Episode 116: 🎙️ Unmasking the PINOs: How to Spot the Impostors in Financial Advice

Welcome to the 9Innings Podcast where we Educate, Empower and Engage. In this episode of the "9innings Podcast," host Kevin Thompson, converses with Chuck Failla CFP®, founder of Sovereign Financial Group and host of the GoRIA Podcast. They delve into the fiduciary standard in the financial advisory industry, addressing the challenges posed by "planners in name only" (PINOs) and the distinctions between broker-dealers and independent registered investment advisors (RIAs). The discussion highlights the importance of fiduciary responsibility, the value of RIAs, educating clients, and the need for title protection and simplification within the industry. Debate on Fiduciary Standard (00:01:30) Consumer Awareness in Financial Advice (00:05:28) Discussion on Planners in Name Only (PINOs) (00:05:55) Social Media and Financial Expertise (00:09:04) Pushback from Broker Dealers (00:11:07) Barriers to Independence (00:14:19) Ownership of Book of Business (00:17:00) Value of RIA vs. Broker-Dealer (00:20:16) Liability and Consumer Awareness (00:23:10) Future Initiatives for the Fiduciary Standard (00:24:26) Concerns Over Designations (00:28:03) Final Thoughts on Industry Standards (00:29:18) NEWSLETTER (WHAT NOW): https://substack.com/@9icapital?r=2eig6s&utm_campaign=profile&utm_medium=profile-page Follow Us: youtube: / @9icap Linkedin: / kevin-thompson-ricp%c2%ae-cfp%c2%ae-74964428 facebook: / mlb2cfp Buy MLB2CFP Here: https://www.amazon.com/MLB-CFP%C2%AE-90-Feet-Counting-ebook/dp/B0BLJPYNS4 Book Meeting: https://outlook.office365.com/book/G12473568acb64f719ff3e79cfc9d55ed@NETORGFT11398641.onmicrosoft.com/ Website: http://www.9icapitalgroup.com Hit the subscribe button to get new content notifications. Corrections: Editing by http://SwoleNerdProductions.com