Episode Summary: "DIY or Delegate: The Financial Advisor Conundrum w/ Pam Krueger"

Podcast: How to Money (iHeartPodcasts)
Hosts: Joel and Matt
Guest: Pam Krueger, Investor Advocate & Founder of WealthRamp
Date: October 29, 2025
Episode: #1055

Overview

This episode explores the challenging decision between tackling your finances yourself or hiring a professional financial advisor. Host Joel interviews Pam Krueger—investor advocate, founder of WealthRamp.com, and former PBS MoneyTrack co-host—digging into when a financial advisor makes sense, how to identify and vet trustworthy professionals, and what to expect from the advisor-client relationship. The discussion is geared towards everyday people wondering if (and when) hiring help is worth the cost, and how to avoid the common pitfalls associated with working with the wrong advisor.

Key Discussion Points and Insights

1. Pam Krueger's Personal Approach to Financial Advice

• [06:02] Pam reveals she doesn’t have an ongoing advisor but does seek out spot checks for her own finances, especially to challenge her thinking and for guidance closer to retirement.
  • "I need somebody who's going to be coming into my life every now and again to spot check..." — Pam Krueger

2. Do You Really Need a Financial Advisor?

• [07:52] Both Matt and Pam reject the industry myth that financial advisors are the "silver bullet" for everyone.
  • "You are the silver bullet... You want to go into it knowing exactly what you're expecting to get out of it." — Pam Krueger, [07:52]
• For beginners, Pam recommends starting with education or a financial coach—someone who helps with habits and guidance, not selling complex products.
  • "Free advice is usually pretty expensive. In other words, it usually sucks." — Pam Krueger, [09:14]
• Resources at work (financial wellness coaches, etc.) can be a good first step—these coaches may hold certifications but aren’t selling investment products.

3. The Importance of Being in Control and Continuously Learning

• [13:05] Matt warns against outsourcing all financial thinking. Even with advisors, individuals must be engaged and informed to avoid poor outcomes.
  • "Nobody's going to care about your money as much as you do." — Matt, [13:05]
• Pam uses the metaphor of driving a car: the advisor may sit in the passenger seat, but you remain the driver, making decisions together.

4. Who Advisors Serve and Industry Challenges

• Some advisors have high minimums or serve only complex clients. Pam emphasizes there are those who work with people who have smaller portfolios—but they’re harder to find and vet.
  • "The problem is, you can't find them and you don't know where to look, and you don't know what the quality is..." — Pam Krueger, [17:02]
• Advisors specialize, so finding the “right fit" is crucial.

5. When Does It Make Sense to Hire a Financial Advisor?

• [19:27] Pam outlines inflection points: when you hit a wall in your own ability (investment complexity, major life events, or wanting tailored, prescriptive advice).
• Difference between Coaching and Advice:
  • Coaches guide you to solutions; you execute.
  • Advisors (true fiduciaries) are paid to provide actionable, legal recommendations.

6. Fiduciary vs. Suitability Standard: Understanding the Landscape

• [21:55] Only a small percentage of advisors are truly fiduciary and accountable.
  • "It's not that there are so many bad apples. There's a lot of mediocre apples. I don't want mediocre...I want outstanding and exceptional." — Pam Krueger, [22:13]
• [24:47] The industry is rooted in sales, not advice—most big firms and “advisors” are brokers or insurance agents, not true fiduciaries.
• Suitability means only that products are “suitable,” not optimal for you—most large-brand advisors are not legal fiduciaries.
  • "90% of the folks who are financial advisors...work for brokerage firms or insurance companies..." — Pam Krueger, [28:23]

7. Fee-Only vs. Fee-Based Compensation

• [39:34] Fee-only advisors are compensated only by you, the client.
  • "Why would I get an unbiased opinion about insurance from the guy who sells insurance?" — Pam Krueger, [39:34]
• Fee-based means mixed compensation (commissions + fees), often creating hidden incentives and conflicts.
• Fee-only advisors’ job is to keep your overall costs low and act in your best interest by law.

8. How Much Does a Fee-Only Advisor Cost?

• [45:45] Cost models include:
  • % of assets under management (AUM), typically 1% or less.
  • Flat fee or retainer (for planning, advice, or specific engagements).
  • One-time/hourly engagements for targeted advice.

9. What Should You Expect from a Legitimate Advisory Relationship?

• [48:48] True advisors provide comprehensive planning: tax minimization, budgeting, estate planning, stress testing, and building dynamic, resilient, changing financial plans.
• Ongoing collaboration is key—being present and asking questions.

10. How to Break up with an Advisor

• [57:18] If changing advisors, keep it short and courteous; there's no need to explain or debate.
  • "You just literally say, things have changed in my life ... It's been great, thank you very much for your service. I am going to move on." — Pam Krueger

11. How to Actually Find a Great Advisor—Introducing WealthRamp

• [60:51] Pam founded WealthRamp to solve the problem of connecting people with truly vetted, top-tier, fee-only fiduciary advisors who specialize in clients like them.
• The process is private and consumer-controlled; Pam’s network of 230+ carefully-vetted advisors are matched to your needs, but they don’t contact you until you’re ready.
  • "If it's hard for me to find these advisors, it's going to be hard for everybody..." — Pam Krueger, [61:47]

Notable Quotes & Moments

• On being the silver bullet:

  • "You are the silver bullet... You want to be in the driver's seat and any guidance you’re going to get, they’re sitting in the passenger seat next to you." — Pam Krueger, [07:52]

• On vetting advisors:

  • "If you are going to spend money on an advisor or coach, you absolutely just really take it very thoughtfully." — Pam Krueger, [22:53]

• On crummy advice:

  • "Free advice is usually pretty expensive. In other words, it usually sucks." — Pam Krueger, [09:14]

• On breaking up with your advisor:

  • "You just literally say, things have changed in my life...Thank you very much for your service. It’s been great. I am going to move on." — Pam Krueger, [57:18]

Timestamps for Key Segments

• Pam’s take on having her own advisor: [06:02]
• Do you need an advisor/industry myths: [07:52]
• When to seek financial coaching vs. advice: [09:14]
• Should you ever delegate everything?: [13:05]
• Problems accessing advisors for smaller clients: [17:02]
• Decision points for hiring an advisor: [19:27]
• Fiduciary vs Suitability explained: [24:47]
• Fee Only vs Fee Based unravelled: [39:34]
• What does a “comprehensive” plan include?: [48:48]
• How to break up with an advisor: [57:18]
• Why and how Pam created WealthRamp: [60:51]

Tone

Pam and the hosts keep the discussion accessible, honest, and direct. There’s a friendly, conversational back-and-forth peppered with metaphors (cars, gardens, bear traps) and personal anecdotes, aiming to arm listeners with both confidence and caution as they navigate their financial lives.

Useful Links

• Pam Krueger & WealthRamp: wealthramp.com
• How to Money’s advisor page: howtomoney.com/advisor

Final Takeaways

• You—not a financial advisor—are the “silver bullet” in your financial life.
• The right advisor, if you need one, should always be a fee-only fiduciary who specializes in your situation and keeps your best interest at the center.
• Do not delegate total control of your finances; work collaboratively and stay engaged.
• Great advisors don’t necessarily cost more than mediocre ones—and can be hard to find.
• Don’t be afraid to break up and move on if an advisor relationship isn’t serving you.