The financial industry clearly has a retirement problem. Right now, over half of Americans are not saving enough money to retire. In fact, you might even be one of them! On his last show, the comedian John Oliver sat down to try to tackle some of the problems facing the financial industry today. So how did he do?
According to our host Patrick Donohoe and special guests Bryan McCloskey and Gary Pinkerton, not too bad. John started out strong by addressing some dismal statistics about our retirement readiness and financial preparedness, highlighting the need for change. He went over some of the problems wall street has with helping people manage their money today – hidden fees, financial advisors motivated primarily by self-interest to the detriment of their clients, and poor money personal money management.
However, unfortunately, the conclusion he came to was lackluster. He suggesting that legal regulation and a switch from actively managed wall street accounts to index accounts. Unfortunately, the baseline of his suggestion was to switch from one unaccountable, risky place to store your money to another, slightly cheaper, unaccountable place to store your money and to rely on the government to fix the problems in the financial industry from the outside.
Patrick, Gary, and Bryan talk about the great importance of fixing the system from the inside out and the benefits of change that starts on the inside. They also talk about the importance of finding alternatives from Wall Street altogether – safe places to store your money where what benefits you benefits the financial advisors you’re working with. Finally, the discuss the necessity for taking personal responsibility for our own mistakes and for our own money.
You can find the video Patrick discusses on this episode here. Tune it to our weekly shows on YouTube and Tunein! We also love to receive your feedback, thoughts, and comments on Twitter, Facebook, and the iTunes store. Or, you can email us at email@example.com
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