Cover art for podcast Your Best Financial Life

Your Best Financial Life

24 EpisodesProduced by Scott MalbasaWebsite

No matter where you are in your career, you probably have some stress in your life that is caused by money. Are you saving enough? Will you be able to retire early? How much will it take to get complete financial freedom? Your Best Financial Life is here to answer all of your questions and bring on … read more


15: Everything You Need to Know About Fiduciaries with Scott Gerlach

Today’s guest is actually a co-worker of mine at Cordant Wealth, Financial Advisor Scott Gerlach. I’m really happy to be introducing him to you today, and we will be covering the topic of fiduciaries. I get a lot of questions about this, such as: What does it mean to be a fiduciary? Is Cordant Wealth a fiduciary? What is the importance of a fiduciary?

Scott grew up in Visalia, CA, which is a big agricultural area in Central California, attended school at the University of Oregon, where he received his degree, then moved back to San Francisco before deciding to settle in the Portland area. He has the perspective of both the agricultural scene in America, as well as the hustle and bustle of a large city like San Francisco. As if that juxtaposition weren’t enough, he can add another unique one: Scott was a middle linebacker in high school and a competitive tennis player.


Show Highlights:


  • There are two standards in the financial services industry that an advisor is held to:
  • The suitability standard - whatever product you’re being sold has to be suitable for your situation. As an example, if there’s Product A and Product B, and they’re both similar, but in the advisor’s estimation Product B would be best for you, whereas Product A pays the advisor more, the advisor will probably go with Product A.
  • The fiduciary standard - a fiduciary must act in your best interests. This eliminates the financial incentive of an advisor having to choose, as there is no compensation.
  • There are large financial institutions that provide products and aren’t incentivized to change the way they’re working, and so money impacts what happens. It’s hard to pass legislation to shift the industry to a more fiduciary standard.
  • When legislation was proposed for a fiduciary standard across the industry, all the big banks and institutions put a lot of time and energy into structuring how they operate. While at the same time, they put a lot of time and energy in Washington, D.C., to stop it.
  • The way Cordant Wealth is structured, which is as a fiduciary, advisors do not get compensated for putting you in a life insurance policy, a long term care policy, or a particular mutual fund. 
  • Scott G. says it’s nearly impossible to tell from commercials if a financial institution is a fiduciary or not. He would like to get to a point where that’s not even a question in people’s minds.
  • While there are many good advisors that provide sound advice and can get you what you need, people are incentivized by making money, and this structure can lead advisors to not making the best decision for their clients.
  • Scott G. doesn’t watch the stock market on a day-to-day basis, and he says you shouldn’t, either. There are systems that monitor it, and he advises to save, diversify, get out and enjoy life and don’t worry so much about it. This is because the stock market is all over the place on a day-to-day, week-to-week, and month-to-month basis. It has very little impact on your big picture. Ideally, you should be invested over the long term (10, 20, 30 years down the line).
  • Unless you’re a day trader, you don’t need to worry about the day-to-day stock market.


Links & Resources:






Educational emoji reaction


Interesting emoji reaction


Funny emoji reaction


Agree emoji reaction


Love emoji reaction


Wow emoji reaction


Listen to Your Best Financial Life


A free podcast app for iPhone and Android

  • User-created playlists and collections
  • Download episodes while on WiFi to listen without using mobile data
  • Stream podcast episodes without waiting for a download
  • Queue episodes to create a personal continuous playlist
RadioPublic on iOS and Android
Or by RSS
RSS feed

Connect with listeners

Podcasters use the RadioPublic listener relationship platform to build lasting connections with fans

Yes, let's begin connecting
Browser window

Find new listeners

  • A dedicated website for your podcast
  • Web embed players designed to convert visitors to listeners in the RadioPublic apps for iPhone and Android
Clicking mouse cursor

Understand your audience

  • Capture listener activity with affinity scores
  • Measure your promotional campaigns and integrate with Google and Facebook analytics
Graph of increasing value

Engage your fanbase

  • Deliver timely Calls To Action, including email acquistion for your mailing list
  • Share exactly the right moment in an episode via text, email, and social media
Icon of cellphone with money

Make money

  • Tip and transfer funds directly to podcastsers
  • Earn money for qualified plays in the RadioPublic apps with Paid Listens