Ep. 1994: The $31,000 Advice Bill

Don and Tom unpack what financial advice should cost after a retired couple discovers they’re paying $31,000 a year. They compare fee-only, fee-based, and commission models, explain how hidden fund expenses compound the damage, and show why every advisor should disclose the full all-in cost. Listener questions cover the Avantis balanced fund, building retirement income from a total-return portfolio, and where bonds belong across taxable and retirement accounts. They also compare qualified charitable distributions, donor-advised funds, and charitable gift annuities—and explain why complexity and guarantees can hide expensive tradeoffs. 0:41 Cajun opening 2:50 What financial advice should cost 8:03 Do you actually need an advisor? 11:11 Hidden fund fees and commissions 16:31 Listener questions 18:04 The Avantis balanced-fund correction 19:30 Building retirement income 22:23 QCDs, donor-advised funds, and charitable gift annuities 29:17 A musical warning about bad advice Questions? Comments? Click!