. How do you tell the good advice from the bad? Tom suggests reading credible books, like perhaps some from Bogle. (Lauren would also recommend The Simple Path to Wealth and Psychology of Money.) As far as regulations go, regulating social
media influencers might do more harm than good, according to Tom. Now that Tom has left his career, he’s loving podcasting for the Money Happy Hour. Sometimes, he records about hot takes, like when Dave Ramsey said it’s easy to get 12% returns in index funds.

If you liked this episode, you’ll also like episode 37 about Advising Fees with Jude Boudreaux.

About Tom:

Tom the Savings Captain had a 30-year career in financial services as an Advisor and leader with several large investment and stock brokerage firms. Tom holds several FINRA licenses and his CFP designation.

Connect with Tom:

https://twitter.com/SavingsCaptain

https://thesavingscaptain.com/

Connect with Lauren:

⁠https://twitter.com/AdultingIsEasy⁠⁠

⁠⁠https://www.instagram.com/adultingiseasyreal/⁠⁠⁠⁠⁠

⁠https://www.housemoneymedia.com/