In this episode of The Retirement Fiduciary, Adam Koós pulls back the curtain on the parts of the financial world most people never see. This one started with a client request. Go find the bad advice floating around out there and shine a light on it. So Adam does exactly that. He walks through the conflicts of interest, sales tricks, and flat out scams that quietly cost everyday investors real Money, and he keeps the whole thing in plain English so you can catch the warning signs early.
This is part one of a two part conversation. Adam covers commissions and conflicts of interest, how a true fiduciary is actually held accountable, churning and reverse churning, the annuity moves that drain savings, mis-sold insurance, and two real fraud stories that will make you look twice at anyone promising something too good to be true. Part two lands in two weeks.
Episode Timestamps
00:00 – Intro and why Adam made this episode
02:00 – Commissions and conflicts of interest
06:00 – Churning, explained
07:00 – The “moving annuities” trick
08:00 – The “there are no fees” myth
11:00 – Reverse churning
14:00 – Mis-sold insurance policies
17:00 – Whole life and overfunded life insurance (LIRPs)
20:00 – Two real Ponzi scheme stories
29:00 – Proprietary investments and products
32:00 – A look ahead to part two
Key Takeaways
💡 A true fee only fiduciary legally cannot earn commissions, so they get paid the same no matter where your money is invested.
💡 Churning is trading your account just to generate commissions. Reverse churning is the flip side, parking your money and doing little while still charging you.
💡 If someone says your annuity is “maturing” and it’s time to buy a new one, slow down. In most cases it isn’t, and a new one can mean a fresh commission for them.
💡 “There are no fees” is one of the biggest myths in the industry. There is always a cost somewhere.
💡 Insurance companies are good at insurance. Holistic planning covers taxes, Estate, investments, and risk, so know what you’re actually getting.
💡 When a return sounds too good to be true, ask questions before you sign anything. That instinct can protect your life savings.
Key Quotes
🗣 “How you do anything is how you do everything.” (Martha Beck, quoted by Adam)
🗣 “There’s always a cost. There’s always a fee somewhere. And in many cases there’s lots of fees.”
🗣 “Commissions create conflicts of interest.”
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Website: https://www.libertaswealth.com
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Phone: 614-543-1350
Connect with Adam Koós:
Adam Koós, CFP®, CMT, CFTe, CEPA
LinkedIn: https://www.linkedin.com/in/adamkoos
Website: https://www.libertaswealth.com
