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CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.
Journal Reports: Wealth Management
  + stars: | 2022-09-08 | by ( Lisa Ward | Tom Herman | Demetria Gallegos | ) www.wsj.com   time to read: 1 min
It may not seem like much of a problem to come into a lot of money. But it requires a plan to make sure it lasts—and makes you happy.
Micro-investing app Acorns has appointed a behavioral economist, Shlomo Benartzi, to chair its Behavioral Economics Committee. Benartzi's first Acorns-endowed experiment finds people can close savings gap by saving a few bucks everyday. AdvertisementAcorns, the micro-investing app that encourages users to invest their spare change, has appointed a notable behavioral economist to lead an project that encourages people to save more. Shlomo Benartzi, professor and co-founder of the Behavioral Decision-Making Group at UCLA Anderson School of Management, will chair the company's Behavioral Economics Committee, according to a statement released on Thursday. One program he designed called The Save More Tomorrow was designed to hep employees increase their savings rates over time.
Persons: Shlomo Benartzi, Benartzi, We've, Noah Kerner Organizations: UCLA Anderson School of Management, Behavioral, Starbucks Locations: Bankrate.com
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