What are financial advisors (measurably) useful for? (EP.249)

<p class="p1">Our focus for this episode is the real utility of financial advisors, and Ben shares a host of research and findings about the supposed and actual value that advisors can offer investors. This segment continues our exploration of investment basics, a fundamental theme for this show and our work at PWL Capital. One of the biggest and clearest lessons that becomes apparent through this discussion is the need for financial literacy independent of advice and so-called expertise from the outside. With that said, we do find time to share some of the positives investors can accrue from dealing with a trustworthy advisor and the conditions necessary for this. Later in the episode, our colleague Lukas Fleck joins us to share his review of <em>The Obstacle Is the Way </em>by Ryan Holiday and some of his own reading habits and tips. We finish the episode with lighter content about hot sauces, TV shows, and Ben's latest home improvement.</p> <p class="p1"> </p> <p class="p1"><strong>Key Points From This Episode:</strong></p> <p class="p1"> </p> <p class="p1">•    Introducing today's question about the usefulness of financial advisors. <strong>(0:03:35)</strong></p> <p class="p1">•    Common financial mistakes made by households. <strong>(0:11:13)</strong></p> <p class="p1">•    Some of the research and findings grounding today's discussion. <strong>(0:18:13)</strong></p> <p class="p1">•    Investing and self-control; what we can learn from data about smokers. <strong>(0:22:49)</strong></p> <p class="p1">•    Looking at some of the potential benefits of hiring an advisor for investors. <strong>(0:28:40)</strong></p> <p class="p1">•    A quick review of Episode 43 with Dave Butler from 2019. <strong>(0:34:07)</strong></p> <p class="p1">•    Today's book review of <em>The Obstacle Is the Way,</em> with Lukas Fleck, and some of the biggest takeaways. <strong>(0:36:43)</strong></p> <p class="p1">•    A look at Lukas' reading habits, favourite recent books, and his increased focus on getting through books. <strong>(0