Preet Banerjee: A Multi-Dimensional Analysis of the Value of Financial Advice | RR 269

This week we welcome back return guest Preet Banerjee, a renowned speaker, personal finance expert, consultant, and author of Stop Overthinking Your Money. Listeners may remember Preet from his previous appearance on the show back in 2019 when he was first embarking on his doctoral journey. Several years and one pandemic later, Preet has finally made it through the monumental task of completing his dissertation! We spend today’s conversation with Preet getting into the fascinating details of his research which interrogates the value of financial advice within households and explores the pressing question of whether it’s worth getting it. Preet provides a comprehensive overview of the current state of financial planning and shares his most intriguing findings before unpacking the policy and regulatory recommendations that emerge from his research. The latter part of the show includes our Mark to Market segment with Mark McGrath, where this week, he delivers key insights on retirement savings plans (RSPs) and why he believes RSPs are actually tax-free. You’ll also hear our reflection on our past conversation with Colonel Chris Hadfield, paired with a book review of Kevin Kelly’s Excellent Advice for Living: Wisdom I Wish I'd Known Earlier. Join us for an expansive episode on the value of financial advice along with timely insights on what truly matters in life!
Timestamps:
0:00:00 Intro
0:04:00 A Multi-Dimensional Analysis of the Value of Financial Advice
0:06:26 Special Guest: Dr. Preet Banerjee
1:15:03 Mark To Market
1:29:15 Episode 226: 60 Seconds
1:32:13 Book Review: Excellent Advice for Living: Wisdom I wish I’d Known Earlier
1:37:54 Aftershow
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[@marcusbarthel7518]

Great discussion, congratulations to Dr. Banerjee on finishing his dissertation

[@darkerisbetter8699]

I appreciate that y'all picked my suggestion for Mark's segment ❤

[@osphere]

Dr. Preet Banerjee was such a great communicator, very enjoyable and educational.

[@anotherpace]

I so want to read this full paper. the comment about the household with two teachers with pensions not taking things seriously makes me think of all those people who say 'why didn't we learn this in school?!?!' (arguably you did, but it wasn't taught well, it wasn't relavent to you then, and you forgot) - it might be partially that it simply isn't important to them, so they're going through the motions vs. teaching it out of conviction.

[@pavlosaikevych]

I caught myself thinking that Thursday is my favorite day of a week.
Thanks for great episodes!

[@cameronpassmore9826]

Love Thursdays.

[@jdavid1707]

nice work Mark McGrath. excellent summary.

[@MarkMcGrathCFP]

Thanks!

[@WisdomOfTheAged]

Would love to see a discussion of RRSP for single person who cannot do all the RRIF or pension splitting to reduce income. A lot of the financial advice always seems to assume everyone is married. Great episode. I love how much your podcast is developing over the years. I even listen to the aftershow.

[@rationalreminder]

Thanks!! Good input on the RRSP situational diversity.
-Ben

[@BigGroupHug]

Whenever you discuss financial projections,, please include a graphic so that we can understand the concept easily and quickly

[@niranmojo]

Really enjoying seeing Mark on the podcast.

[@MarkMcGrathCFP]

hey thanks, I appreciate that!

[@L3vache]

It was interesting but not interesting enough to say anything. Good work Dr. Banerjee.

[@gerryshoshensky8767]

There is a subset of investors for whom dividends are like religion, so any criticism of chasing dividends will create virulent hostility.