Live in the studio with us is Preet Banerjee, renowned speaker, personal finance expert, consultant and author of Stop Overthinking Your Money. He is also the founder of MoneyGaps, a hybrid-advisor platform designed to help financial advisors make financial planning accessible to more Canadians. Having done a reality TV show and with a popular YouTube channel, Preet is on the forefront of the finance world, and he is here to talk to us about the findings that his DBA research have produced. He discusses his endeavour of seeking empirical evidence for the actual contribution that advisors are making to the financial lives of people, and we talk about the crucial difference between robo and human advisors and how people’s diverse needs demand diverse solutions. This is a really insightful conversation with someone who knows what he’s talking about, so be sure to listen in on this one! Key Points from This Episode: What is the value of financial advice? Preet shares about his DBA research. 02:33 Preet’s history in finance and how he gained a more objective perspective. 05:13 Speculating around the findings and more about his research design. 06:41 The relationship between wealth and financial advice: correlation or causation? 11:11 Measuring the performance of someone who uses no advisor. 14:17 How the financial security of the home you grew up in affects your finances. 16:26 Building the model to score financial wellbeing and the challenges that surfaced. 20:20 Paying more attention to aspects outside of portfolio management. 25:09 MoneyGaps as a platform for affordable financial planning. 29:04 How the value of human advisors depends on each individual consumer. 33:34 The core benefits of human advisors. Books From Today’s Episode: Stop Overthinking Your Money - https://amzn.to/2XzJsEd Links From Today's Episode: Rational Reminder Website - https://rationalreminder.ca/podcast/53 You can find the Rational Reminder podcast on 🍏 Apple Podcasts: https://podcasts.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2 🎤 Spotify Podcasts: https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=hjZNfLKuSjSeWX38GPqhVA 🕵️‍♂️ Google Podcasts: https://podcasts.google.com/?feed=aHR0cHM6Ly9yYXRpb25hbHJlbWluZGVyLmxpYnN5bi5jb20vcnNz as well as on all major podcatchers You can follow Cameron Passmore and Ben Felix on Twitter: ➡️ https://twitter.com/CameronPassmore ➡️ https://twitter.com/benjaminwfelix Check out Ben's YouTube channel. 📺 https://www.youtube.com/benfelixcsi Catch up on the latest in wealth management and investing insights from the Passmore-Felix Team at PWL Capital. https://www.pwlcapital.com/teams/passmore-felix/?utm_source=youtube&utm_medium=copy&utm_campaign=rr&utm_content=rrvideo The Rational Reminder is presented as an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The funds and portfolios discussed are examples only and may not be appropriate for your individual circumstances.