Financial Advising vs. Financial Planning - Episode 008

Are financial advising and financial planning the same thing? Todd and Kim say they are NOT! In this episode of The Prosperity Podcast, "No BS Money Guy" Todd Strobel and Kim D. H. Butler, best-selling financial author, clear the murky air and set straight the differences between financial advising and planning.

Our hosts point out the impossible problems of financial planning and the traps we can fall into when relying on financial planning. They also talk about how financial advising is different and WHY it works better than financial planning to build wealth and prosperity.

0:20 – Welcome! 0:45 – Financial Advising vs Financial Planning 1:48 – The faults of financial planning 4:20 – The advantages of financial advice 5:50 – "Projected" retirement age? 7:30 – The risk tolerance question 9:00 – Average vs. Actual 11:10 – Target portfolios and the stock vs. bond split 12:30 – Full disclosure 13:20 – Focusing on the next 3-5 years 13:45 – Using Prosperity Economics 14:40 – Wrapping up