A Corrective for Bad Advice
(Bloomberg View) -- Ric Edelman, this week's guest on Masters in Business, wanted to buy a house in the 1980s. When he and his wife went to a financial planner, they were aghast at the terrible advice they received, including being told to lie on a mortgage application. Outraged by the experience, they sought to become more financially knowledgeable on their own. Eventually, they started sharing what they learned.
Thus was born Edelman Financial Services LLC, which now manages $21 billion in assets.
Edelman tells of starting his radio program to help fix the widespread financial illiteracy he sees rampant throughout America. It has since become the longest-running personal finance show on radio.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
Barry Ritholtz is a Bloomberg View columnist. He founded Ritholtz Wealth Management and was chief executive and director of equity research at FusionIQ, a quantitative research firm. He blogs at the Big Picture and is the author of “Bailout Nation: How Greed and Easy Money Corrupted Wall Street and Shook the World Economy.”
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