Episode 269: Preet Banerjee: A multi-dimensional analysis of the value of financial advice

<p dir="ltr">This week we welcome back return guest Preet Banerjee, a renowned speaker, personal finance expert, consultant, and author of Stop Overthinking Your Money. Listeners may remember Preet from his previous appearance on the show back in 2019 when he was first embarking on his doctoral journey. Several years and one pandemic later, Preet has finally made it through the monumental task of completing his dissertation! We spend today’s conversation with Preet getting into the fascinating details of his research which interrogates the value of financial advice within households and explores the pressing question of whether it’s worth getting it. Preet provides a comprehensive overview of the current state of financial planning and shares his most intriguing findings before unpacking the policy and regulatory recommendations that emerge from his research. The latter part of the show includes our Mark to Market segment with Mark McGrath, where this week, he delivers key insights on retirement savings plans (RSPs) and why he believes RSPs are actually tax-free. You’ll also hear our reflection on our past conversation with Colonel Chris Hadfield, paired with a book review of Kevin Kelly’s Excellent Advice for Living: Wisdom I Wish I'd Known Earlier. Join us for an expansive episode on the value of financial advice along with timely insights on what truly matters in life!<br /> <br /></p> <p dir="ltr">Key Points From This Episode:</p> <p><strong> </strong></p> <ul> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">(0:03:34) Background on today’s guest, Preet Banerjee, and the focus of his research: the value of financial advice to households and whether it’s worth getting it. </p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">(0:06:29) Key problems with past research attempting to demonstrate the value of financial advice (including the portfolio-centric advice model). </p> </li> <li dir="ltr" aria-level="1"> <p dir="ltr" role="presentation">(0:10:47) A review of the existing l