Conflicts of Interest in the Financial World

Financial Detox® Show

Jason and Alex started by talking about how they were excited for the 1st presidential debate, but they slowly became more and more disappointed that Trump and Biden are the best representatives that this country can offer its great citizens. Jason talks about how he was watching the debate with his wife and kids, and they had to turn it off because it was not something appropriate or positive for his young boys to be watching. Alex asked if Jason’s kids Dax -9 and Luke -11 had shared their perspective on the debate, and he talked about how he has observed that his kids and most kids almost always mirror the views and ideas they observe from their parents.

Jason and Alex discussed how politics have become a show at this point, and how our country’s founding fathers talked about how it would lead our country down a bad path if we ever got so divided that both parties essentially couldn’t work together in any capacity. They discussed how capitalism is a beautiful thing that can spread prosperity and opportunity for all, but when taken to the extreme it can be very bad if there are no boundaries or regulations. Alex discussed how the media, especially the political-based media, is nearly 99% opinion and is designed that way to rile listeners up. There needs to be more regulations and disclosures surrounding the broad based media sources because it is almost like they are able to put any information, even if it isn’t 100% factual, out to the general public in a convincing manner.

Jason and Alex discussed how it is so important to have regulations in the financial industry. The SEC is the governing body over IDA, and we are legally bound and obligated to do what is in our clients very best interests. This is extremely important in our industry because there are so many potential conflicts of interest, especially if an advisor works at a firm that has a broker dealer offering a list of products. Jason explains that most insurance salespeople have product bias, and they tell their clients not to worry because there are no fees and the insurance company pays them.

Alex then ties this regulation back to the media and said that they are not paid to report the truth, they are paid to report what will sell. Jason and Alex explain that conflicts of interest are present in the financial world, social media, and all other sources of media. They talked about the importance of seeking the truth no matter what the source is because there is so much information available, and a good portion of this information is bad and doesn’t have the end person’s best interests in mind. They invite listeners to send their questions to [e-mail] or call 877-707-8889.

In this show you will learn about:

- Summary of the 1st presidential debate

- The importance of regulations surrounding capitalism and political media sources

- The importance of regulations in the financial industry

- The conflicts of interest present in the financial world, social media, and all other sources of media

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