John Oliver Just Said What We’ve Been Preaching For Years

Photo by violetkaipa/iStock / Getty Images

Last night on HBO’s Last Week Tonight, host John Oliver took a hilarious and very candid look into the world of retirement planning, pointing out in no uncertain terms how much ambiguity is present in the job titles financial professionals in many aspects of the industry choose to employ. If you haven’t seen the show yet, you can watch the full segment on financial advice at the Last Week Tonight YouTube channel here. There are a lot of cleverly made points in the segment, but the one we were happiest to hear Oliver deliver was the importance of making sure your financial advice comes from a true fiduciary. Probably because we’ve been saying the same thing all along – and because BFA Wealth Management is a true fiduciary, acting only in the best interests of our clients.

Another great point the show brought up is compounding interest - showing exactly how important it is to start investing for retirement early in your career. Compounding interest is the principle that allows the value of investments to multiply over time. For example, if your portfolio increases by 10% every year, you’ll have 110% of your original investment in the second year you hold it, but in the third year, you will have earned 10% on 110%, giving you 121% - as opposed to the 120% you would have if you simply gained 10% of your original 100% each year. This can really add up over time, which is why the importance of saving and / or investing as early in your life as you feasibly can is such a key concept.

Last night’s topic on Last Week Tonight was a good overview of the things you should be aware of when planning for your retirement, delivered with John Oliver’s trademark snarky humour for added effect. Of course, it was a general look at the financial industry, and every individual needs to make choices about their future through the lens of their own situation, their own true risk tolerance, and their own goals for their money and their retirement. That’s why Oliver’s suggestion that everyone who needs help navigating a complex financial scenario consult a true fiduciary made us smile. For years, we’ve been saying the same, and we built BFA Wealth Management around the concept of unbiased financial advice designed with only you in mind. If you have a concentrated position in your employer’s stock, if you’ve recently started a new job and are thinking about retirement planning, or even if you’d just like a second opinion on your current portfolio, contact BFA Wealth Management today. We offer complementary, no-obligation investment analysis to show you some of the ways we may be able to help, and we can work with individuals who have a minimum of just $100,000 in investable assets. Let’s talk.