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Invest Like the Best

163 EpisodesProduced by Patrick O'ShaughnessyWebsite

Exploring the ideas, methods, and stories of people that will help you better invest your time and money. Learn more and stay-up-to-date at


Michael Kitces – The Past, Present & Future of Financial Advice - [Invest Like the Best, EP.122]

My guest this week is Michael Kitces, who is one of our industries go-to experts on all things financial advise and financial planning.

We discuss the past, present, and future of financial advise, financial technology, and investing. If you are a financial advisor or use one, this conversation is full of great history and perspective. Please enjoy.

For more episodes go to

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at

Follow Patrick on Twitter at @patrick_oshag


Show Notes

1:08 - (First Question) – History of financial planning/advice model

5:26 – Fee changes in the 1970’s

10:01 – The start of the AUM model

10:44 – Value proposition for financial advisors beyond trading vs robo-advsiors

            11:49 Why Robo-Advisors Will Be No Threat To Real Advisors

18:20 – Why are humans still dominating the space

23:58 – Future of advisor fees

32:50 – Viability of the human driven flat fee model

37:50 – The dominance of flat fee models

43:13 – What services are financial advisors offering to justify their fees

47:17 – Dimensions to divide potential customers

52:20 – Exciting updates on the investment side that will help differentiate managers

55:37 – Any investment function beyond the basics that is intriguing to him

58:45 – Most interesting problems to be solved on the investing and non-investing sides

1:04:52 – Advice for young advisors

1:09:24 – How does he invest his own money

1:11:31 – Kindest thing anyone has done for Michael


Learn More

For more episodes go to

Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at

Follow Patrick on twitter at @patrick_oshag

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