Over the years I have listened to and both enjoyed and cringed at various financial planning, retirement planning radio and podcasts shows. Part of the reason is that I have been doing a call in financial talk radio show continuously for 20 years and podcasting that same show for the last 10 years and I want to hear what my competition is doing.
Many of the talk financial talk shows are nothing more than commercials where a salesman pitches his products. It is much harder to find those shows that truly give the listener information they want. That has changed somewhat with the advent of financial talk podcasts or podcast that attempt instruct rather than push an idea or product. Scammers have discovered this venue to spread their reach for their nefarious efforts to remove you from your money.
Fortunately, it is fairly easy to separate the salesmen and scammers from the truly investment information sharing or teaching effort. All you have to do is listen to the hyping of a product or service. There is nothing wrong for the podcaster or radio show to offer a service as long as they are not pushing a product over the airwaves. When you hear the virtues of a financial product or service always ask yourself how they know it is suitable for me, the listener. Obviously the podcaster does not know you, his potential customer, so how can he offer something for you unless it is generic or it is only sales pitch. Instead you should hear the radio or podcaster either just giving information or asking to speak with you to determine your needs.
The SEC has rules about managing a person’s assets. One is that the manager must know his customer. How can that happen without speaking with them. So be wary of the sales pitch. Also, if you are listening to a financial planning podcast or radio show the only way to know what is best for a potential client is to have a conversation to determine the best course of action. Do not buy anything over the radio or web that a financial ‘expert’ or ‘guru’ is offering.
The other kind of financial talk radio or podcast show you need to be wary of is those that talk in absolutes. When it comes to investing nothing is certain. No one knows what a stock will do or that what the economy will do. The people you want to listen to are those that speak intelligently in a language you can understand and without any hype. After many years managing money I have discovered that the so called experts are very often wrong. Think back to the dotcom bubble and the year before it imploded. There were virtually no Wall Street experts warning us about over valuations and almost in unison they were telling the public to buy the dotcom stocks just before they crashed. Or the financial bubble just before the 2008 recession, Well Street experts were pounding the desk about how secure their offerings of debt based on real estate was when they were selling that debt to the public. Do not listen to the experts when they start a stampede into a specific asset or class of assets. They are the only ones that make money when that happens.
Instead search out the calm reasonable voices. Those that share ideas and present facts but make no guarantees. It has been our intent to do that on our call in financial radio show and podcast we call Investtlak.