“Most financial advisors are not required to put your interests first…It’s like finding out that only some restaurant waiters are forbidden from ejaculating in your soup…I’m sending this chowder back!”
-John Oliver on “Last Week Tonight”
I can pretty much hang up my hard hat with John Oliver’s mic-dropping takedown of the asset management industry. He was inspired to speak up when he learned how badly his production staff was getting robbed by their 401k provider. They did the math and realized that over time, fees compound exponentially, and nearly 2/3 of their money would be lost to fees. The impact of getting crushed by this “domino effect” is hilariously illustrated in a skit starring Billy Eichner and Kristen Chenoweth at the end of this segment. This video should be required viewing for all investors.